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EXHIBIT 12.1
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LEINER HEALTH PRODUCTS INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
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<CAPTION>
FISCAL YEARS ENDED MARCH 31,
2000(1) 1999 1998 1997(2) 1996
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<S> <C> <C> <C> <C> <C>
Net income (loss) $ 4,872 $10,307 $(17,417) $ 7,638 $ 1,166
Extraordinary item - - 1,109 2,756 -
Income taxes 3,098 8,034 1,196 8,028 4,686
Fixed charges 35,428 31,803 21,242 9,866 11,484
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Earnings $43,398 $50,144 $ 6,130 $28,288 $ 17,336
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Fixed charges:
Interest expense, net $31,123 $28,732 $ 19,494 $ 8,281 $ 9,924
Interest portion of rent expense 4,305 3,071 1,748 1,585 1,560
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Total fixed charges $35,428 $31,803 $ 21,242 $ 9,866 $ 11,484
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Ratio of earnings to fixed charges(3) 1.2 1.6 - 2.9 1.5
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(1) On December 17, 1999, the Company acquired substantially all of the
assets of Granutec, Inc. and Stanley Pharmaceuticals Ltd. and certain
related assets of Novopharm Limited. The acquisition was accounted for
using the purchase method of accounting. Accordingly, the operating
results of the acquired operations of Granutec and Stanley since the
date of the acquisition to March 31, 2000, are included in the
consolidated results of operations of the Company for the year ended
March 31, 2000.
(2) On January 30, 1997, the Company purchased Vita Health. The Vita Health
acquisition was accounted for under the purchase method of accounting.
Consequently, the results of operations of Vita Health were included in
the consolidated financial results of the Company from the date of the
Acquisition to March 31, 1997.
(3) In calculating the ratio of earnings to fixed charges, earnings consist
of income before taxes plus fixed charges. Fixed charges consist of
interest expense and amortization of deferred financing fees, whether
capitalized or expensed, plus one-third of rental expense under
operating leases (the portion that has been deemed by the Company to be
representative of an interest factor). Earnings were inadequate to
cover fixed charges by $15.1 million for the year ended March 31, 1998.
