**EXHIBIT 12.1**

 

**STATEMENT RE: COMPUTATION OF RATIO OFEARNINGS TO FIXED CHARGES**

**(Dollars inthousands)**

** **
|                                                          |   | **Six Months  Ended   September 30,  2003** |   | **Year Ended  March 31,  2003** |   | **Year Ended  March 31,  2002** |   | **Year Ended  March 31,  2001** |   | **Year Ended  March 31,  2000** |   | **Year Ended  March 31,  1999** |    |
|---------------------------------------------------------------|--------|---------------------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|--------|---------------------------------|---------|
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Consolidated pretax income (loss) from  continuing operations |   | $                                           | (5,649 | )                               | 2,223  |                            | (2,948 | )                               | 20,129 |                            | 13,694 |                            | (10,818 | ) |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Net amortization of debt issuance expense                     |   | 1,037                                       |   | 1,626                           |   | 1,420                           |   | 1,389                           |   | 1,326                           |   | 1,412                           |    |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Interest expense                                              |   | 16,264                                      |   | 27,048                          |   | 28,553                          |   | 31,653                          |   | 32,637                          |   | 34,830                          |    |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Interest portion of rental expense                            |   | 751                                         |   | 1,501                           |   | 1,579                           |   | 1,766                           |   | 1,885                           |   | 2,199                           |    |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Earnings                                                      |   | $                                           | 12,403 |                            | 32,398 |                            | 28,604 |                            | 54,937 |                            | 49,542 |                            | 27,623  |   |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Interest expense                                              |   | $                                           | 16,264 |                            | 27,048 |                            | 28,553 |                            | 31,653 |                            | 32,637 |                            | 34,830  |   |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Net amortization of debt issuance expense                     |   | 1,037                                       |   | 1,626                           |   | 1,420                           |   | 1,389                           |   | 1,326                           |   | 1,412                           |    |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Interest portion of rental expense                            |   | 751                                         |   | 1,501                           |   | 1,579                           |   | 1,766                           |   | 1,885                           |   | 2,199                           |    |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Fixed Charges                                                 |   | $                                           | 18,052 |                            | 30,175 |                            | 31,552 |                            | 34,808 |                            | 35,848 |                            | 38,441  |   |
|                                                          |   |                                        |   |                            |   |                            |   |                            |   |                            |   |                            |    |
| Ratio of Earnings to Fixed Charges                            |   | (a)                                         |   | 1.07x                           |   | (a)                             |   | 1.58x                           |   | 1.38x                           |   | (a)                             |    |

 

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(a)          Thedeficiency of earnings required to cover fixed charges for the six months endedSeptember 30, 2003, the fiscal years ended March 31, 2002 and 1999 was$5,649,$2,948 and $10,818, respectively.  Thedeficiency of earnings to cover fixed charges is computed by subtractingearnings before fixed charges, income taxes and discontinued operations fromfixed charges.  Fixed charges consist ofinterest expense and one-third of operating lease rental expense, which is deemedto be representative of the interest factor. The deficiency of earnings required to cover fixed charges includesdepreciation of property, plant and equipment and amortization of goodwill andother assets and non-cash charges which are reflected in cost of sales andselling, general and administrative expenses, in the following amounts (inthousands):

 

|             |   | **Six Months  Ended  September 30,  2003** |   |   |   | **Fiscal  Year Ended  March 31,** |   |
|------------------|--------|--------------------------------------------|--------|--------|--------|-----------------------------------|--------|
| **2002**         |   | **1999**                                   |
| Depreciation     |   | $                                          | 11,829 |   |   |                              | 26,209 |   | 27,911 |   |
| Amortization     |   | 313                                        |   |   |   | 4,175                             |   | 4,025 |   |
| Non-cash charges |   | 114                                        |   |   |   | 4,723                             |   | 945 |   |
| Total            |   | $                                          | 12,256 |   |   |                              | 35,107 |   | 32,881 |   |

 

32

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