Quantum Corporation

Exhibit 12.1

Statement of Computation of Ratio of Earnings to Fixed Charges

   

   

   

   

   

Three Months Ended

For the year ended March 31,



June 29, 2003

2003

2002

2001

2000

1999

Income (loss) from continuing operations before income taxes

  (6,278)

  (137,173)

  (58,612)

309,675

322,585

264,318

Add fixed charges

6,675 

26,628 

27,650 

23,876

24,011

23,007







     Earnings (as defined)

397 

  (110,545) 

  (30,962)

333,551

346,596

287,325

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

Interest expense

6,408 

25,378 

26,522 

22,766

23,320

22,367

Estimated interest component of rent expenses

267 

1,250 

1,128 

1,110

691

640







     Total fixed charges

6,675 

26,628 

27,650 

23,876

24,011

23,007

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

Note 1

Note 1

Note 1

14.0

14.4

12.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro forma ratio of earnings to fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

  (6,278)

  (137,173)

Add-back interest on 7% convertible subordinated debt

5,031 

20,125 

Less interest on 4.375% convertible subordinated debt

  (1,750)

  (7,000)

Pro forma fixed charges

3,394 

13,503 



     Pro forma earnings (as defined)

397 

  (110,545)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

6,675 

26,628 

Add-back interest on 4.375% convertible subordinated debt

1,750 

7,000 

Less interest on 7% convertible subordinated debt

  (5,031)

  (20,125)



Pro forma fixed charges

3,394 

13,503 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

Note 2

Note 2

 

(1)

   

For the purpose of calculating such ratios, "earnings" consist of income from continuing operations before income taxes plus fixed charges and "fixed charges" consist of interest expense (net of capitalized portion), capitalized interest, amortization of debt discount and the portion of rental expense representative of interest expense. Earnings before fixed charges were inadequate to cover total fixed charges by $137.2 million and $58.6 million for the fiscal years ended March 31, 2003 and March 31, 2002, respectively, and by $6.3 million for the three months ended June 29, 2003.

 

 

 

(2)

 

The pro forma ratio of earnings to fixed charges gives effect to the issuance of the notes and the use of the net proceeds from the issuance to reduce our 7% convertible subordinated notes. Regulation S-K section 229.503(d) under the Securities Act requires that we include these pro forma ratios. Pro forma earnings before fixed charges were inadequate to cover total pro forma fixed charges by $124.0 million for the fiscal year ended March 31, 2003 and by $3.0 million for the three months ended June 29, 2003.