EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(DOLLARS IN THOUSANDS)
FISCAL YEAR ENDED
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1994 1995 1996 1997 1998
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Interest expense............................................ $ 2,722 $ 2,979 $ 3,540 $ 1,824 $ 3,340
Estimated interest portion of rent expense.................. 41 59 62 55 66
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Fixed charges............................................... $ 2,763 $ 3,038 $ 3,602 $ 1,879 $ 3,406
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Income (loss) before income taxes........................... $ (1,338) $ (358) $ (1,460) $ 3,709 $ 9,221
Fixed charges............................................... 2,763 3,038 3,602 1,879 3,406
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Earnings.................................................... $ 1,425 $ 2,680 $ 2,142 $ 5,588 $ 12,627
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Fixed charges............................................... $ 2,763 $ 3,038 $ 3,602 $ 1,879 $ 3,406
Preferred stock dividend requirements....................... -- -- -- -- 150
Accretion of carrying value of preferred stock.............. -- -- -- -- 28
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Combined fixed charges and preferred stock dividends........ $ 2,763 $ 3,038 $ 3,602 $ 1,879 $ 3,584
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Ratio of earnings to combined fixed charges and preferred
stock dividends (1)........................................ 0.52x 0.88x 0.59x 2.97x 3.52x
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(1) In fiscal 1994, 1995 and 1996, earnings were insufficient to cover fixed
charges by approximately $1,338,000, $358,000 and $1,460,000, respectively.