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EXHIBIT 12.1
Computation of Ratios of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
(dollars in thousands)
Fiscal Year Ended October 31,
------------------------------------------------
Three Months
Ended Jan. 31,
1994 1995 1996 1997 1998 1999
------- ------- ------- ------- ------- --------------
Interest expense $ 458 $ 964 $ 365 $ 259 $ 156 $ 2,341
Capitalized interest -- -- -- 101 112 21
Estimated interest portion of
rent expense 166 166 166 175 175 44
------ ------ ------- ------- ------- --------
Fixed charges 624 1,130 531 535 443 2,405
------ ------ ------- ------- ------- --------
Income (loss) before income
taxes 5,280 9,300 12,173 17,838 25,857 (13,679)
Fixed charges 624 1,130 531 535 443 2,405
Capitalized interest -- -- -- (101) (112) (21)
------ ------ ------- ------- ------- --------
Earnings 5,904 10,430 12,704 17,772 26,188 (11,294)
------ ------ ------- ------- ------- --------
Ratio of earnings to fixed
charges 9.5x 9.2x 23.9x 33.2x 59.1x (4.7x)