EX-12.1 3 dex121.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 Computation of Ratio of Earnings to Fixed Charges (dollars in thousands)
Predecessor -------------------------------------------------------- Historical Pro Forma -------------------------------------------------------- ------------------------ Nine Months Nine Months Ended Year Ended Ended Year ended March 31, December 31, March 31, December 31 -------------------------------------------------------- ------------------------ 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 ---------------------------------------------------------- ----------------------- Earnings $7,424 $18,591 $2,891 $10,107 $25,344 $6,010 $(14,214) $ 19,520 $30,144 ========================================================== ======================= Fixed charges: ---------------------------------------------------------- ----------------------- 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 ---------------------------------------------------------- ----------------------- Fixed charges $3,818 3,449 6,466 7,809 6,235 6,763 7,684 31,813 23,867 ========================================================== ======================= ---------------------------------------------------------- ----------------------- Ratio of Earnings to Fixed Charges(1) 1.9 5.4 - 1.3 4.1 - - - 1.3 ========================================================== ======================= (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.