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EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the ratio of our earnings to fixed
charges for the periods indicated.
<TABLE>
<CAPTION>
FISCAL YEAR ENDED MARCH 31, PRO FORMA
1996 1997 1998 1999 2000 2000
------------- ----------- ------------- ------------- ---------- ------------
(UNAUDITED)
(IN THOUSANDS, EXCEPT RATIO DATA)
<S> <C> <C> <C> <C> <C> <C>
Pre-tax income........ $ 859 $ 224 $ (1,823) $ 2,258 $ (2,539) $ 9,221
Plus: fixed charges... 4,780 8,084 12,156 12,903 17,950 29,392
----------- ----------- ------------- ------------- ---------- ------------
Earnings.............. $ 5,639 $ 8,308 $ 10,333 $ 15,161 $ 15,411 $ 38,613
=========== =========== ============= ============= ========== ============
Interest.............. $ 4,429 $ 7,427 $ 11,027 $ 11,806 $ 16,331 $ 25,716
1/3 Rent.............. 351 656 1,129 1,097 1,618 3,676
----------- ----------- ------------- ------------- ---------- ------------
Fixed charges......... $ 4,780 $ 8,084 $ 12,156 $ 12,903 $ 17,950 $ 29,392
=========== =========== ============= ============= ========== ============
Ratio................. 1.18x 1.03x 0.85x 1.17x 0.86x 1.31x
=========== =========== ===== ============= ========== =====
</TABLE>
The ratio of earnings to fixed charges has been computed by dividing
earnings available for fixed charges (income or loss from continuing operations
before interest expense and income taxes plus fixed charges) by fixed charges.
Fixed charges consists of interest expense (including amortization of deferred
financing costs) and an estimate of the portion of rental expense that is
representative of the interest factor (currently deemed to be one-third of all
rental expense).
As a result of losses incurred in 1998 and 2000, fixed charges exceeded
earnings available for fixed charges in those periods by $1.8 million and $2.5
million, respectively. The selected unaudited pro forma financial data presents
annual results for the year ended March 31, 2000, giving effect to the
acquisition of Steichen and Kinnard and the receipt of the net proceeds from the
sale of the Convertible Notes as if they had occurred on April 1, 1999. The "Pro
Forma" column assumes that the underwriter's over allotment option is not
exercised.
Exhibit 12.1-1
