EX-12.1 7 dex121.htm RATION OF EARNINGS TO FIXED CHARGES Ration of Earnings to Fixed Charges

Exhibit 12.1

 

Ratio of Earnings to Fixed Charges

 

     For the year ended December 31,

    

For the six

months ended

June 30,


 
     1999

    2000

    2001

    2002

    2003

     2003

   2004

 
     (Restated)     (Restated)     (Restated)     (Restated)     Historical

    Pro Forma

     (Restated)       

Loss from continuing operations

   $ (17,392 )   $ (42,436 )   $ (16,388 )   $ (23,098 )   $ (67,102 )   $ (58,487 )    $ 4,044    $ (6,900 )

Provision (benefit) for income taxes

     (6,068 )     31,225       1,135       1,443       (99 )     (99 )      240      170  

Total fixed charges

     44,083       44,577       44,343       42,000       36,163       27,548        18,379      11,570  
    


 


 


 


 


 


  

  


     $ 20,623     $ 33,366     $ 29,090     $ 20,345     $ (31,038 )   $ (31,038 )    $ 22,663    $ 4,840  
    


 


 


 


 


 


  

  


Fixed charges

                                                                

Operating lease expense

   $ 5,051     $ 6,447     $ 5,583     $ 6,463     $ 5,353     $ 5,353      $ 2,873    $ 2,874  

Factored at one-third

   $ 1,684     $ 2,149     $ 1,861     $ 2,154     $ 1,784     $ 1,784      $ 958    $ 958  

Preferred stock dividends

     1,593       1,823       2,093       5,876       4,395       4,395        4,463      —    

Interest expense—gross

     40,806       40,605       40,389       33,970       29,984       21,369        12,958      10,612  
    


 


 


 


 


 


  

  


Total fixed charges

   $ 44,083     $ 44,577     $ 44,343     $ 42,000     $ 36,163     $ 27,548      $ 18,379    $ 11,570  
    


 


 


 


 


 


  

  


Ratio of earnings to fixed charges

     0.5x       0.7x       0.7x       0.5x       (0.9 )x     (1.13 )x      1.2x      0.4x  
    


 


 


 


 


 


  

  


Deficiency in fixed charge coverage ratio

   $ (23,460 )   $ (11,211 )   $ (15,253 )   $ (21,655 )   $ (67,201 )   $ (58,586 )    $ —      $ (6,730 )