EX-12.1 2 dex121.htm STATEMENT RE COMPUTATION OF EARNINGS TO FIXED CHARGES Statement Re Computation of Earnings to Fixed Charges

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

(In Thousands Except Ratio of Earnings to Fixed Charges)

 

     Years Ended June 30,

 
     2005

   2004

   2003

    2002

    2001

 

Ratio of Earnings to Fixed Charges:

                                      

Computation of Earnings:

                                      

Pretax income (loss) from continuing operations before minority interest and cumulative effect of change in accounting principle

   $ 3,689    $ 946    $ (8,519 )   $ (7,593 )   $ (115,513 )

Add: Fixed charges

     33,382      32,826      31,534       29,017       34,373  
    

  

  


 


 


Total earnings

   $ 37,071    $ 33,772    $ 23,015     $ 21,424     $ (81,140 )
    

  

  


 


 


Computation of Fixed Charges:

                                      

Interest expense

   $ 29,579    $ 29,243    $ 28,012     $ 25,462     $ 30,624  

Interest portion of rental expense

     3,803      3,583      3,522       3,555       3,749  
    

  

  


 


 


Total fixed charges

   $ 33,382    $ 32,826    $ 31,534     $ 29,017     $ 34,373  
    

  

  


 


 


Ratio of earnings to fixed charges(a)

     1.11x      1.03x      *       *       *  
    

  

  


 


 


 

  (a) For purposes of computing the consolidated ratio of earnings to fixed charges, earnings consist of pretax income from continuing operations before minority interests and equity in net earnings (losses) of affiliated companies, extraordinary items and cumulative effect of accounting changes plus fixed charges. Minority interests in majority-owned subsidiaries were not deducted from earnings as all such subsidiaries had fixed charges. Fixed charges consist of interest (including capitalized interest) on all indebtedness, amortization of debt discount and expense, and that portion of rental expense which we believe to be representative of interest.

 

  * Earnings were insufficient to cover fixed charges by $8.5 million, $7.6 million and $115.5 million for the fiscal years ended June 30, 2003, 2002 and 2001, respectively.