EX-12.1 10 file007.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Exhibit 12.1

METALDYNE CORPORATION
Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Stock Dividends


  (In thousands)
  Year Ended
January 2
2005
Year Ended
December 28
2003
Year Ended
December 29
2002
Year Ended
December 31
2001
For the Period
11/28-12/31
2000
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES:                              
Income (loss) from continuing operations before income taxes and cumulative effect of accounting change, net $ (64,860 $ (83,990 $ (69,090 $ (47,040 $ (42,820
(Deduct) add equity in undistributed (earnings) loss of less-than-fifty percent owned companies   (1,450   20,700     1,410     8,930     1,000  
Add interest on indebtedness, net   82,140     75,510     91,000     148,160     14,440  
Add amortization of debt expense   3,880     2,480     4,770     11,620     550  
Add preferred stock dividends and accretion   19,900                  
Estimated interest factor for rentals (d)   16,480     12,930     12,460     9,730     310  
Earnings before income taxes and fixed charges $ 56,090   $ 27,630   $ 40,550   $ 131,400   $ (26,520
FIXED CHARGES:                              
Interest on indebtedness, net $ 82,140   $ 75,510   $ 91,000   $ 148,160   $ 14,440  
Amortization of debt expense   3,880     2,480     4,770     11,620     550  
Add preferred stock dividends and accretion   19,900                  
Estimated interest factor for rentals (d)   16,480     12,930     12,460     9,730     310  
Total fixed charges   122,400     90,920     108,230     169,510     15,300  
Preferred stock dividends (a)       10,320     13,090     6,430     620  
Combined fixed charges and preferred stock dividends $ 122,400   $ 101,240   $ 121,320   $ 175,940   $ 15,920  
Ratio of earnings to fixed charges   (b)    (b)    (b)    (b)    (b) 
Ratio of earnings to combined fixed charges and preferred stock dividends   (c)    (c)    (c)    (c)    (c) 
(a) Based on the Company's effective tax rate, represents the amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company and its 50% owned companies.
(b) Results of operations for the years ended January 2, 2005, December 28, 2003, December 29, 2002 and December 31, 2001 and the 34 days ended December 31, 2000 are inadequate to cover fixed charges by $66,310, $63,290, $67,680, $38,110 and $41,820, respectively.
(c) Results of operations for the years ended January 2, 2005, December 28, 2003, December 29, 2002 and December 31, 2001 and the 34 days ended December 31, 2000 are inadequate to cover fixed charges and preferred stock dividends by $66,310, $73,610, $80,770, $44,540 and $42,440, respectively.
(d) Deemed to represent one-third of rental expense on operating leases.