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EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six months ended
(in thousands) Year ended December 31, June 30, 2004
- ------------------------------- ----------------------------------------------------------------- ----------------
1999 2000 2001 2002 2003
-------- -------- -------- --------- --------
Income (loss) before income tax $ (8,350) $ (9,691) $ (9,232) $ (13,468) $ (2,141) $ 15,135)
Add: Fixed charges 334 304 281 802 1,534 765
-------- -------- -------- --------- --------- ---------
Earnings as defined $ (8,016) $ (9,387) $ (8,951) $ (12,666) ($ 607) $ (14,370)
Fixed charges:
Interest expensed -- -- -- $ 162 $ 393 $ 191
Estimated interest component
of rent $ 334 $ 304 $ 281 640 1,141 574
-------- -------- -------- --------- --------- ---------
Total Fixed charges $ 334 $ 304 $ 281 $ 802 $ 1,534 $ 765
Ratio of earnings to fixed
charges (1) (1) (1) (1) (1) (1)
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(1) For the purposes of computing the ratio of earnings to fixed charges,
earnings consist of income (loss) before the provision for income taxes and the
cumulative effect of changes in accounting, plus fixed charges. Fixed charges
consist of interest charges and that portion of rental payments under operating
leases we believe to be representative of interest. Earnings for the years ended
December 31, 1999, 2000, 2001, 2002 and 2003 and for the six months ended June
30, 2004, were insufficient to cover fixed charges by $8,350, $9,387, $9,232,
$13,468, $2,141, and $15,135 (in thousands), respectively.