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EXHIBIT 12.1
PHASE METRICS, INC.
STATEMENT REGARDING COMPUTATION OF RATIOS
(IN THOUSANDS, EXCEPT RATIOS)
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
YEAR ENDED DECEMBER 31,
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1993 1994 1995 1996 1997
---- ------ ------- -------- -------
Earnings:
Income (loss) before income taxes and
extraordinary items.................. $361 $ 943 $ 6,193 $(19,842) $(9,812)
Fixed charges:
Interest expense..................... -- 651 5,625 8,448 11,573
Rental expense interest factor(1).... 35 60 178 1,133 1,700
---- ------ ------- -------- -------
Total fixed charges............. 35 711 5,803 9,581 13,273
---- ------ ------- -------- -------
Earnings (loss) available to cover fixed
charges................................. $396 $1,654 $11,996 $(10,261) $ 3,461
==== ====== ======= ======== =======
Combined fixed charges and preferred stock
dividend requirements................... $ 35 $1,023 $ 8,803 $ 12,581 $16,196
==== ====== ======= ======== =======
Ratio of earnings (loss) to fixed
charges(2).............................. 11.3x 1.6x 1.4x -- 0.2x
==== ====== ======= ======== =======
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(1) The portion of operating lease rental expense that is representative of the
interest factor is deemed to be one-third of total operating lease rental
expense.
(2) For the year ended December 31, 1996, earnings were inadequate to cover
Fixed Charges by $22.8 million.