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Exhibit 12
Ratio of Earnings to Fixed Charges
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<Caption>
THREE MONTHS SIX MONTHS
(IN THOUSANDS) ENDED JUNE 30, ENDED JUNE 30,
2004 2003 2004 2003
FIXED CHARGES:
Interest expense .................. $ 809 $ 971 $ 1,548 $ 2,398
Interest expense
charged against gain
on bond repurchases
and exchanges ..................... -- 1,140 -- 5,527
Interest expense
included in rent
expense ........................... 113 109 236 215
Preferred stock
dividends ......................... -- -- -- --
--------- --------- --------- ---------
Total fixed charges ............... $ 922 $ 2,220 $ 1,784 $ 8,140
========= ========= ========= =========
EARNINGS:
(Loss) income from
continuing operations ............. $ (5,913) (5,505) $ (15,255) (1,473)
Fixed charges ..................... 922 2,220 1,784 8,140
Preferred stock
dividends ......................... -- -- -- --
--------- --------- --------- ---------
Total Earnings .................... $ (4,991) $ (3,285) $ (13,471) $ 6,667
========= ========= ========= =========
Ratio ............................. (5.4) (1.5) (7.6) (0.8)
========= ========= ========= =========
Excess (Deficiency) of
Earnings .......................... $ (5,913) (5,505) $ (15,255) (1,473)
========= ========= ========= =========
<Caption>
YEAR ENDED DECEMBER 31,
(IN THOUSANDS)
2003 2002 2001 2000 1999
FIXED CHARGES:
Interest expense .................. $ 3,967 $ 11,608 $ 16,518 $ 12,844 $ 836
Interest expense
charged against gain
on bond repurchases
and exchanges ..................... 5,527 -- -- -- --
Interest expense
included in rent
expense ........................... 402 446 438 374 64
Preferred stock
dividends ......................... -- -- -- -- 1,020
--------- --------- --------- --------- ---------
Total fixed charges ............... $ 9,896 $ 12,054 $ 16,956 $ 13,218 $ 1,920
========= ========= ========= ========= =========
EARNINGS:
(Loss) income from
continuing operations ............. $ (10,938) $ (56,501) $(140,919) $ (62,292) $ (21,087)
Fixed charges ..................... 9,896 12,054 16,956 13,218 1,920
Preferred stock
dividends ......................... -- -- -- -- (1,020)
--------- --------- --------- --------- ---------
Total Earnings .................... $ (1,402) $ (44,447) $(123,963) $ (49,074) $ (20,187)
========= ========= ========= ========= =========
Ratio ............................. (0.1) (3.7) (7.3) (3.7) (10.5)
========= ========= ========= ========= =========
Excess (Deficiency) of
Earnings .......................... $ (10,938) $ (56,501) $(140,919) $ (62,292) $ (22,107)
========= ========= ========= ========= =========
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