EL CONQUISTADOR
RATIO OF EARNINGS TO FIXED CHARGES ENDING MARCH 31,
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FISCAL FISCAL FISCAL FISCAL FISCAL
1994 1995 1996 1997 1998
EARNINGS AUDITED AUDITED AUDITED AUDITED UNAUDITED
--------
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PRETAX INCOME (LOSS) FROM $(10,047,684) $(27,476,720) $(12,241,033) $(9,403,173) $(7,936,178)
CONTINUING OPERATIONS
CURRENT PERIOD AMORTIZATION OF
INTEREST CAPITALIZED IN PREVOIUS PERIODS $236,328 $ 237,320 $ 237,343 $ 237,343 $ 237,343
INTEREST EXPENSE $ 5,297,771 $16,136,755 $17,021,764 $17,162,132 $ 17,228,735
LESS INTEREST CAPITALIZED DURING PERIOD $ (49,623) $ (1,138) $ 0 $ 0 $ 0
NET AMORTIZATION OF DEBT ISSUANCE $ 742,822 $ 978,007 $ 978,012 $ 978,002 $ 978,007
INTEREST PORTION
OF RENTAL EXPENSE $ 0 $ 0 $ 0 $ 0 $ 0
EARNINGS $(3,820,386) $(10,125,776) $ 5,996,086 $ 8,974,304 $ 10,507,907
------------ ---------- ------------ ---------- -----------
FIXED CHARGES
INTEREST EXPENSE $ 5,297,771 $ 16,136,755 $17,021,764 $17,162,132 $17,228,735
NET AMORTIZATION OF DEBT ISSUANCE $ 742,822 $ 978,007 $ 978,012 $ 978,002 $ 978,007
INTEREST PORTION
OF RENTAL EXPENSE $ 0 $ 0 $ 0 $ 0 $ 0
------------ ------------ ---------- ---------- -----------
TOTAL FIXED CHARGES $ 6,040,593 $ 17,114,762 $17,999,776 $18,140,134 $18,206,742
RATIO OF EARNINGS TO FIXED NEGATIVE $(3,820,386) NEGATIVE $(10,125,776) 0.3 0.5 0.6
CHARGES ----------- ------------ --- --- ---
FOOTNOTE FOOTNOTE TO 1 TO 1 TO 1
EARNINGS INADEQUATE EARNINGS INADEQUATE
------------------- ------------------- ---------- ----------- --------------
1
EL CONQUISTADOR
RATIO OF EARNINGS TO FIXED CHARGES ENDING DEC 31,
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9 MONTHS 9 MONTHS
DEC 96 DEC 97
EARNINGS UNAUDITED AUDITED
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--------------------------------------------------
PRETAX INCOME (LOSS) FROM $ (14,810,798) $ (15,042,122)
CONTINUING OPERATIONS
CURRENT PERIOD AMORTIZATION OF
INTEREST CAPITALIZED IN PREVOIUS PERIODS $ 178,007 $ 178,007
INTEREST EXPENSE $ 12,691,707 $ 13,156,711
LESS INTEREST CAPITALIZED DURING PERIOD $ 0
NET AMORTIZATION OF DEBT ISSUANCE $ 733,509 $ 733,509
INTEREST PORTION
OF RENTAL EXPENSE $ 0 $ 0
EARNINGS $ (1,207,575) $ (973,895)
--------- ---------
FIXED CHARGES
INTEREST EXPENSE $ 12,691,707 $ 13,156,711
NET AMORTIZATION OF DEBT ISSUANCE $ 733,509 $ 733,502
INTEREST PORTION
OF RENTAL EXPENSE $ 0 $ 0
----------- ----------
TOTAL FIXED CHARGES $ 13,425,216 $ 13,890,213
RATIO OF EARNINGS TO FIXED CHARGES NEGATIVE $ (1,207,575) NEGATIVE $ (973,895)
FOOTNOTE FOOTNOTE
EARNINGS INADEQUATE EARNINGS INADEQUATE
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2
EL CONQUISTADOR
RATIO OF EARNINGS TO FIXED CHARGES ENDING JUNE 30,
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6 MONTHS 6 MONTHS
JUNE 97 JUNE 98
EARNINGS UNAUDITED UNAUDITED
--------
----------------------------------------------
PRETAX INCOME (LOSS) FROM $ 3,072,415 $ 7,585,569
CONTINUING OPERATIONS
CURRENT PERIOD AMORTIZATION OF
INTEREST CAPITALIZED IN PREVOIUS PERIODS $ 118,672 $ 118,672
INTEREST EXPENSE $ 8,871,260 $ 8,669,672
LESS INTEREST CAPITALIZED DURING PERIOD
NET AMORTIZATION OF DEBT ISSUANCE $ 489,001 $ 489,001
INTEREST PORTION
OF RENTAL EXPENSE $ 0
EARNINGS $12,551,348 $16,862,914
---------- ----------
FIXED CHARGES
INTEREST EXPENSE $ 8,871,260 $ 8,669,672
NET AMORTIZATION OF DEBT ISSUANCE $ 489,001 $ 489,001
INTEREST PORTION
OF RENTAL EXPENSE $ 0 $ 0
---------- ----------
TOTAL FIXED CHARGES $ 9,360,261 $ 9,158,673
RATIO OF EARNINGS TO FIXED CHARGES 1.3 1.8
--- ---
TO 1 TO 1
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3
EL CONQUISTADOR
RATIO OF EARNINGS TO FIXED CHARGES PROFORMA P/L
-----------------------------------------------------------------
PROFORMA PROFORMA PROFORMA
12 MONTH 9 MONTH 6 MONTH
EARNINGS 1998 FISCAL DEC 1997 JUNE 98
-------- -----------------------------------------------------------------
PRETAX INCOME (LOSS) FROM $ 1,556,888 $(9,056,900) $ 13,499,096
CONTINUING OPERATIONS
CURRENT PERIOD AMORTIZATION OF
INTEREST CAPITALIZED IN PREVOIUS PERIODS $ 237,343 $ 178,007 $ 118,672
INTEREST EXPENSE $10,829,826 $ 8,413,369 $ 5,608,913
LESS INTEREST CAPITALIZED DURING PERIOD
NET AMORTIZATION OF DEBT ISSUANCE $ 166,667 $ 125,000 $ 83,333
INTEREST PORTION
OF RENTAL EXPENSE
EARNINGS $12,790,724 $ (340,524) $ 19,310,014
----------- -------- ----------
FIXED CHARGES
INTEREST EXPENSE $11,272,761 $ 8,454,571 $ 5,636,381
NET AMORTIZATION OF DEBT ISSUANCE $ 166,667 $ 125,000 $ 83,333
INTEREST PORTION
OF RENTAL EXPENSE $ 0 $ 0 $ 0
---------- --------- ---------
TOTAL FIXED CHARGES $11,439,428 $8,579,571 $ 5,692,246
RATIO OF EARNINGS TO FIXED CHARGES 1.1 NEGATIVE $ (340,524) 3.4
--- FOOTNOTE ---
TO 1 EARNINGS INADEQUATE TO 1
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4