EX-12 2 a2162263zex-12.htm EXHIBIT 12
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Exhibit 12

METALDYNE CORPORATION
Computation Of Ratio Of Earnings To Combined Fixed Charges And
Preferred Stock Dividends
(Dollars in thousands)

 
  6 Months Ended
July 3,
2005

  Year Ended
January 2,
2005

  Year Ended
December 28,
2003

  Year Ended
December 29,
2002

  Year Ended
December 31,
2001

  11/28–12/31
2000

 
 
   
   
   
  (Restated)

  (Restated)

  (Restated)

 
EARNINGS (LOSS) BEFORE INCOME TAXES AND FIXED CHARGES:                                      
Income (loss) from continuing operations before income taxes and cumulative effect of accounting change, net   $ (3,890 ) $ (64,860 ) $ (83,990 ) $ (69,090 ) $ (47,040 ) $ (42,820 )
(Deduct) add equity in undistributed earnings (loss) of less-than-fifty percent owned companies     (1,580 )   (1,450 )   20,700     1,410     8,930     1,000  
Add interest on indebtedness, net     44,380     82,140     75,510     91,000     148,160     14,440  
Add amortization of debt expense     1,570     3,880     2,480     4,770     11,620     550  
Add preferred stock dividends and accretion     11,030     19,900                  
Estimated interest factor for rentals(d)     9,540     16,480     12,930     12,460     9,730     310  
   
 
 
 
 
 
 
Earnings before income taxes and fixed charges   $ 61,050   $ 56,090   $ 27,630   $ 40,550   $ 131,400   $ (26,520 )
   
 
 
 
 
 
 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Interest on indebtedness, net   $ 44,380   $ 82,140   $ 75,510   $ 91,000   $ 148,160   $ 14,440  
Amortization of debt expense     1,570     3,880     2,480     4,770     11,620     550  
Preferred stock dividends and accretion     11,030     19,900                  
Estimated interest factor for rentals(d)     9,540     16,480     12,930     12,460     9,730     310  
   
 
 
 
 
 
 
Total fixed charges     66,520     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   $ 66,520   $ 122,400   $ 101,240   $ 121,320   $ 175,940   $ 15,920  
   
 
 
 
 
 
 
Ratio of earnings to fixed charges     (b)   (b)   (b)   (b)   (b)   (b)
   
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred stock dividends     (c)   (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 six months ended July 3, 2005, years ended January 2, 2005, December 28, 2003, December 29, 2002 (as restated) and December 31, 2001 (as restated) and the 34 days ended December 31, 2000 (as restated) are inadequate to cover fixed charges by $5,470, $66,310, $63,290, $67,680, $38,110 and $41,820, respectively

(c)
Results of operations for the six months ended July 3, 2005, 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 $5,470, $66,310, $73,610, $80,770, $44,540 and $42,440, respectively.

(d)
Deemed to represent one-third of rental expense on operating leases.



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METALDYNE CORPORATION Computation Of Ratio Of Earnings To Combined Fixed Charges And Preferred Stock Dividends (Dollars in thousands)