Exhibit 12.3
TREESOURCE INDUSTRIES, INC. AND SUBSIDIARIES
COMPUTATION OF REGISTRANT'S NET INCOME (LOSS)
TO AVERAGE STOCKHOLDERS' EQUITY (DEFICIT)
(In Thousands, Except Ratios)
YEAR ENDED APRIL 30,
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1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) $ (10,246) $ (12,150) $ 8,970 $ (6,044) $ 3,700
========== ========== ========== ========== ==========
AVERAGE STOCKHOLDERS' EQUITY
(DEFICIT)
Beginning of period $ 4,093 $ 18,434 $ 11,686 $ 20,076 $ 18,512
End of period (7,816) 4,093 18,434 11,686 20,076
Average $ (1,862) $ 11,264 $ 15,060 $ 15,881 $ 19,294
========== ========== ========== ========== ==========
RATIO OF NET INCOME (LOSS) TO
AVERAGE STOCKHOLDERS'
EQUITY (DEFICIT) 550.4% (107.9)% 59.6% (38.1)% 19.2