EX-12.1 4 a2136813zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


Atlantic Express Transportation Corp

Computation of Ratio of Earnings to Fixed Charges (1)

 
  Year ended
June 30, 1999(3)

  Year ended
June 30, 2000(3)

  Year
ended
June 30,
2001

  Year
ended
June 30,
2002

  Year
ended
June 30,
2003

  Year
ended
June 30,
2004

  Six months
ended December,
2003(3)

  Six months
ended December,
2004(3)

 
Earnings                                                  
Income (loss) before income taxes and discontinued operations   $ (4.5 ) $ (5.0 ) $ (11.3 ) $ (43.9 ) $ (16.0 ) $ 58.4   $ 78.5   $ (23.6 )
Plus: fixed charges     18.3     22.3     25.1     25     13.1     25.4     7.0     10.7  
   
 
 
 
 
 
 
 
 
    $ 13.8   $ 17.3   $ 13.8   $ (18.9 ) $ (2.9 ) $ 83.8   $ 85.5   $ (12.9 )
   
 
 
 
 
 
 
 
 
Fixed Charges                                                  
Interest charges (2)   $ 18.1   $ 22.1   $ 24.6   $ 24.3   $ 12.9   $ 25.2   $ 6.9   $ 10.6  
Plus interest factor in operating rent expense     0.2     0.2     0.5     0.7     0.2     0.2     0.1     0.1  
   
 
 
 
 
 
 
 
 
    $ 18.3   $ 22.3   $ 25.1   $ 25.0   $ 13.1   $ 25.4   $ 7.0   $ 10.7  
   
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (excess of fixed charges over earnings)   $ (4.5 ) $ (5.0 ) $ (11.3 ) $ (43.9 ) $ (16.0 )   3.30x     12.22x   $ (23.6 )
   
 
 
 
 
 
 
 
 

(1)
The calculation excludes certain contractual interest of $11.8 million, $6.5 million and $6.5 million, as those amounts were not recorded as interest for the year ended June 30, 2003 and 2004 and the six months ended December 31, 2003, respectively, in the financial statements.

(2)
Interest charges include interest paid or accrued and the amortization of debt discount and debt related finance costs. There is no capitalized interest

(3)
Unaudited periods.



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Atlantic Express Transportation Corp