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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
FISCAL YEAR ENDED JUNE(2)
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2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Pre-tax income (loss) from
continuing operations ............... $ 1,533 $ (3,797) $(10,092) $(16,657) $ 17,427
Minority interest in the income of
subsidiary with fixed charges ....... 95 87 (377) (741) (1,111)
Plus: Capitalized interest amortized
during the period ................... 849 1,309 1,168 889 584
Less: Capitalized interest ............ (504) (940) (1,950) (1,351) (887)
-------- -------- -------- -------- --------
1,973 (3,341) (11,251) (17,860) 16,013
-------- -------- -------- -------- --------
Fixed charges:
Interest expense and amortization of
debt discount and premium on all
indebtedness ...................... 49,673 49,857 52,221 46,600 12,411
Rentals -- 33% ........................ 1,438 1,368 1,250 1,223 573
-------- -------- -------- -------- --------
Total fixed charges ......... 51,111 51,225 53,471 47,823 12,984
-------- -------- -------- -------- --------
Earnings before income taxes, minority
interest and fixed charges............ $ 53,084 $ 47,884 $ 42,220 $ 29,963 $ 28,997
======== ======== ======== ======== ========
Ratio of earnings to fixed charges .... 1.0 0.9 0.8 0.6 2.2
======== ======== ======== ======== ========
Earnings >(<) Fixed Charges ........... $ 1,973 $ (3,341) $(11,251) $(17,860) $ 16,013
</TABLE>
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(1) The ratio of earnings to fixed charges is computed by dividing earnings by
fixed charges. For this purpose, "earnings" include operating income
(loss) before income taxes, and extraordinary items plus fixed charges.
Fixed charges include interest, whether expensed or capitalized,
amortization of debt expense and discount or premium relating to any
indebtedness, whether expensed or capitalized and the portion of rental
expense that is representative of the interest factor in these rentals. In
fiscal 1999, 1998 and 1997, earnings were insufficient to cover fixed
charges by approximately $3,341,000, $11,251,000 and $17,860,000,
respectively.
(2) The Company's fiscal year ends on the last Saturday of June.
