EX-12.1 5 a2131358zex-12_1.htm EXHIBIT 12.1

 

 

EXHIBIT 12.1

 

ASBURY AUTOMOTIVE GROUP, INC.

 

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

 

(IN THOUSANDS, EXCEPT RATIOS)

 

 

 

 

 

FOR THE YEARS ENDED DECEMBER 31,

 

 

 

1999

 

2000

 

2001

 

2002

 

2003

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS COMPUTATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before net losses from unconsolidated affiliates, income taxes, minority interest, and extraordinary losses

 

$

34,563

 

$

39,674

 

$

46,789

 

$

83,728

 

41,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

51,543

 

83,695

 

83,074

 

70,903

 

76,057

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

(779

)

(866

)

(785

)

 

 

 

 

 

 

 

 

 

 

 

 

Net losses from unconsolidated affiliates

 

(616

)

(6,066

)

(3,248

)

(100

)

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings for purposes of computation

 

$

85,490

 

$

117,303

 

$

125,836

 

$

153,665

 

$

116,338

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES COMPUTATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

45,357

 

75,752

 

70,546

 

56,283

 

$

59,038

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization deferred financing fees

 

716

 

564

 

3,568

 

4,548

 

5,333

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest component of rent expense

 

5,470

 

7,379

 

8,181

 

9,206

 

10,901

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

—

 

—

 

779

 

866

 

785

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges for purposes of computation

 

$

51,543

 

$

83,695

 

$

83,074

 

$

70,903

 

$

76,057

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

1.66x

 

1.40x

 

1.51x

 

2.17x

 

1.53x