EX-12 4 dex12.txt STATEMENT OF COMPUTATION OF RATIOS ADVANCED GLASSFIBER YARNS LLC Exhibit 12 Computation of Ratio of Earnings to Fixed Charges (dollars in thousands)
Consolidated Company Predecessor Business -----------------------------------------------------------| -------------------------------- Years Three Months | Nine Months Year Ended Ended | Ended Ended December 31, December 31, | September 30, December 31, ---------------------------------------- -----------------| ---------------- --------------- | 2001 2000 1999 1998 | 1998 1997 ---- ---- ---- ---- | ---- ---- Earnings: | Pretax income (loss) (1) $ (7,694) $ 12,186 $ 5,796 $ 4,275 | $ 59,235 $ 82,866 Add: | Fixed charges 34,056 36,400 37,790 9,354 | 898 1,076 Capitalized interest | ----------- ------------ ----------- ----------- | ----------- ----------- $ 26,362 $ 48,586 $ 43,586 $ 13,629 | $ 60,133 $ 83,942 =========== ============ =========== =========== | =========== =========== | Fixed Charges: | Interest expense (2) $ 33,243 $ 35,449 $ 36,824 $ 9,113 | $ - $ - Capitalized interest | Portion of rents representative | of interest factor (3) 813 951 966 241 | 898 1,076 ----------- ------------ ----------- ----------- | ----------- ----------- $ 34,056 $ 36,400 $ 37,790 $ 9,354 | $ 898 $ 1,076 ----------- ------------ ----------- ----------- | ----------- ----------- | Ratio of earning to fixed charges 0.8 x 1.3 x 1.2 x 1.5 x | 67.0 x 78.0 x
(1) Income before taxes, and extraordinary loss. (2) Includes amortization of debt issuance costs and original issue discount and excluded capitalized interest. (3) Calculated by taking one-third of the amount for sub-lease of manufacturing equipment paid to Owens Corning and manufacturing facility rental expense paid to Porcher Industries. These amounts are included in Note 9 to the financial statements "Transactions with Related Parties - Lease Transactions."