EXHIBIT 12.1
EMPIRE GAS CORPORATION
CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
NINE MONTHS ENDED TWELVE
YEAR ENDED JUNE 30, MARCH 31, MONTHS
----------------------------------------------------- -------------------- ENDED MARCH
1989 1990 1991 1992 1993 1993 1994 31, 1994
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Income before income
taxes...................... $ 2,165 $ 2,881 $ (6,167) $ (1,184) $ 4,268 $ 10,159 $ 10,219 $ 4,328
Add:
Interest on
indebtedness............. 12,288 11,437 12,038 10,721 9,826 7,541 6,446 8,731
Amortization of debt
expense, discounts and
premiums................. 1,469 1,147 890 1,006 1,686 1,167 1,396 1,915
Portion of rents
representative of the
interest factor (1/3).... 179 216 259 229 312 205 202 312
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Income as adjusted...... $ 16,101 $ 15,681 $ 7,020 $ 10,772 $ 16,092 $ 19,072 $ 18,263 $ 15,286
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Fixed Charges:
Interest on
indebtedness............. $ 12,288 $ 11,437 $ 12,038 $ 10,721 $ 9,826 $ 7,541 $ 6,446 $ 8,731
Amortization of debt
expense, discounts and
premiums................. 1,469 1,147 890 1,006 1,686 1,167 1,396 1,915
Portion of rents
representative of the
interest factor (1/3).... 179 216 259 229 312 205 202 312
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$ 13,936 $ 12,800 $ 13,187 $ 11,956 $ 11,824 $ 8,913 $ 8,044 $ 10,958
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Excess (deficiency) of
earnings to cover fixed
charges.................... $ 2,165 $ 2,881 $ (6,167) $ (1,184) $ 4,268 $ 10,159 $ 10,219 $ 4,328
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Ratio of Earnings to Fixed
Charges.................... 1.16 1.23 0.53 0.90 1.36 2.14 2.27 1.39
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EMPIRE GAS CORPORATION
PRO FORMA CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
TWELVE
YEAR ENDED NINE MONTHS MONTHS
JUNE 30, ENDED MARCH ENDED MARCH
1993 31, 1994 31, 1994
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Income as adjusted............................................................ $ 16,092 $ 18,263 $ 15,286
Less operating income of Energy............................................... (6,544) (9,558) (6,427)
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$ 9,548 $ 8,705 $ 8,859
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Fixed charges................................................................. $ 11,824 $ 8,044 $ 10,958
Pro forma adjustments:
Interest requirements of the Debentures offered hereby...................... 7,549 5,662 7,549
Amortization of debt expense & discount arising from the Debentures offered
hereby..................................................................... 3,601 2,941 3,886
Reduction of interest and amortization attributable to use of proceeds of
Debentures offered hereby.................................................. (9,074) (5,727) (9,127)
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$ 13,900 $ 10,920 $ 13,266
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Excess (deficiency) of earnings to cover fixed charges........................ $ (4,352) $ (2,216) $ (4,407)
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Ratio of earnings to fixed charges............................................ 0.69 0.80 0.67
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