Exhibit 12.1
STATEMENTS REGARDING COMPUTATION OF RATIOS
Our earnings were insufficient to cover fixed charges in each of the years
in the three-year period ended December 31, 1997. Additional earnings of $6.4
million, $3.1 million and $3.6 million were necessary to provide a 1:1
coverage ratio for December 31, 1995, 1996 and 1997, respectively. For the
purpose of these calculations, "earnings" consist of income before taxes, plus
fixed charges, and "fixed charges" consist of interest expense incurred and
the portion of rental expense deemed by us to be representative of the
interest factor of rental payments under leases.
Year Ended Year Ended
December 31, Month Ended -----------------------
---------------------- January 31, January 31, January 30,
1995 1996 1997 1998 1999 2000
------ ------ ------ ----------- ----------- -----------
Income (loss) before in-
come taxes............. (6,377) (3,077) (3,589) 1,481 4,487 56,166
Add fixed charges....... 65 298 352 41 602 832
------ ------ ------ ----- ----- ------
Earnings (as defined)... (6,312) (2,779) (3,237) 1,522 5,089 56,998
====== ====== ====== ===== ===== ======
Fixed Charges:
Interest expense...... -- 216 267 31 291 332
Estimated interest
component of rent
expense.............. 65 82 85 10 311 500
------ ------ ------ ----- ----- ------
Total fixed charges..... 65 298 352 41 602 832
====== ====== ====== ===== ===== ======
Ratio of earnings to
fixed charges.......... -- -- -- 37x 8x 68x