EX-12.1 4 avid_s3-ex1201.htm STATEMENT REGARDING COMPUTATION OF RATIOS

EXHIBIT 12.1

 

Avid Bioservices, Inc.

Statement Regarding Computation of Ratios

 

   Fiscal Year Ended April 30,   Six Months
Ended		 
   2013   2014   2015   2016   2017   October 31,
2017		 
   (in thousands)     
Earnings:                        
Pretax loss from operations  $(29,780)  $(35,362)  $(50,358)  $(55,652)  $(28,159)  $(13,829)
Add: fixed charges per below   2,219    389    528    794    1,753    855 
Total earnings available for fixed charges  $(27,561)  $(34,973)  $(49,830)  $(54,858)  $(26,406)  $(12,974)
Fixed Charges:                              
Interest expense   46    1    –    –    6    4 
Loss on extinguishment of debt   1,696    –    –    –    –    – 
Interest component of rent expense (1)   477    388    528    794    1,747    851 
Total fixed charges  $2,219   $389   $528   $794   $1,753   $855 
Series E preferred stock dividends (2)   –    401    3,696    4,484    4,640    2,523 
Deficiency of earnings available to cover combined fixed charges and preferred stock dividends  $(29,780)  $(35,763)  $(54,054)  $(60,136)  $(32,799)  $(16,352)
___________________                              
(1)Represents the portion of rental expense from operating leases that is estimated by us to be representative of interest.
(2)We did not pay any dividends on preferred stock and no preferred stock was outstanding during the fiscal year ended April 30, 2013.