EX-12.1 2 g08021exv12w1.htm EX-12.1 STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Ex-12.1
 

EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
                                         
    Year Ended     Year Ended     Year Ended     Year Ended     Year Ended  
    March 31,     March 31,     March 31,     March 31,     March 31,  
    2007     2006     2005     2004     2003  
Consolidated pretax income (loss) from continuing operations
  $ (21,202 )     (17,946 )     (27,352 )     (16,944 )     2,223  
 
                                       
Net amortization of debt issuance expense
    3,537       3,001       2,487       2,191       1,626  
 
                                       
Interest expense
    36,868       34,623       31,600       31,984       27,048  
 
                                       
Interest portion of rental expense
    1,212       1,059       1,423       1,442       1,507  
 
                             
 
                                       
Earnings
  $ 20,415       20,737       8,158       18,673       32,404  
 
                             
 
                                       
Interest expense
  $ 36,868       34,623       31,600       31,984       27,048  
 
                                       
Net amortization of debt issuance expense
    3,537       3,001       2,487       2,191       1,626  
 
                                       
Interest portion of rental expense
    1,212       1,059       1,423       1,442       1,507  
 
                             
 
                                       
Fixed Charges
  $ 41,617       38,683       35,510       35,617       30,181  
 
                             
 
                                       
Ratio of Earnings to Fixed Charges
  $ (a )     (a )     (a )     (a )     1.07 x
 
                             
 
(a)   The deficiency in earnings required to cover fixed charges for the fiscal years ended March 31, 2007, 2006, 2005 and 2004 was $21,202, $17,946, $27,352 and $16,944, respectively. The deficiency in earnings to cover fixed charges is computed by subtracting earnings before fixed charges, income taxes and discontinued operations from fixed charges. Fixed charges consist of interest expense, net amortization of debt issuance expense (recorded as a component of interest expense in the consolidated financial statements), and that portion of operating lease rental expense which we deem to be representative of interest. The deficiency in earnings required to cover fixed charges includes depreciation of property, plant and equipment and amortization of other assets and non-cash charges which are reflected in cost of sales, selling, general and administrative expenses and other expense, in the following amounts (in thousands):
                                 
    Fiscal Year Ended March 31,
    2007     2006     2005     2004  
Depreciation
  $ 18,567     $ 19,130     $ 22,594     $ 23,587  
Amortization
    63       353       457       675  
Non-cash charges, net
          2,665       1,768       3,753  
 
                       
Total
  $ 18,630     $ 22,148     $ 24,819     $ 28,015  
 
                       

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