EX-12.1 21 a2173479zex-12_1.htm EX-12.1

EXHIBIT 12.1

 

TRANSDIGM GROUP INCORPORATED

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

July 8, 2003

 

 

Predecessor

 

 

 

 

 

 

 

 

 

 

 

 

(Date of

 

 

October 1,

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Years

 

Formation)

 

 

2002

 

Fiscal Years

 

 

 

Thirty-Nine Weeks Ended

 

 

Ended

 

Through

 

 

Through

 

Ended

 

 

 

July 1,

 

July 2,

 

 

September 30,

 

September 30,

 

 

July 22,

 

September 30,

 

 

 

2006

 

2005

 

 

2005

 

2004

 

2003

 

 

2003

 

2002

 

2001

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings (loss)

 

$

9,895

 

$

24,660

 

 

$

34,687

 

$

13,622

 

$

(5,759

) 

 

$

(69,969

)

$

30,629

 

$

14,358

 

Income tax provision (credit)

 

4,050

 

14,858

 

 

22,627

 

6,682

 

(3,970

) 

 

(40,701

)

16,804

 

9,386

 

Pre tax earnings (loss)

 

13,945

 

39,518

 

 

57,314

 

20,304

 

(9,729

)

 

(110,670

)

47,433

 

23,744

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest charges

 

58,686

 

59,228

 

 

80,266

 

74,675

 

14,233

 

 

28,224

 

36,538

 

31,926

 

Interest factor of operating rents

 

571

 

476

 

 

635

 

452

 

163

 

 

408

 

419

 

365

 

Total fixed charges

 

59,257

 

59,704

 

 

80,901

 

75,127

 

14,396

 

 

28,632

 

36,957

 

32,291

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as adjusted

 

$

73,202

 

$

99,222

 

 

$

138,215

 

$

95,431

 

$

4,667

 

 

$

(82,038

)

$

84,390

 

$

56,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges (1)

 

1.2

 

1.7

 

 

1.7

 

1.3

 

—

(2)

 

—

(2)

2.3

 

1.7

 

 

(1) For purposes of computing the ratio of earnings to fixed charges, earnings consist of earnings before income taxes plus fixed charges. Fixed charges consist of interest expense, amortization of debt issuance costs and the portion (approximately 33%) of rental expense that management believes is representative of the interest component of rental expense.

 

(2) Earnings were insufficient by $110,670 and $9,729 to cover fixed charges for the period October 1, 2002 through July 22, 2003 and the period July 8, 2003 through September 30, 2003, respectively.