EXHIBIT 12.1
CHANDLER (U.S.A.), INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED
YEAR ENDED DECEMBER 31, MARCH 31,
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1994 1995 1996 1997 1998 1998 1999
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(in thousands except for ratio)
COMPUTATION OF EARNINGS:
Income (loss) before income taxes $ (1,624) $ (1,546) $ (2,097) $ 5,286 $ 786 $ 78 $ 1,038
Fixed charges, net 321 371 554 808 1,070 $ 203 $ 298
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Total earnings $ (1,303) $ (1,175) $ (1,543) $ 6,094 $ 1,856 $ 281 $ 1,336
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COMPUTATION OF FIXED CHARGES:
Interest Expense $ 2 $ 52 $ 146 $ 442 $ 887 $ 125 $ 216
Amortization of debt issuance expense -- -- 45 3 17 4 4
Interest factor in rental expense 319 319 363 363 166 74 78
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Total fixed charges $ 321 $ 371 $ 554 $ 808 $ 1,070 $ 203 $ 298
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RATIO OF EARNINGS TO FIXED CHARGES (4.06) (3.17) (2.79) 7.54 1.73 1.38 4.49
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PROFORMA RATIO FOR DEBT REFINANCING:
Increase in interest expense relating to
proposed issuance of new debt $ 1,838 $ 469
Decrease in interest expense on debt
presently outstanding that will be retired
with the proceeds of proposed offering (799) (195)
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Total adjustment to fixed charges $ 1,039 $ 274
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Adjusted earnings $ 1,856 $ 1,336
Adjusted fixed charges $ 2,109 $ 572
Proforma ratio 0.88 2.34
Historical ratio 1.73 4.49