EXHIBIT 12.1
PHASE METRICS, INC.
STATEMENT REGARDING COMPUTATION OF RATIOS
(IN THOUSANDS, EXCEPT RATIOS)
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
YEAR ENDED DECEMBER 31,
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1994 1995 1996 1997 1998 1999
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Earnings:
Income (loss) before income taxes and extraordinary
items................................................ $ 943 $ 6,193 $(19,842) $ (9,812) $(66,506) $(47,202)
Fixed charges:
Interest expense.................................... 651 5,625 8,448 11,573 14,456 13,809
Rental expense interest factor(1)................... 60 178 1,133 1,700 1,600 1,133
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Total fixed charges............................... 711 5,803 9,581 13,273 16,056 14,942
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$1,654 $11,996 $(10,261) $ 3,461 $(50,450) $(32,260)
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Combined fixed charges and preferred stock dividend
requirements........................................... $1,598 $10,390 $ 14,581 $ 18,145 $ 19,337 $ 18,664
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Ratio of earnings (loss) to fixed charges(2)............ 1.0x 1.2x -- -- -- --
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(1) The portion of operating lease rental expense that is representative of
the interest factor is deemed to be one-third of total operating lease
rental expense.
(2) For the years ended December 31, 1997, 1998 and 1999, earnings were
inadequate to cover Fixed Charges by $12.7 million, $69.8 million, and
$50.9 million respectively.