EXHIBIT (12)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PRO FORMA
NINE MONTHS TWELVE TWELVE
ENDED MONTHS MONTHS
YEARS ENDED AUGUST 31, MAY 31, ENDED ENDED
---------------------------------------- ----------------- MAY 31, MAY 31,
1991 1992 1993 1994 1995 1995 1996 1996 1996
----- ----- ------ ------ ------ ------ ------ ------- ---------
Earnings:
Income (loss) before income
taxes......................... (74) (596) 2,770 3,962 94 (3,649) (6,069) (2,326 ) (4,283)
Fixed charges (see computation
below)........................ 7,527 7,803 7,911 9,251 11,631 8,404 11,593 14,820 16,777
Reduced by: Interest
capitalized................... (4) (113) (347) -- (590) (937 ) (937)
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Total earnings available for
fixed charges............... 7,453 7,007 10,677 13,100 11,378 4,755 4,934 11,557 11,557
Fixed charges:
Interest expense................ 2,820 2,039 2,064 2,804 5,067 3,561 5,968 7,474 9,128
Capitalized interest............ -- -- 4 113 347 -- 590 937 937
Amortization.................... 97 93 144 63 75 72 282 285 588
Interest component of rent
expense....................... 4,610 5,471 5,699 6,271 6,142 4,771 4,753 6,124 6,124
----- ----- ------ ------ ------ ------ ------ ------- ---------
Total fixed charges........... 7,527 7,603 7,911 9,251 11,631 8,404 11,593 14,820 16,777
Ratio of earnings to fixed
charges........................ 1.35 1.42 -- -- -- --
Deficit of earnings to fixed
charges........................ 74 596 -- -- 253 3,649 6,659 3,263 5,220