EXHIBIT 12.1
    
 
   
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
    
 
   


                                                                                                  FOR THE PERIOD
                                                                                                       ENDED
                                                                                                 DECEMBER 31, 1997
                                                                                                 -----------------
 
                                                                                              
EARNINGS
 
Loss before extraordinary item and taxes.......................................................     $   (24,718)
 
  Add (Subtract):
 
    Fixed Charges..............................................................................          10,012
 
    Share of loss in Equity Investments........................................................             151
 
    Gain on sale of business...................................................................              60
                                                                                                       --------
 
Adjusted Earnings..............................................................................         (14,495)
                                                                                                       --------
                                                                                                       --------
 
FIXED CHARGES
 
Interest Charges...............................................................................           8,576
 
Rent Expense...................................................................................           1,436
                                                                                                       --------
 
Total Fixed Charges............................................................................     $    10,012
                                                                                                       --------
                                                                                                       --------
 
Ratio of Earnings to fixed charges.............................................................              --
                                                                                                       --------
                                                                                                       --------
 
Earnings insufficient to cover fixed charges...................................................     $    24,507
                                                                                                       --------
                                                                                                       --------