EXHIBIT 12.1
CHI ENERGY, INC.
STATEMENT REGARDING COMPUTATIONS OF RATIO/DEFICIENCY
OF EARNINGS TO FIXED CHARGES AND OF
RATIO/DEFICIENCY OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS)
REORGANIZED
COMPANY
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YEAR ENDED YEAR ENDED NOV. 8 TO
DEC. 31 DEC. 31 DEC. 31
1999 1998 1997
---- ---- ----
Income/(loss) before provision for income taxes, extraordinary item
and cumulative effect of accounting changes $ 8,558 $ 7,077 $ 1,481
Add: Interest expense 6,745 8,048 1,260
Amortization of debt -- -- --
Imputed interest - operating lease (a) 1,148 1,268 --
------- ------- -------
Total earnings/(loss) $16,451 $16,393 $ 2,741
======= ======= =======
Fixed charges:
Interest expense $ 6,745 $ 8,048 $ 1,260
Capitalized interest -- -- --
Amortization of debt -- -- --
Imputed interest - operating lease (a) 1,148 1,268 --
------- ------- -------
$ 7,893 $ 9,316 $ 1,260
======= ======= =======
Ratio of earnings to fixed charges 2.08 1.76 2.18
======= ======= =======
Deficiency of earnings to fixed charges -- -- --
======= ======= =======
Preferred dividend requirement -- -- --
======= ======= =======
Ratio of earnings to fixed charges and preferred stock dividends 2.08 1.76 2.18
======= ======= =======
Deficiency of earnings to fixed charges and preferred
stock dividends -- -- --
======= ======= =======
Table continued...
PREDECESSOR COMPANY
------------------------------------------------
JULY 1 TO
NOV. 7 FISCAL YEAR ENDED JUNE 30,
1997 1997 1996 1995
---- ---- ---- ----
Income/(loss) before provision for income taxes, extraordinary item
and cumulative effect of accounting changes $ (9,319) $ (11,161) $ (95,712) $ (15,899)
Add: Interest expense 7,741 29,591 26,876 21,778
Amortization of debt 108 448 448 448
Imputed interest - operating lease (a) 677 1,436 1,533 1,621
--------- --------- --------- ---------
Total earnings/(loss) $ (793) $ 20,314 $ (66,855) $ 7,948
========= ========= ========= =========
Fixed charges:
Interest expense $ 7,741 $ 29,591 $ 26,876 $ 21,778
Capitalized interest 68 189 1,705 2,951
Amortization of debt 108 448 448 448
Imputed interest - operating lease (a) 677 1,436 1,533 1,621
--------- --------- --------- ---------
$ 8,594 $ 31,664 $ 30,562 $ 26,798
========= ========= ========= =========
Ratio of earnings to fixed charges -- -- -- --
========= ========= ========= =========
Deficiency of earnings to fixed charges $ 9,387 $ 11,350 $ 97,417 $ 18,850
========= ========= ========= =========
Preferred dividend requirement $ 6,060 $ 25,891 $ 23,732 $ 22,108
========= ========= ========= =========
Ratio of earnings to fixed charges and preferred stock dividends -- -- -- --
========= ========= ========= =========
Deficiency of earnings to fixed charges and preferred
stock dividends $ 15,447 $ 37,241 $ 121,149 $ 40,958
========= ========= ========= =========
(a) The percent of rent included above represents a reasonable
approximation of the interest factor.