EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)
<TABLE>
<CAPTION>
Three Months
Ended Year Ended Year Ended Year Ended Year Ended Year Ended
June 30, March 31, March 31, March 31, March 31, March 31,
2000 2000 1999 1998 1997 1996
------------ ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Consolidated pretax income (loss) from
Continuing operations $ 7,768 11,659 (7,839) (27,122) (26,005) (21,431)
Net amortization of debt issuance expense 337 1,326 1,412 2,292 1,784 2,139
Interest expense 8,102 32,637 34,830 36,664 34,505 30,549
Interest portion of rental expense 534 2,134 2,301 2,130 1,799 1,618
------- ------- ------- ------- ------- -------
Earnings $16,741 47,756 30,704 13,964 12,083 12,875
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Interest expense $ 8,102 32,637 34,830 36,664 34,505 30,549
Net amortization of debt issuance expense 337 1,326 1,412 2,292 1,784 2,139
Interest portion of rental expense 534 2,134 2,301 2,130 1,799 1,618
------- ------- ------- ------- ------- -------
Fixed Charges $ 8,973 36,097 38,543 41,086 38,088 34,306
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Ratio of Earnings to Fixed Charges 1.87x 1.32x (a) (a) (a) (a)
======= ======= ======= ======= ======= =======
</TABLE>
(a) The deficiency in earnings required to cover fixed charges for the fiscal
years ended March 31, 1999, 1998, 1997 and 1996 was $7,839, $27,122,
$26,005 and, $21,431 respectively. The deficiency in earnings to cover
fixed charges is computed by subtracting earnings before fixed charges,
income taxes, discontinued operations and extraordinary items from fixed
charges. Fixed charges consist of interest expense and one-third of
operating lease rental expense, which is deemed to be representative of the
interest factor. The deficiency in earnings required to cover fixed charges
includes depreciation of property, plant and equipment and amortization of
goodwill and other assets and non-cash charges which are reflected in cost
of sales and selling, general and administrative expenses, in the following
amounts (in thousands):
<TABLE>
<CAPTION>
Three Months Fiscal Year Ended March 31,
Ended ---------------------------------------------------------------
June 30, 2000 2000 1999 1998 1997 1996
------------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Depreciation $ 7,753 $30,067 29,651 28,124 25,282 21,385
Amortization 1,026 3,719 4,025 10,413 9,374 9,311
Non-cash charges (gain) -- 17 945 2,301 1,944 3,435
------- ------- ------- ------- ------- -------
Total $ 8,779 $33,803 34,621 40,838 36,600 34,131
======= ======= ======= ======= ======= =======
</TABLE>
