EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
Set forth below is information concerning our ratio of earnings to fixed
charges on a consolidated basis for the period indicated. This ratio shows the
extent to which our business generates enough earnings after the payment of all
expenses other than interest to make the required interest payments on the
notes.
For the purposes of computing the ratios of earnings to fixed charges,
"earnings" consist of income before taxes and fixed charges. "Fixed charges"
consist of interest on all indebtedness and an interest factor attributable to
rentals.
FISCAL YEAR ENDED NINE MONTHS ENDED
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DECEMBER 31, SEPTEMBER 30,
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(IN THOUSANDS, EXCEPT PER RATIOS)
1999 2000 2001 2002 2003 2003 2004
FIXED CHARGES:
Interest expensed 40 34 - 17 185 19 1,944
Amortization of debt expense - - - - 59 - 519
Estimate of interest within rental expenses 901 921 1,451 1,512 1,575 1,180 1,221
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Total Fixed Charges 941 955 1,451 1,529 1,819 1,199 3,684
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EARNINGS
Pre-tax gain (loss) from continuing operations 10,481 1,573 (10,707) 2,769 5,655 2,870 94
Fixed charges 941 955 1,451 1,529 1,819 1,199 3,684
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Total earnings (loss) for computation of ratio 11,422 2,528 (9,256) 4,298 7,474 4,069 3,778
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RATIO OF EARNINGS TO FIXED CHARGES 12.1 2.6 -- 2.8 4.1 3.4 1.0
The pre-tax loss from continuing operations for the year ended December 31, 2001
is not sufficient to cover fixed charges by a total of approximately $10.7
million. As a result, the ratio of earnings to fixed charges has not been
computed for this period.