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
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Earnings:
Income (loss) before income taxes and extraordinary items... $ 943 $ 6,193 $(19,842) $ (9,812) $(66,506)
Fixed charges:
Interest expense.......................................... 651 5,625 8,448 11,573 14,456
Rental expense interest factor(1)......................... 60 178 1,133 1,700 1,600
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Total fixed charges.................................... 711 5,803 9,581 13,273 16,056
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Earnings (loss) available to cover fixed charges.............. $1,654 $11,996 $(10,261) $ 3,461 $(50,450)
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Combined fixed charges and preferred stock dividend
requirements................................................. $1,598 $10,390 $ 14,581 $ 18,145 $ 19,337
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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, 1996, 1997 and 1998, earnings were
inadequate to cover Fixed Charges by $24.8 million, $12.7 million and $69.8
million, respectively.