EXHIBIT 12.1
RATIO SUPPORT
RATIO OF EARNINGS TO FIXED CHARGES
Hudson RCI
---------------------------------------------
As
Restated
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Earnings:
Pre-tax Income (118) 7,154 11,443 (61,676) 358
Fixed Charges:
Interest Expense 2,424 2,177 1,834 11,327 17,263
Amort. of Debt Expense 147 59 62 -- --
Interest Factor of Rental
Expense 355 369 377 502 684
----- ----- ------ ------- ------
Total Fixed Charges 2,926 2,605 2,273 11,829 17,947
----- ----- ------ ------- ------
Total Earnings Before
Fixed Charges 2,808 9,759 13,716 (49,847) 18,305
----- ----- ------ ------- ------
Ratio of earnings to 1.0 3.7 6.0 -- 1.0
fixed charges
Deficiency of earnings to
cover fixed charges (61,676)
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Hudson RCI
---------------------------------------------------
As
Restated
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Earnings:
Pre-Tax Income (118) 7,154 11,443 (61,676) 358
Fixed Charges:
Interest Expense 2,424 2,177 1,834 11,327 17,263
Amort. of Debt Expense 147 59 62 -- --
Interest Factor of Rental
Expense 355 369 377 502 684
Preferred Stock Dividend
Expense -- -- -- 4,187 6,518
------ ------ ------ ------ ------
Total Fixed Charges 2,926 2,605 2,273 16,016 24,465
------ ------ ------ ------ ------
Total Earnings Before
Fixed Charges 2,808 9,759 13,716 (49,847) 18,305
------ ------ ------ ------ ------
Ratio of earnings to 1.0 3.7 6.0 -- --
fixed charges and
preferred stock
dividends
Deficiency of earnings to (65,863) (6,160)
cover fixed charges and
preferred stock dividends
Computation if Interest Factor of Rental
- ----------------------------------------
Hudson RCI
-----------------------------------------
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Operating rental expense 1,065 1,106 1,132 1,506 2,052
Interest Factor 33% 33% 33% 33% 33%
----- ----- ----- ----- -----
Total 355 369 377 502 684
===== ===== ===== ===== =====
Computation of Preferred Stock Expense
- --------------------------------------
Hudson RCI
--------------------------------------------
1995 1996 1997 1998 1999
---- ---- ---- ---- ----
Preferred stock expense -- -- -- 2,512 3,911
Tax effect (1.0-.40) 60% 60% 60% 60% 60%
--- --- --- ----- -----
-- -- -- 4,187 6,518
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