Exhibit 12.1
INDEBTEDNESS TO NET CAPITAL
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Sept 30,
(in thousands) 1999
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Net Debt 71,476
Total equity 7,062
indebtedness to total capital 10.1
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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ANNUALIZED
Three
months ended
(in thousands) 7/15 - 9/30/99
Earnings:
Total earnings (1,866)
Fixed charges;
Interest charges 1,958
Amortization of bond discount 16
Amortization of deferred financing costs 130
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Total fixed charges 2,104
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Earnings as adjusted 238
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Ratio of earnings to fixed charges 0.1
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RATIO OF EBITDA TO
NET INTEREST EXPENSE
- --------------------- 3 MONTHS 3 MONTHS ANNUALIZED
(ANNUALIZED) ENDED 9/30/99
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EBITDA 3,868,182 Int. Exp. 1,957,546
Exec. Comp. (50,000) Int. Inc. (57,111)
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3,818,182 1,900,435
3 MONTHS RATIO: 2.0
7/15 - 9/30 RATIO OF
NET DEBT TO EBITDA (ANNUALIZED)
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EBITDA 15,909,704
Exec. Comp. (200,000)
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15,709,704
Actual Debt 71,476,000
Cash & CE 8,893,654
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Net Debt 62,582,346
3 MONTHS RATIO: 4.0