1
EXHIBIT 12.1
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
PREDECESSOR COMPANY
---------------------------------------------
PERIOD FROM
YEAR ENDED DECEMBER 31, JANUARY 1, 1995
--------------------------- THROUGH
1992 1993 1994 APRIL 20, 1995
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(DOLLARS IN THOUSANDS, EXCEPT RATIOS)
Ratio of earnings to fixed charges
Consolidated pretax income from continuing
operations....................................... $ 4,346 $ 542 $ 8,388 $11,621
Equity pickup of less than 50% owned affiliates.... (26) (1,149) (183) (204)
Interest........................................... 8,189 7,551 6,407 1,665
Interest portion of rental expense................. 2,467 2,753 2,814 692
Amortization of debt financing costs............... 920 933 944 453
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Earnings........................................... $15,896 $10,630 $18,370 $14,227
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Interest........................................... $ 8,189 $ 7,551 $ 6,407 $ 1,665
Interest portion of rental expense................. 2,467 2,753 2,814 692
Amortization of debt financing costs............... 920 933 944 453
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Fixed charges...................................... $11,576 $11,237 $10,165 $ 2,810
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Ratio of earnings to fixed charges................. 1.37 -- 1.81 5.1
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Deficiency......................................... $ 607
PERIOD
FROM
INCEPTION
THROUGH YEAR ENDED SIX MONTHS
DECEMBER 31, DECEMBER 31, ENDED
1995 1996 JUNE 30, 1997
------------ ------------ -------------
(DOLLARS IN THOUSANDS, EXCEPT RATIOS)
Ratio of earnings to fixed charges
Consolidated pretax income (loss) from continuing
operations........................................... $12,629 $14,846 $(3,884)
Equity pickup of less than 50% owned affiliates........ -- (713) 470
Interest............................................... 12,905 17,290 9,438
Interest portion of rental expense..................... 1,572 3,107 1,354
Amortization of debt financing costs................... 465 636 348
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Earnings............................................... $27,571 $35,166 $ 7,726
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Interest............................................... $12,905 $17,290 $ 9,438
Interest portion of rental expense..................... 1,572 3,107 1,354
Amortization of debt financing costs................... 465 636 348
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Fixed charges.......................................... $14,942 $21,033 $11,140
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Ratio of earnings to fixed charges..................... 1.8 1.7 --
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Deficiency............................................. $ 3,414