ModusLink Global Solutions Inc – ‘S-3’ on 12/17/99 – EX-12.1

On:  Friday, 12/17/99   ·   Accession #:  927016-99-3971   ·   File #:  333-93005

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Registration Statement for Securities Offered Pursuant to a Transaction   —   Form S-3
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: S-3         Registration Statement for Securities Offered         23    134K 
                          Pursuant to a Transaction                              
 2: EX-4.1      Form of Senior Indenture                              40    234K 
 3: EX-4.2      Form of Subordinate Indenture                         40    235K 
 4: EX-5.1      Opinion of Hale and Dorr LLP                           5     28K 
 5: EX-12.1     Ratio of Earnings to Fixed Charges                     2±    16K 
 6: EX-23.1     Consent of Independent Accountants                     1      6K 
 7: EX-23.2     Consent of Independent Certified Public Accountant     1      7K 
 8: EX-23.3     Consent of Independent Accountants                     1      7K 
 9: EX-23.4     Independent Auditor's Consent                          1      7K 

EX-12.1   —   Ratio of Earnings to Fixed Charges

EX-12.1
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                                                                    Exhibit 12.1

RATIO OF EARNINGS TO FIXED CHARGES AND  
PREFERRED STOCK DIVIDENDS 

                                                        [Enlarge/Download Table]


                                                                                                                     Three Months
                                                                           Year-Ended July 31,                           Ended   
                                                         --------------------------------------------------------     October 31,
                                                         1995        1996         1997          1998         1999        1999    
                                                         ----        ----         ----          ----         ----        ----    
                                                                                                                                 
Consolidated ratio of :                                                                                                          

Earnings (loss)  Add:  pre-tax income (loss) from                                                                                
                       continuing operations            5,824       33,174      (12,800)      58,819       749,245      (158,147)
                       before adjustment for minority                                                                            
                       interest in consolidated                                                                                  
                       subsidiaries                       (14)      (2,169)      (4,787)          28        (2,331)      (23,288)
                       or income or loss from equity                                                                             
                       investees                          306        2,915        5,556       12,871        15,737         1,796 

                  +    fixed charges (interest                                                                                   
                       expensed or capitalized,            23           59        1,619        3,296         4,371         5,700 
                       amortized premiums, discounts                                                                             
                       and capitalized expenses                                                                                  
                       related to indebtedness,             -            -           15           20            20             5 
                       an estimate of the interest                                                                               
                       within rental expenses             348          561        1,843        3,485         5,428         2,359 
                       preference security dividend                                                                              
                       requirements of consolidated                                                                              
                       subsidiaries)                        -            -            -            -           304             - 

                  +    amortization of capitalized                                                                               
                       interest                             -            -            -            -             -             - 

                  +    distributed income of equity                                                                              
                       investees                            -            -            -            -             -             - 

                  +    share of pre-tax losses of                                                                                
                       equity investees for which                                                                                
                       charges arising from                 -            -            -            -             -             - 
                       guarantees are included in                                                                                
                       fixed charges                                                                                             

            Subtract:  interest capitalized                 -            -            -            -             -             - 

                  -    preference security dividend                                                                              
                       requirements of consolidated                                                                              
                       subsidiaries                         -            -            -            -           304             - 

                  -    minority interest in pre-tax                                                                              
                       income of subsidiaries that                                                                               
                       have not incurred fixed                                                                                   
                       charges                              -            -            -            -             -             - 
                                                       ------      -------     --------      -------      --------     --------- 

         Total earnings (loss):                         6,487       34,540       (8,554)      78,519       773,078      (171,575)
to                                                                                                                               
Fixed Charges          interest expensed or                                                                                      
                       capitalized,                        23           59        1,619        3,296         4,371         5,700 
                       amortized premiums, discounts                                                                             
                       and capitalized expenses                                                                                  
                       related to indebtedness,             -            -          106            -             -             - 
                       an estimate of the interest                                                                               
                       within rental expenses             348          561        1,843        3,485         5,428         2,359 
                       preference security dividend                                                                              
                       requirements of consolidated                                                                              
                       subsidiaries                         -            -            -            -           304             - 
                                                       ------      -------     --------      -------      --------     --------- 

       Fixed Charges:                                     371          620        3,568        6,781        10,103         8,059 

       Fixed Charges plus                                 371          620        3,568        6,781        10,103         8,059 
       Preferred Stock dividends                            -            -            -            -         1,662         2,235 
                                                       ------      -------     --------      -------      --------     --------- 
       Combined fixed charges and preferred stock                                                                                
        dividends:                                        371          620        3,568        6,781        11,765        10,294 
                                                       ------      -------     --------      -------      --------     --------- 
1) Consolidated ratio of earnings to fixed charges      17.50        55.71          N/A        11.58         76.52           N/A 
                                                       ------      -------     --------      -------      --------     --------- 
2) Deficiency of consolidated earnings to cover                                                                                  
   fixed charges                                          N/A          N/A      (12,122)         N/A           N/A      (179,634)
                                                       ------      -------     --------      -------      --------     --------- 
3) Consolidated ratio of earnings to combined fixed                                                                              
   charges and preferred stock dividends                17.50        55.71          N/A        11.58         65.71           N/A 
                                                       ------      -------     --------      -------      --------     --------- 
4) Deficiency of consolidated earnings to cover                                                                                  
   combined fixed charges and preferred stock                                                                                    
   dividends                                              N/A          N/A      (12,122)         N/A           N/A      (181,869)
                                                       ------      -------     --------      -------      --------     --------- 

* Excludes beneficial conversion feature of Series C Preferred Stock of $2.7    
million for the quarter ended October 31, 1999, as this amount does not     
represent a claim on cash of the company.                                   

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘S-3’ Filing		Date		Other Filings
Filed on:		12/17/99		8-K,  DEF 14A
		10/31/99		10-Q,  4
				List all Filings