EXHIBIT 12.1
RATIO SUPPORT
RATIO OF EARNINGS TO FIXED CHARGES
Hudson Holding
Pro Pro Hudson Holding
Forma Forma March 28, March 27, Pro Forma Pro Forma
1993 1994 1995 1996 1997 1997 1997 1997 1998 27-Mar-98 27-Mar-98
------- ------- ------- ------- ------- -------- -------- ------- ------- ---------- ----------
Earnings:
Pre-Tax Income 5,357 7,845 (118) 7,154 11,443 5,333 128 3,240 1,521 312 (977)
Fixed Charges:
Interest Expense 2,253 2,299 2,424 2,177 1,834 13,694 13,694 505 419 3,423 3,423
Amort. of Debt Expense 486 386 147 59 62 1,405 1,405 16 24 351 351
Interest Factor of Rental
Expense 349 321 355 369 377 377 377 94 94 94 94
----- ------ ----- ----- ------ ------ ------ ----- ----- ----- -----
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 15,476 15,476 615 537 3,869 3,869
----- ------ ----- ----- ------ ------ ------ ----- ----- ----- -----
Total Earnings 8,445 10,851 2,808 9,759 13,716 20,809 15,604 3,855 2,058 4,180 2,891
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 15,476 15,476 615 537 3,869 3,869
----- ------ ----- ----- ------ ------ ------ ----- ----- ----- -----
Ratio of earnings to 2.7 3.6 1.0 3.7 6.0 1.3 1.0 6.3 3.8 1.1 0.7
fixed charges (977)
Deficiency of earnings to
cover fixed charges
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RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Holding
Pro
Hudson Holding Hudson Forma
Pro Forma Pro Forma March 28, March 27, Pro Forma 27-Mar-
1993 1994 1995 1996 1997 1997 1997 1997 1998 27-Mar-98 98
------- ------- ------- ------- ------- --------- --------- -------- --------- ---------- ---------
Earnings:
Pre-Tax Income 5,357 7,845 (118) 7,154 11,443 5,333 128 3,240 1,521 312 (977)
Fixed Charges:
Interest Expense 2,253 2,299 2,424 2,177 1,834 13,694 13,694 505 419 3,423 3,423
Amort. of Debt Expense 486 386 147 59 62 1,405 1,405 16 24 351 351
Interest Factor of Rental
Expense 349 321 355 369 377 377 377 94 94 94 94
Preferred Stock Dividend
Expense -- -- -- -- -- 5,915 5,915 -- -- 1,438 1,438
----- ------ ----- ----- ------ ------ ------ ----- ----- ------ ------
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 21,391 21,391 615 537 5,307 5,307
----- ------ ----- ----- ------ ------ ------ ----- ----- ------ ------
Total Earnings 8,445 10,851 2,808 9,759 13,716 20,809 15,604 3,855 2,058 4,180 2,891
Total Fixed Charges 3,088 3,006 2,926 2,605 2,273 21,391 21,391 615 537 5,307 5,307
----- ------ ----- ----- ------ ------ ------ ----- ----- ------ ------
Ratio of earnings to 2.7 3.6 1.0 3.7 6.0 1.0 0.7 6.3 3.8 0.8 0.5
fixed charges and
preferred stock
dividends
Deficiency of earnings to
cover fixed charges (5,787) (1,127) (2,416)
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Computation if Interest Factor of Rental
- ----------------------------------------
Operating rental expense 1,047 963 1,065 1,106 1,132 1,132 1,132 283 283 283 283
Interest Factor 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
----- --- ----- ----- ----- ----- ----- --- --- --- ---
Total 349 321 355 369 377 377 377 94 94 94 94
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Computation of Preferred Stock Expense
- ----------------------------------------
Preferred stock expense 863
Tax effect (1.0-.40) 60%
-----
Total 1,438
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