1
EXHIBIT 12.1
THE COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED
DECEMBER 31,
1996
------------
Pre-tax loss from continuing operations.............................................. (48,488)
-------
Fixed charges:
Interest expense and amortization of debt discount and premium on all
indebtedness.................................................................... 37,742
Rentals:
Rent expense(1).................................................................... 719
Preferred dividend requirement..................................................... 496
-------
Total fixed charges........................................................ 38,957
-------
Earnings before income taxes and fixed charges....................................... (9,531)
=======
Ratio of earnings to fixed charges................................................... --
=======
- ---------------
(1) For leases where the interest factor can be specifically identified, the
actual interest factor was used. For all other leases, the interest factor
is estimated at one-third of total rent expense for the applicable period
which management believes represents a reasonable approximation of the
interest factor.
2
PREVIOUSLY AFFILIATED ENTITIES
RATIO OF EARNINGS TO FIXED CHARGES
PERIOD FROM
JANUARY 1,
1996 TO
JULY 30,
1991 1992 1993 1994 1995 1996
------- ------- ------- ------- ------- -----------
Pre-tax loss from continuing
operations.......................... (21,081) (70,280) (77,648) (79,047) (62,412) (51,038)
------- ------- ------- ------- ------- -------
Fixed charges:
Interest expense and authorization
of debt discount and premium on
all indebtedness................. 8,640 32,357 44,760 44,278 48,835 47,545
------- ------- ------- ------- ------- -------
Rentals:
Rent expense........................ 137 404 585 666 952 573
------- ------- ------- ------- ------- -------
Total fixed charges......... 8,777 32,761 45,345 44,944 49,787 48,118
------- ------- ------- ------- ------- -------
Earnings before income taxes and fixed
charges............................. (12,304) (37,519) (32,303) (34,103) (12,625) (2,920)
======= ======= ======= ======= ======= =======
Ratio of earnings to fixed charges.... -- -- -- -- -- --
======= ======= ======= ======= ======= =======