Exhibit 12
STATEMENT RE COMPUTATION OF RATIOS
This schedule contains financial information extracted from the registrant's
unaudited consolidated balance sheets as of March 31, 1998 and December 31,
1997, and is qualified in its entirety by reference to such financial
statements:
March 31, December 31,
1998 1997
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Current Ratio:
The ratio of current assets divided by
current liabilities -
Current assets (numerator) $ 45,386,000 $39,575,000
Current liabilities (denominator) 25,309,000 20,113,000
Current ratio
1.79 1.97
Quick Ratio:
The ratio of liquid current assets (cash and cash equivalents and accounts
receivable and unbilled receivables) divided by current liabilities:
Cash and cash equivalents $ 5,923,000 $ 7,657,000
Accounts receivable and unbilled receivables 24,574,000 19,389,000
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Total (numerator) 30,497,000 27,046,000
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Current liabilities (denominator) 25,309,000 20,113,000
Quick ratio
1.20 1.34
Debt to Equity Ratio:
The ratio of all debt
divided by stockholders' equity
Notes payable $ 4,591,000 $ 4,783,000
Current maturities of long-term debt 933,000 842,000
Long-term liabilities 2,355,000 2,200,000
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Total (numerator) 7,879,000 7,825,000
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Stockholders' equity (denominator) 42,834,000 36,284,000
Debt to equity ratio
0.18 0.22