1
Exhibit 12
RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)
Pro Forma Pro Forma
Nine Months Ended --------- ---------
Year Ended December 31, ----------------------- Year Nine Months
---------------------------------------------- Sept. 26, October 2, December 31, October 2,
1994 1995 1996 1997 1998 1998 1999 1998 1999
------- -------- -------- -------- -------- ---------- ---------- ------------ ----------
Income (loss) before income
taxes and losses from equity
investees $6,979 $ 7,684 $ 7,475 $12,295 $21,140 $15,283 $(4,547) $ 6,585 $ (790)
Add:
Portion of rents representative
of interest factor 1,127 1,248 1,116 1,232 1,333 1,287 1,270 1,333 1,270
Interest on indebtedness 1,300 1,490 1,548 1,465 1,175 819 1,097 12,990 9,743
Amortization of debt issuance
costs -- -- -- -- -- -- -- 816 612
Accretion of debt discount -- -- -- -- -- -- -- 225 169
------- -------- -------- -------- -------- ---------- ---------- ------------ ----------
Income as adjusted 9,406 10,422 10,139 14,992 23,648 17,389 (2,180) 21,724 11,004
------- -------- -------- -------- -------- ---------- ---------- ------------ ----------
Fixed charges:
Portion of rents representative
of interest factor 1,127 1,248 1,116 1,232 1,333 1,287 1,270 1,333 1,270
Interest on indebtedness 1,300 1,490 1,548 1,465 1,175 819 1,097 12,990 9,743
Amortization of debt issuance
costs -- -- -- -- -- -- -- 816 612
Accretion of debt discount -- -- -- -- -- -- -- 225 250
------- -------- -------- -------- -------- ---------- ---------- ------------ ----------
Fixed charges 2,427 2,738 2,664 2,697 2,508 2,106 2,367 15,364 11,875
------- -------- -------- -------- -------- ---------- ---------- ------------ ----------
Ratio of earnings to fixed
charges 3.9 3.8 3.8 5.6 9.4 8.3 (A) 1.4 (B)
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(A) Due to the Company's loss in the nine month period ended October 2, 1999,
the ratio coverage was less than 1:1. The Company must generate additional
earnings of $187 to achieve a coverage ratio of 1:1.
(B) Due to the Company's Pro Forma loss in the nine month period ended October
2, 1999, the ratio coverage was less than 1:1. The Company must generate
additional pro forma earnings of $871 to achieve a coverage ratio of 1:1.