EX-12.1 5 l09612aexv12w1.txt EX-12.1 STATEMENT RE: COMPUTATION OF RATIOS . . . Exhibit 12.1 ARGO-TECH CORPORATION AND SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
40 weeks 39 weeks Fiscal Year Ended ended ended ------------------------------------------------------------------- July 31, July 26, October 25, October 26, October 27, October 28, October 30, 2004 2003 2003 2002 2001 2000 1999 -------- -------- ----------- ----------- ----------- ----------- ----------- (Unaudited) (Dollars in Thousands) Historical: Income from operations $ 25,715 $ 18,837 $ 26,835 $ 27,832 $ 38,159 $ 25,352 $ 33,846 Debt extinguishment expense(a) 5,571 Other, net (10) (26) (529) (97) (51) (402) (516) -------- -------- -------- -------- -------- -------- -------- Earnings as Adjusted $ 20,154 $ 18,863 $ 27,364 $ 27,929 $ 38,210 $ 25,754 $ 34,362 ======== ======== ======== ======== ======== ======== ======== Fixed charges: Interest expense(b) $ 23,385 $ 16,005 $ 21,257 $ 21,434 $ 24,534 $ 25,644 $ 25,003 ======== ======== ======== ======== ======== ======== ======== Ratio of Earnings to Fixed Charges (c) 1.2x 1.3x 1.3x 1.6x 1.0x 1.4x === === === === === === ===
(a) For the 40 weeks ended July 31, 2004, this excludes a $7,390,000 write-off of deferred financing fees associated with the refinancing of our 8-5/8% senior subordinated notes and amendment and restatement of our credit agreement and the recognition of the remaining accretion on a portion of the 8-5/8% senior subordinated notes that were issued at a discount. (b) For the 40 weeks ended July 31, 2004, this includes a $7,390,000 write-off of deferred financing fees associated with the refinancing of our 8-5/8% senior subordinated notes and amendment and restatement of our credit agreement and the recognition of the remaining accretion on a portion of the 8-5/8% senior subordinated notes that were issued at a discount. (c) No ratio is presented for the 40 weeks ended July 31, 2004 as the earnings for that period were $3,231,000 less than the fixed charges.