EXHIBIT 12
Pro Forma Pro Forma Six Six
Six months Year months months
ended ended ended ended Year ended December 31,
June 30, 31-Dec June 30, June 30, ---------------------------------------
1998 1997 1998 1997 1997 1996 1995 1994 1993
---- ---- ---- ---- ---- ---- ---- ---- ----
Earnings:
Income (loss) before taxes on income $ (17.1) $ 11.2 $ (37.7) $ 6.0 $ 26.1 $ 7.9 $(20.0) $ 10.8 $(58.8)
Minority interest (0.1) 0.3 (0.1) 0.2 0.3 0.1 0.1 - -
Fixed charges (25.5) (50.8) (16.4) 8.6 (17.0) (20.4) (16.9) (18.2) (17.1)
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Earnings as adjusted (A) 8.5 61.7 (21.2) 14.4 42.8 28.2 (3.2) 29.0 (41.5)
Fixed charges
Interest expense net 21.5 42.8 12.4 4.1 8.5 10.7 8.8 10.0 9.9
Rents under leases representative
of an interest factor 4.0 8.0 4.0 4.1 8.0 8.0 5.9 6.3 5.8
Interest income - - - 0.4 0.5 1.7 2.2 1.9 1.4
Capitalized interest 0.4 0.9 0.4 0.4 0.9 1.2 1.6 1.0 1.0
------- ------- ------- ------- ------ ----- ------ ------ ------
Fixed charges as adjusted (B) $ 25.9 $ 51.7 $ 16.8 $ 9.8 $ 17.9 $21.6 $ 18.5 $ 19.2 $ 18.1
Preferred stock dividends 3.0 9.2 1.5 - - - - - -
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Fixed charges including preferred
stock dividends (C) $ 28.5 $ 60.9 18.3 n/a n/a n/a n/a n/a n/a
Ratio of earnings to fixed charges
(A) divided by (B) 0.3x 1.2x 1.6x 2.4x 1.3x - 1.5x -
Deficiency of earnings to fixed charges $ 17.4 $ - $ 38.0 $ - $ - $ - $ 21.7 $ - $ 59.6
Ratio of earnings to combined fixed
charges and preferred stock
dividends (A) divided by (C) 0.3x 1.0 n/a n/a n/a n/a n/a n/a
Deficiency of earnings to combined fixed
charges and preferred stock $ 20.4 $ - 39.5 n/a n/a n/a n/a n/a n/a