EX-12.1 2 a2183607zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

 
   Pliant Corporation
  
 
   Calculation of Ratio of Earnings to
Fixed Charges
   Calculation of Ratio of Earnings to
Fixed Charges and Preferred Dividends
  
 
   (Dollar Amounts in Millions)

   (Dollar Amounts in Millions)

  
 
  
2007
   2006
   2005
   2004
   2003
  
2007
   2006
  
Earnings                                            
Income (Loss) before taxes   $ (15.1 ) $ 185.1   $ (109.9 ) $ (94.6 ) $ (87.8 ) $ (15.1 ) $ 185.1  
Plus fixed charges                                            
  Interest expense     81.4     75.0     106.3     97.9     85.8     81.4     75.0  
  Amortization of costs related to indebtedness     5.8     4.6     7.9     12.4     10.6     5.8     4.6  
  Interest Capitalized     1.2     0.9     0.6     0.3     0.5     1.2     0.9  
  Estimated interest factor on rent expense(1)     1.8     3.5     3.7     3.7     4.2     1.8     3.5  
  Preference security dividend requirements     —     —     —     —     —     —     0.3  
   
 
 
 
 
 
 
 
  Sub-total     75.1     269.1     8.6     19.7     13.3     75.1     269.4  
  Interest Capitalized     (1.2 )   (0.9 )   (0.6 )   (0.3 )   (0.5 )   (1.2 )   (0.9 )
  Preference security dividend requirements     —     —     —     —     —     —     (0.3 )
   
 
 
 
 
 
 
 
Earnings available   $ 73.9   $ 268.2   $ 8.0   $ 19.4   $ 12.8   $ 73.9   $ 268.2  
   
 
 
 
 
 
 
 

Fixed charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Interest expense   $ 81.4   $ 75.0   $ 106.3   $ 97.9   $ 85.8     81.4     75.0  
  Amortization of costs related to indebtedness     5.8     4.6     7.9     12.4     10.6     5.8     4.6  
  Interest Capitalized     1.2     0.9     0.6     0.3     0.5     1.2     0.9  
  Estimated interest factor on rent expense(1)     1.8     3.5     3.7     3.7     4.2     1.8     3.5  
  Preference security dividend requirements                                   —     0.3  
   
 
 
 
 
 
 
 
  Fixed Charges and Preferred Dividends   $ 90.2   $ 84.0   $ 118.5   $ 114.3   $ 101.1   $ 90.2   $ 84.3  
   
 
 
 
 
 
 
 

Deficiency in earnings to cover fixed charges
 
$
(16.3
)
$
184.2
 
$
(110.5
)
$
(94.9
)
$
(88.3
)
$
(16.3
)
$
183.9
 
   
 
 
 
 
 
 
 

Ratio of earnings to fixed charges
 
 
*
 
 
3.2
 
 
*
 
 
*
 
 
*
 
 
*
 
 
3.2
 
*
Calculation not meaningful as ratio is less than 1.0.

(1)
The interest factor in rent expense is estimated as one-third of rental expense.



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