EX-12.1 4 a2236463zex-12_1.htm EX-12.1

Exhibit 12.1

 

Cubic Corporation

 

Computation of Ratio of Earnings to Fixed Charges

 

 

 

Nine months
ended

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

Year ended September 30,

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

2013

 

 

(amounts in thousands)

Computation of earnings:

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income taxes

 

$

(11,452)

 

$(11,082)

 

$(26,437)

 

$56,796

 

$74,611

 

$68,831

Adjustment for losses from equity method investees

 

874

 

1,442

 

567

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges, as calculated below

 

11,062

 

19,366

 

14,512

 

7,322

 

6,996

 

6,579

Amortization of capitalized interest

 

54

 

72

 

-

 

-

 

-

 

-

Capitalized interest

 

(164)

 

(744)

 

-

 

-

 

-

 

-

Net (income) loss attributable to noncontrolling interests

 

1,881

 

-

 

-

 

(29)

 

(89)

 

(183)

Total earnings

 

$

2,255

 

$9,024

 

$(11,358)

 

$64,089

 

$81,518

 

$75,227

 

 

 

 

 

 

 

 

 

 

 

 

 

Computation of fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$ 

8,152

 

$15,027

 

$11,199

 

$4,400

 

$4,084

 

$3,427

Capitalized interest

 

164

 

744

 

-

 

-

 

-

 

-

Estimate of interest within rental expense (1)

 

2,746

 

3,565

 

3,313

 

2,922

 

2,912

 

3,152

Total fixed charges

 

$ 

11,062

 

$19,366

 

$14,512

 

$7,322

 

$6,996

 

$6,579

Ratio of earnings to fixed charges(2)

 

-

 

-

 

-

 

8.75

 

11.65

 

11.43

 

(1) The estimate of interest within rental expense is estimated to be one-third of rental expense.

 

(2) As a result of the Company’s net loss from continuing operations during the nine months ended June 30, 2018 and for the years ended September 30, 2017 and 2016, earnings were inadequate to cover fixed charges by $8,807, $10,342 and $25,870, respectively.

 

 

These ratios were computed by dividing earnings by our fixed charges.  For this purpose, earnings include income or loss from continuing operations before income taxes, adjusted for: losses from equity method investees, fixed charges to the extent they affect current year earnings, amortization of capitalized interest, interest capitalized during the year, and net income or loss attributable to our noncontrolling interests.  Fixed charges include interest expensed and capitalized, and estimates of interest within rental expense. For the periods indicated above, we had no outstanding shares of preferred stock with required dividend payments.  Therefore, the ratios of earnings to combined fixed charges and preferred stock dividends are identical to the ratios presented in the table above.