EXHIBIT 12.1
OCI HOLDINGS CORP.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
FISCAL YEAR END
------------------------------------------------------------------------------------
JULY 31, AUGUST 31, JULY 31, AUGUST 31, JULY 31, AUGUST 31, JULY 31, AUGUST 31, AUGUST 1, 1995
1992 1992 1993 1993 1994 1994 1995 1995 TO APRIL 3, 1996
OCI NORTH OCI SOUTH OCI NORTH OCI SOUTH OCI NORTH OCI SOUTH OCI NORTH OCI SOUTH OCI NORTH
--------- ----------- --------- ---------- --------- ---------- --------- ---------- ----------------
Net income
(loss).......... $(1,570) $ (204) $(1,564) $ 77 $(1,366) $ 540 $ (104) $ 784 $(1,051)
Income tax
expense
(benefit)....... -- 14 (723) 170 (473) 340 (133) 524 156
------- ------ ------- ------ ------- ------ ------ ------ -------
Income (loss)
before income
taxes........... (1,570) (190) (2,287) 247 (1,839) 880 (237) 1,308 (895)
Plus fixed
charges......... 2,479 1,273 2,407 1,080 2,395 1,102 2,483 1,523 1,719
------- ------ ------- ------ ------- ------ ------ ------ -------
Earnings........ $ 909 $1,083 $ 120 $1,327 $ 556 $1,982 $2,246 $2,831 $ 824
======= ====== ======= ====== ======= ====== ====== ====== =======
SEPTEMBER 1, 1995
TO APRIL 3, 1996
OCI SOUTH
-----------------
Net income
(loss).......... $ 269
Income tax
expense
(benefit)....... 201
-----------------
Income (loss)
before income
taxes........... 470
Plus fixed
charges......... 845
-----------------
Earnings........ $1,315
=================
Interest
expense......... $ 2,120 $1,040 $ 2,030 $ 845 $ 2,042 $ 853 $2,127 $1,173 $ 1,461
Amortization of
deferred
financing
costs........... -- -- -- -- -- 11 -- 96 --
Interest factor
of rent
expense......... 359 233 377 235 353 238 356 254 258
------- ------ ------- ------ ------- ------ ------ ------ -------
Fixed charges .. $ 2,479 $1,273 $ 2,407 $1,080 $ 2,395 $1,102 $2,483 $1,523 $ 1,719
======= ====== ======= ====== ======= ====== ====== ====== =======
Ratio of
earnings to
fixed charges... -- -- -- 1.2x -- 1.8x -- 1.9x --
Fixed charges
exceed earnings
by (3).......... $ 1,570 $ 190 $ 2,287 $ -- $ 1,839 $ -- $ 237 $ -- $ 895
======= ====== ======= ====== ======= ====== ====== ====== =======
Interest
expense......... $ 645
Amortization of
deferred
financing
costs........... 55
Interest factor
of rent
expense......... 145
-----------------
Fixed charges .. $ 845
=================
Ratio of
earnings to
fixed charges... 1.6x
Fixed charges
exceed earnings
by (3).......... $ --
=================
OCI
---------------------------------------------------------------
UNADJUSTED UNADJUSTED
APRIL 4, 1996 COMBINED PERIOD COMBINED PERIOD NINE MONTHS
TO JUNE 30, ENDED ENDED ENDED
1996 JUNE 30, 1996(1) MARCH 31, 1996(2) MARCH 31, 1997
------------- ---------------- ----------------- --------------
Net income
(loss).......... $ (84) $ (866) $ (782) $ (762)
Income tax
expense
(benefit)....... 106 463 357 22
------ ------ ------ ------
Income (loss)
before income
taxes........... 22 (403) 425 (740)
Plus fixed
charges......... 2,255 4,819 2,564 9,430
------ ------ ------ ------
Earnings........ $2,277 $4,416 $2,989 $8,690
====== ====== ====== ======
Interest
expense......... 1,826 3,932 2,106 7,597
Amortization of
deferred
financing
costs........... 123 178 403 485
Interest factor
of rent
expense......... 306 709 55 1,348
------ ------ ------ ------
Fixed charges .. $2,255 $4,819 $2,564 $9,430
====== ====== ====== ======
Ratio of
earnings to
fixed charges... 1.0x -- 1.2x --
Fixed charges
exceed earnings
by (3).......... $ -- $ 403 $ -- $ 740
====== ====== ====== ======
NOTES TO THE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(1) The historical statement of operations data for OCI for the period April
4, 1996 through June 30, 1996 has been added to the historical statement
of operations data of OCI North and OCI South for the period August 1,
1995 through April 3, 1996 and September 1, 1995 through April 3, 1996,
respectively, to arrive at the unadjusted combined information for the
period ended June 30, 1996.
(2) The historical statement of operations data of OCI North and OCI South for
the period August 1, 1995 through April 3, 1996 and September 1, 1995
through April 3, 1996, respectively, have been combined to arrive at the
unadjusted combined information for the period ended March 31, 1996.
(3) Earnings were not adequate to cover fixed changes.