EXHIBIT 12.1
RATIO SUPPORT
RATIO OF EARNINGS TO FIXED CHARGES
Hudson
Pro Forma
1993 1994 1995 1996 1997 1997
---- ---- ---- ---- ---- ---------
Earnings:
Pre-Tax Income 5,357 7,845 (118) 7,154 11,443 5,333
Fixed Charges:
Interest Expense 2,253 2,299 2,424 2,177 1,834 13,694
Amort. of Debt Expense 486 386 147 59 62 1,405
Interest Factor of Rental Expense 349 321 355 369 377 377
----- ------ ----- ----- ------ ------
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 15,476
----- ------ ----- ----- ------ ------
Total Earnings 8,445 10,851 2,808 9,759 13,716 20,809
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 15,476
----- ------ ----- ----- ------ ------
----- ------ ----- ----- ----- ------
Ratio of earnings to fixed charges 2.7 3.6 1.0 3.7 6.0 1.3
Deficiency of earnings to cover fixed charges ----- ------ ----- ----- ----- ------
Hudson
March 28, March 27, Pro Forma
1997 1998 27-Mar-98
--------- --------- ---------
Earnings:
Pre-Tax Income 3,240 1,521 312
Fixed Charges:
Interest Expense 505 419 3,423
Amort. of Debt Expense 16 24 351
Interest Factor of Rental Expense 94 94 94
----- ----- -----
Total Fixed Charges 615 537 3,869
----- ----- -----
Total Earnings 3,855 2,058 4,180
Total Fixed Charges 615 537 3,869
----- ----- -----
----- ----- -----
Ratio of earnings to fixed charges 6.3 3.8 1.1
Deficiency of earnings to cover fixed charges ----- ----- -----
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Hudson
Pro Forma
1993 1994 1995 1996 1997 1997
---- ---- ---- ---- ---- ---------
Earnings:
Pre-Tax Income 5,357 7,845 (118) 7,154 11,443 5,333
Fixed Charges:
Interest Expense 2,253 2,299 2,424 2,177 1,834 13,694
Amort. of Debt Expense 486 386 147 59 62 1,405
Interest Factor of Rental Expense 349 321 355 369 377 377
Preferred Stock Dividend Expense -- -- -- -- -- 5,915
----- ------ ----- ----- ------ ------
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 21,391
----- ------ ----- ----- ------ ------
Total Earnings 8,445 10,851 2,808 9,759 13,716 20,809
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 21,391
----- ------ ----- ----- ------ ------
----- ------ ----- ----- ------ ------
Ratio of earnings to fixed charges 2.7 3.6 1.0 3.7 6.0 1.0
and preferred stock dividends
Deficiency of earnings to cover fixed charges ----- ------ ----- ----- ------ ------
Hudson
March 28, March 27, Pro Forma
1997 1998 27-Mar-98
--------- --------- ---------
Earnings:
Pre-Tax Income 3,240 1,521 312
Fixed Charges:
Interest Expense 505 419 3,423
Amort. of Debt Expense 16 24 351
Interest Factor of Rental Expense 94 94 94
Preferred Stock Dividend Expense -- -- 1,438
----- ----- ------
Total Fixed Charges 615 537 5,307
----- ----- ------
Total Earnings 3,855 2,058 4,180
Total Fixed Charges 615 537 5,307
----- ----- ------
----- ----- ------
Ratio of earnings to fixed charges 6.3 3.8 0.8
and preferred stock dividends (1,127)
Deficiency of earnings to cover fixed charges ----- ----- ------
Computation if Interest Factor of Rental
- ----------------------------------------
Operating rental expense 1,047 963 1,065 1,106 1,132 1,132
Interest Factor 33% 33% 33% 33% 33% 33%
----- --- ----- ----- ----- -----
Total 349 321 355 369 377 377
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Computation of Preferred Stock Expense
- --------------------------------------
Preferred stock expense 863
Tax effect (1.0-40) 60%
-----
Total 1,438
=====
Computation if Interest Factor of Rental
- ----------------------------------------
Operating rental expense 283 283 283
Interest Factor 33% 33% 33%
--- --- ---
Total 94 94 94
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