EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Predecessor
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Historical Pro Forma
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Nine Months
Nine Months Ended Year Ended Ended
Year ended March 31, December 31, March 31, December 31
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1999 2000 2001 2002 2003 2002 2003 2003 2003
Earnings:
Income (loss) from operations
before income taxes $3,606 $15,142 $(3,575) $ 2,298 $19,109 $ (753) $(21,898) $(12,293) $ 6,277
Plus fixed charges 3,818 3,449 6,466 7,809 6,235 6,763 7,684 31,813 23,869
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Earnings $7,424 $18,591 $2,891 $10,107 $25,344 $6,010 $(14,214) $ 19,520 $30,144
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Fixed charges:
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Interest expense, including
amortization of debt issue costs $1,388 $1,276 $3,034 $3,510 $4,162 $3,041 $5,407 $31,736 $23,669
Estimated interest
factor of rental expense 2,430 2,173 3,432 4,299 2,073 3,722 2,277 77 198
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Fixed charges $3,818 3,449 6,466 7,809 6,235 6,763 7,684 31,813 23,867
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Ratio of Earnings to Fixed Charges(1) 1.9 5.4 - 1.3 4.1 - - - 1.3
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(1)For the purposes of calculating the ratio of earnings to fixed charges, (a) earnings consists of earnings (loss) before fixed
charges and income taxes and (b) fixed charges consist of interest expense on all indebtedness, including capital lease obligations.
During the periods presented, no interest costs have been capitalized. The dollar amount of the deficiency as calculated in
accordance with U.S. GAAP was $3,575 for the fiscal year ended March 31, 2001, $753 for the nine months ended December 31, 2002
and $21,898 for the nine months ended December 31, 2003. The pro forma deficiency for the fiscal year ended March 31, 2003 was
$12,293 as calculated in accordance with U.S. GAAP.