EXHIBIT 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
The Predecessor The Company
- ------------------------------------------------------------------------------------------------ ------------------------------
Year 1/1/93 3/1/93 Year 1/1/95 9/8/95 Year
Ended Through Through Ended Through Through Ended
12/31/92 2/28/93 12/31/93 12/31/94 9/8/95 6/30/96 6/30/97
- ------------------------------------------------------------------------------------------------ ------------------------------
(in thousands) (in thousands)
Earnings:
Pretax income from
continuing
operations $ (5,385) $ (2,186) $ (4,908) $ (5,947) $ (5,485) $ 5,057 $ 5,885
Total fixed charges 4,439 853 2,846 3,636 2,963 1,375 5,343
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Earnings (1) $ (946) $ (1,333) $ (2,062) $ (2,311) $ (2,522) $ 6,432 $ 11,228
---------- ---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ---------- ----------
Fixed Charges:
Interest expense,
including
amortization
of deferred
financing fees $ 3,728 $ 725 $ 2,182 $ 3,170 $ 2,576 $ 687 $ 4,179
Interest element
of rentals (2) 711 128 664 466 387 688 1,164
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total Fixed
Charges (1) $ 4,439 $ 853 $ 2,846 $ 3,636 $ 2,963 $ 1,375 $ 5,343
---------- ---------- ---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ---------- ---------- ----------
Ratio of Earnings to
Fixed Charges -- -- -- -- -- 4.68 2.10
Dollar Deficiency
of Earnings to
Fixed Charges (3) (5,385) (2,186) (4,908) (5,947) (5,485) - -
Proforma The Company Pro Forma The Company Pro Forma
- ---------------------- ----------- ----------- ----------- ------------ -----------
Year 7/1/96 7/1/96 7/1/97 7/1/97
Ended Through Through Through Through
6/30/97 9/26/96 9/26/96 9/25/97 9/25/97
- ---------------------- ----------- ----------- ----------- ------------ -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Earnings:
Pretax income from
continuing
operations $ 5,238 (1,580) (5,744) (6,712) (7,890)
Total Fixed Charges 11,955 535 2,690 3,017 3,466
--------- ---------- ---------- ----------- ----------
Total Earnings $ 17,193 $ (1,045) $ (3,054) $ (3,695) $ (4,424)
--------- ---------- ---------- ----------- ----------
--------- ---------- ---------- ----------- ----------
Fixed Charges:
Interest expense,
including
amortization
of deferred
financing fees 10,378 133 2,138 2,392 2,798
Interest element
of rentals 1,577 402 552 625 668
--------- ---------- ---------- ----------- ----------
Total Fixed
Charges $ 11,955 $ 535 $ 2,690 $ 3,017 $ 3,466
--------- ---------- ---------- ----------- ----------
--------- ---------- ---------- ----------- ----------
Ratio of Earnings to
Fixed Charges 1.44 -- -- -- --
Dollar Deficiency
of Earnings to
Fixed Charges -- (1,580) (5,744) (6,712) (7,890)
Note:
1. In computing the ratio of earnings to fixed charges: (a) "earnings" have
been based on income from continuing operations before income taxes and
fixed charges and (b) "fixed charges" consists of interest expense,
including amortization of deferred financing fees and the estimated
interest portion of rents.
2. The interest portion of rent expense was assumed to be one-third of the
total rental expense.
3. For the year ended December 31, 1992, the periods from January 1, 1993
through February 28, 1993 and March 1, 1993 through December 31, 1993,
the year ended December 31, 1994 and the period January 1, 1995 through
September 8, 1995, earnings are inadequate to cover fixed charges.
4. On February 28, 1993, and September 8, 1995 changes in ownership
occurred which resulted in a change in basis of accounting. The ownership
changes were accounted for under the purchase method.
5. Supplemental pro forma information is included for the year ended
June 30, 1997 and the period from July 1, 1997 through September 25,
1997 to reflect the recapitalization of the Company, all of the
acquisitions and the effects from the Unit Offering all as if they
occurred on the first day of the period presented.
Supplemental
Supplemental Pro forma
Pro forma 07/01/97
Year Ended through
06/30/97 09/25/97
------------- --------------
(Unaudited) (Unaudited)
Earnings:
Pretax income from continuing operations $ 5,612 $ (7,463)
Total Fixed Charges 11,581 3,039
------- --------
Total Earnings (1) $17,193 $ (4,424)
------- --------
------- --------
Fixed Charges:
Interest expense, including amortization of deferred financing fees 10,004 2,371
Interest element of rentals (2) 1,577 668
Total Fixed Charges (1) $11,581 $ 3,039
------- --------
------- --------
Redeemable Preferred Stock:
Dividends 5,200 1,300
Accretion to liquidation value 750 188
------- --------
5,950 1,486
------- --------
------- --------
Gross up (Dividends) to pretax on 45% effective tax rate $10,205 $ 2,552
------- --------
------- --------
Redeemable Common Stock:
Accretion to liquidation value $ 250 $ 62
------- --------
------- --------
Ratio of Earnings to Fixed Charges 1.48 --
Dollar Deficiency of Earnings to Fixed Charges $ (7,463)
Ratio of Earnings to Fixed Charges, Redeemable -- --
Preferred Dividends and Accretion to Liquidation Value,
and Redeemable Common Stock Accretion to Liquidation Value
Dollar Deficiency of Earnings to Fixed Charges, Redeemable
Preferred Dividends and Accretion to Liquidation Value,
and Redeemable Common Stock Accretion to Liquidation Value $(4,843) $(10,077)
Note:
1. In computing the ratio of earnings to fixed charges: (a) "earnings" have
been based on income from continuing operations before income taxes and
fixed charges and (b) "fixed charges" consists of interest expense,
including amortization of deferred financing fees and the estimated
interest portion of rents.
2. The interest portion of rent expense was assumed to be one-third of the
total rental expense.
3. For the year ended December 31, 1992, the periods from January 1, 1993
through February 26, 1993 and March 1, 1993 through December 31, 1993,
and year ended December 31, 1994 and the period January 1, 1995 through
September 8, 1995, earnings are inadequate to cover fixed charges.