EX-12.1 2 ex-12_1.txt EXHIBIT 12.1 EXHIBIT 12.1 DECRANE AIRCRAFT HOLDINGS, INC. EARNINGS TO FIXED CHARGES RATIO (DOLLARS IN THOUSANDS)
HISTORICAL -------------------------------------------------------------------------- YEAR ENDED DECEMBER 31, -------------------------------------------------------------------------- EIGHT FOUR MONTHS MONTHS ENDED ENDED AUGUST 31, DECEMBER 31, 1995 1996 1997 1998 1998 1999 -------- -------- -------- ----------- ------------- -------- (PREDECESSOR) (SUCCESSOR) EARNINGS: Income (loss) before income taxes and extraordinary items.......... ($2,368) (105) 8,598 6,081 (2,992) (3,418) Minority interest in income of subsidiary with fixed charges.... 85 193 112 48 82 197 Fixed charges...................... 4,331 4,785 3,842 3,117 7,217 29,123 ------- ------ ------- ------ ------- ------- Total earnings................... $ 2,048 $4,873 $12,552 $9,246 $ 4,307 $25,902 ======= ====== ======= ====== ======= ======= FIXED CHARGES: Interest expense, including amortization of debt discounts and issuance costs (none capitalized)..................... 3,821 4,248 3,154 2,350 6,852 27,918 Interest component of rentals (1).............................. 510 537 688 767 365 1,205 ------- ------ ------- ------ ------- ------- Total fixed charges.............. $ 4,331 $4,785 $ 3,842 $3,117 $ 7,217 $29,123 ======= ====== ======= ====== ======= ======= PREFERRED STOCK DIVIDENDS AND FIXED CHARGES: Dividend requirements.............. -- -- -- -- -- -- Incremental effective income tax rate............................. 40.0% 40.0% 40.0% 40.0% 40.0% 40.0% Pre-tax preferred stock dividend factor........................... -- -- -- -- -- -- Total fixed charges................ 4,331 4,785 3,842 3,117 7,217 29,123 ------- ------ ------- ------ ------- ------- Combined preferred stock dividends and fixed charges.... $ 4,331 $4,785 $ 3,842 $3,117 $ 7,217 $29,123 ======= ====== ======= ====== ======= ======= RATIO OF EARNINGS TO COMBINED PREFERRED STOCK DIVIDENDS AND FIXED CHARGES: Ratio.............................. -- 1.0x 3.3x 3.0x -- -- Deficiency......................... $ 2,283 $ 2,910 $ 3,221 HISTORICAL PRO FORMA ------------------- ------------------------- SIX MONTHS ENDED JUNE 30, ------------------- TWELVE SIX MONTHS MONTHS ENDED ENDED DECEMBER 31, JUNE 30, 1999 2000 1999 2000 -------- -------- ------------- --------- (SUCCESSOR) EARNINGS: Income (loss) before income taxes and extraordinary items.......... 1,554 5,688 ($1,040) $ 6,234 Minority interest in income of subsidiary with fixed charges.... 111 152 197 152 Fixed charges...................... 13,332 19,316 40,929 21,463 ------- ------- ------- ------- Total earnings................... $14,997 $25,156 $40,086 $27,849 ======= ======= ======= ======= FIXED CHARGES: Interest expense, including amortization of debt discounts and issuance costs (none capitalized)..................... 12,729 18,713 $39,549 $20,773 Interest component of rentals (1).............................. 603 603 1,380 690 ------- ------- ------- ------- Total fixed charges.............. $13,332 $19,316 $40,929 $21,463 ======= ======= ======= ======= PREFERRED STOCK DIVIDENDS AND FIXED CHARGES: Dividend requirements.............. -- -- 4,246 2,387 Incremental effective income tax rate............................. 40.0% 40.0% 40.0% 40.0% Pre-tax preferred stock dividend factor........................... -- -- 7,077 3,978 Total fixed charges................ 13,332 19,316 40,929 21,463 ------- ------- ------- ------- Combined preferred stock dividends and fixed charges.... $13,332 $19,316 $48,006 $25,441 ======= ======= ======= ======= RATIO OF EARNINGS TO COMBINED PREFERRED STOCK DIVIDENDS AND FIXED CHARGES: Ratio.............................. 1.1x 1.3x -- 1.1x Deficiency......................... $ 7,920
-------------------------- (1) Reflects one-third of rental expense under operating leases considered to represent interest costs.