1
EXHIBIT 12.1
THE COMPANY
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
YEAR ENDED DECEMBER 31,
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1996 1997 1998
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Pre-tax loss from continuing operations..................... $(48,488) $(74,757) $(48,866)
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Fixed charges:
Interest expense and amortization of debt discount and
premium on all indebtedness............................ 37,742 78,185 78,107
Rentals:
Rent expense(1)........................................... 719 1,521 1,525
Preferred dividend requirement............................ 496 882 945
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Total fixed charges............................... 38,957 80,588 80,577
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Earnings before income taxes and fixed charges.............. $ (9,531) $ 5,831 $ 31,711
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Ratio of earnings to fixed charges(2)....................... -- -- --
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(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) The Company's earnings for the years ended December 31, 1996, 1997 and 1998
were inadequate to cover fixed charges by $48,488, $74,757 and $48,866,
respectively.