EXHIBIT 12 COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 1994 1995 1996 1997 ---- ------ ------ ------ Losses before tax................................. (228) (1,941) (7,576) (7,965) Interest expense.................................. -- 107 378 1,152 ---- ------ ------ ------ Adjusted earnings................................. (228) (1,834) (7,198) (6,813) Ratio............................................. -- -- -- -- Deficiency........................................ (228) (1,941) (7,576) (7,965) ==== ====== ====== ======