EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands except Ratio of Earnings to Fixed Charges)
Three months ended
September 30, Years Ended,June 30,
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2005 2005 2004 2003 2002 2001
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(unaudited)
RATIO OF EARNINGS TO FIXED CHARGES:
Computation of Earnings:
Pretax income (loss) from continuing operations
before minority interest and cumulative effect
of change in accounting principle $ 7,463 $ 3,689 $ 946 $ (8,519) $ (7,593) $ (115,513)
Add: Fixed Charges 8,492 33,382 32,826 31,534 29,017 34,373
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Total earnings (a) $ 15,955 $ 37,071 $ 33,772 $ 23,015 $ 21,424 $ (81,140)
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Interest expense $ 7,513 $ 29,579 $ 29,243 $ 28,012 $ 25,462 $ 30,624
Interest portion of rental expense 979 3,803 3,583 3,522 3,555 3,749
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Total fixed charges $ 8,492 $ 33,382 $ 32,826 $ 31,534 $ 29,017 $ 34,373
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RATIO OF EARNINGS TO FIXED CHARGES (a) 1.88x 1.11x 1.03x * * *
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(a) For purposes of computing the consolidated ratio of earnings to fixed
charges, earnings consist of pretax income from continuing operations
before minority interests and equity in net earnings (losses) of affiliated
companies, extraordinary items and cumulative effect of accounting changes
plus fixed charges. Minority interests in majority-owned subsidiaries were
no deducted from earnings as all such subsidiaries had fixed charges. Fixed
charges consist of interest (including capitalized interest) on all
indebtedness, amortization of debt discount and expense, and that portion
of rental expense which we believe to be representative of interest.
* Earnings were insufficient to cover fixed charges by $8.5 million, $7.6
million and $115.5 million for the fiscal years ended June 30, 2003, 2002
and 2001, respectively