EX-12.1 19 a2154536zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

Polypore International, Inc.

Ratio of Earnings to Fixed Charges

 

 

 

Predecessor

 

Successor

 

Pro Forma

 

(in millions)

 

1999

 

2000

 

2001

 

2002

 

2003

 

January 4, 2004
through
May 1, 2004

 

May 2, 2004
through
January 1, 2005

 

Year End
2004

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pretax income before extraordinary items and cumulative effect of accounting changes

 

$

15,800

 

$

35,499

 

$

39,632

 

$

28,234

 

$

64,094

 

$

40,518

 

$

(27,918

)

$

2,997

 

Fixed charges

 

10,209

 

19,563

 

15,398

 

21,961

 

22,828

 

6,587

 

43,315

 

78,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as adjusted

 

$

26,009

 

$

55,062

 

$

55,030

 

$

50,195

 

$

86,922

 

$

47,105

 

$

15,397

 

$

81,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All interest, whether capitalized or expensed (exclude interest income)

 

$

10,123

 

$

18,193

 

$

14,125

 

$

20,862

 

$

21,521

 

$

6,048

 

$

42,098

 

$

77,225

 

Interest portion of rental expense

 

86

 

1,370

 

1,273

 

1,099

 

1,307

 

539

 

1,217

 

1,755

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

$

10,209

 

$

19,563

 

$

15,398

 

$

21,961

 

$

22,828

 

$

6,587

 

$

43,315

 

$

78,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges ratio

 

2.6

 

2.8

 

3.6

 

2.3

 

3.8

 

7.2

 

0.4

 

1.0

 

 

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