EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Twelve
Months Proforma
Year Ended Year Ended Seven Seven Ended Year Ended Year Ended Year Ended
June 30, June 30, Months Ended Months Ended January 31, January 31, January 31, January 31,
1993 1994 1994 1995 1995 1996 1997 1997
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Earnings, as
defined:
Net Income $ 595 $1,011 $ 641 $2,492 $2,862 $3,007 $ 8,248 $ 4,598
Income taxes 232 531 349 1,490 1,672 1,931 4,652 2,373
Fixed charges,
as below 1,143 1,546 835 1,414 2,125 4,158 6,853 13,858
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Total earnings,
as defined $1,970 $3,088 $1,825 $5,396 $6,659 $9,096 $19,753 $20,829
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Fixed charges,
as defined:
Interest expense $1,143 $1,546 $ 835 $1,414 $2,125 $4,158 $6,853 $13,858
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Total fixed
charges, as
defined $1,143 $1,546 $ 835 $1,414 $2,125 $4,158 $6,853 $13,858
=================================================================================================================
Ratio of earnings
to fixed
charges 1.72 2.00 2.19 3.82 3.13 2.19 2.88 1.50
COMPUTATION OF PROFORMA RATIOS
(In thousands, except ratios)
Proforma
Year Ended
January 31,
1997
-----------
Interest expense $ 13,858
Less amortization of deferred financing fees 410
-----------
Cash interest expense $ 13,448
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Income from operations 19,587
Plus depreciation and amortization 3,738
-----------
EBITDA $ 23,325
===========
Ratio of EBITDA to cash interest expense 1.73
Total debt $ 136,755
Total cash and cash equivalents 52,573
-----------
Net debt $ 84,182
===========
Ratio of net debt to EBITDA 3.61