EX-12.1 5 exhibit12-1.htm EXHIBIT 12.1 11/08 exhibit12-1.htm
 
 
 

Exhibit 12.1

Columbia Laboratories, Inc
            
Computation of Ratio of Earnings to Fixed Charges
            
             
           
9 months ended
           
30-Sep
Earnings
2003
2004
2005
2006
2007
2008
             
Pre-tax loss from operations
$(21,590,000)
$(26,066,644)
$(10,104,329)
$(12,485,379)
$(14,291,790)
$(10,625,103)
             
Addback:
            
Fixed charges
2,463,125
4,090,656
3,653,734
2,831,150
8,022,942
5,913,700
             
Loss before income taxes and fixed charges
$(19,126,875)
$(21,975,988)
$(6,450,595)
$(9,654,229)
$(9,654,229)
$(4,711,403)
             
Fixed Charges
            
Interest expense
$2,285,000
$3,928,156
$3,491,234
$2,669,771
$7,946,048
$5,871,513
Preference dividends
178,125
162,500
162,500
161,379
76,894
42,187
Total Fixed charges
$2,463,125
$4,090,656
$3,653,734
$2,831,150
$8,022,942
$5,913,700
             
             
Ratio of earnings (loss) to fixed charges                    
  (7.8)
  (5.4)
(1.8) 
(3.4) 
(0.8) 
(0.8) 
             
             
Coverage Deficiency
$(19,126,875)
$(21,975,988)
$(6,450,595)
$(9,654,229)
$(6,268,848)
 $(4,711,403)
             
Fixed charges consist of interest on all indebtedness, including imputed interest on financing agreements, beneficial conversion expenses, Black-Scholes warrant costs associated with the issuance of convertible debt, capital lease obligations, and amortization of debt expenses.