Pre-Effective Amendment to Registration Statement for Securities Offered Pursuant to a Transaction — Form S-3
Filing Table of Contents
Document/Exhibit Description Pages Size
1: S-3/A Form S-3 Amendment No. 1 HTML 311K
2: EX-4.2 Instrument Defining the Rights of Security Holders 78 387K
3: EX-5.1 Opinion re: Legality 3 20K
4: EX-12.1 Statement re: Computation of Ratios 2± 9K
5: EX-23.2 Consent of Experts or Counsel 1 5K
6: EX-23.3 Consent of Experts or Counsel 1 5K
EX-12.1 — Statement re: Computation of Ratios
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EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND
EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The following table sets forth our ratio of earnings to fixed charges
and earnings to combined fixed charges and preferred stock dividends for each of
the periods presented:
[Enlarge/Download Table]
Years Ended December 31
------------------------------------------------------------------------------------
1999 2000 2001 2002 2003
------------ ------------ ------------ ------------ ------------
Loss before provision for
income taxes .............. ($10,875,000) ($20,656,000) ($17,201,000) ($19,513,000) ($11,345,000)
Fixed charges ................ 579,000 764,000 497,000 590,000 1,259,000
------------ ------------ ------------ ------------ ------------
Loss, as defined ............. ($10,296,000) ($19,892.000) ($16,704,000) ($18,923,000) ($10,086,000)
============ ============ ============ ============ ============
Preference security dividend . $ 908,000 $ 669,000 $ 2,603,000 $ 1,756,000 $--
Total fixed charges .......... 579,000 764,000 497,000 590,000 1,259,000
------------ ------------ ------------ ------------ ------------
Total fixed charges and
preferred dividends ....... $ 1,487,000 $ 1,433,000 $ 3,100,000 $ 2,346,000 $ 1,259,000
============ ============ ============ ============ ============
Deficiency of earnings
available to cover fixed
charges ................... ($10,875,000) ($20,656,000) ($17,201,000) ($19,513,000) ($11,345,000)
Deficiency of earnings
available to cover combined
fixed charges and preferred
stock dividends ........... ($11,783,000) ($21,325,000) ($19,804,000) ($21,269,000) ($11,345,000)
Fixed charges
Interest expense ........ $ 332,000 $ 483,000 $ 146,000 $ 145,000 $ 504,000
Capitalized interest .... -- -- -- -- --
Interest portion of rent
expense .............. 247,000 281,000 351,000 445,000 755,000
------------ ------------ ------------ ------------ ------------
Total fixed charges .......... $ 579,000 $ 764,000 $ 497,000 $ 590,000 $ 1,259,000
============ ============ ============ ============ ============
For purposes of computing the ratio of our earnings to fixed charges and
earnings to combined fixed charges and preference dividends, earnings consist of
loss before income tax benefit plus fixed charges. There was no income tax
benefit recognized in each of the years in the five year period ended December
31, 2003. Fixed charges represent interest expense and an estimated interest
factor attributable to rental expense (33%). The preferred stock dividends in
1999 represent accretion of the carrying value of redeemable preferred stock and
in 2000, 2001 and 2002 represent the accretion of the 7% conversion premium on
Series E Convertible Preferred Stock.
Dates Referenced Herein and Documents Incorporated by Reference
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