EX-12.1 49 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

 

RAYOVAC CORPORATION

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

 

     FISCAL YEAR ENDED SEPTEMBER 30,
    SIX MONTHS ENDED
     2000
     2001
    2002
    2003
    2004
    MARCH 28,
2004
    APRIL 3,
2005

Fixed charges:

                                    

Interest expense

    $30.6     $27.2    $16.0    $37.2    $65.7    $33.4    $55.9

Capitalized interest

    0.4     —      —      —      —      —      —  
    
 
  
  
  
  
  

Total fixed charges(1)

    $31.0     $27.2    $16.0    $37.2    $65.7    $33.4    $55.9
    
 
  
  
  
  
  

Earnings:

                                    

Earnings from continuing operations before income taxes and minority interests

    $58.0     $17.5    $45.7    $23.0    $90.5    $40.2    $41.2

Add:

                                    

Fixed charges

    31.0     27.2    16.0    37.2    65.7    33.4    55.9

Amortization of capitalized interest

    0.3     0.3    0.3    0.3    0.3    0.3    0.3

Less:

                                    

Capitalized interest

    (0.4 )   —      —      —      —      —      —  
    
 
  
  
  
  
  

Total adjusted earnings

    $88.9     $45.0    $62.0    $60.5    $156.5    $73.9    $97.4
    
 
  
  
  
  
  

Ratio of earnings to fixed charges

    2.9x     1.7x    3.9x    1.6x    2.4x    2.2x    1.7x

 

(1) Total fixed charges defined as sum of interest expense, capitalized interest, amortization of debt issuance costs and the portion of operating rental expense which management believes is representative of the interest component of rent expense.