EX-12.1 4 dex121.htm COMPUTATION OF RATIOS Computation of Ratios

Exhibit 12.1

 

STATEMENT RE COMPUTATION OF RATIOS

 

     Year Ended December 31,
     2004
     2003
    2002
    2001
     2000
     (in thousands, except ratios)

Earnings:

                                     

Pre-tax income (loss)

    $ (9,406 )   $ 17,899    $ 18,859    $ 21,366     $ 8,538

Less: equity in affiliates

      —         79      126      (616 )     1,069
    
 
  
  
 
       (9,406 )     17,820      18,733      21,982       7,469

Fixed charges(1):

                                     

Interest expense, gross(2)

      13,145       2,638      2,061      5,112       5,313

Interest portion of rent expense

      2,696       2,661      1,902      1,062       920
    
 
  
  
 

a) Fixed charges

      15,841       5,299      3,963      6,174       6,233

b) Earnings for ratio(3)

    $ 6,435     $ 23,119    $ 22,696    $ 28,156     $ 13,702

Ratios:

                                     

Earnings to fixed charges (b/a)

      N/A (4)     4.4      5.7      4.6       2.2

Deficit of earnings to fixed charges

    $ (9,406 )     n/a      n/a      n/a       n/a
(1)   Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.
(2)   Interest expense, gross includes amortization of prepaid debt fees and discount.
(3)   Earnings consist of income from continuing operations before income taxes plus fixed charges.
(4)   Due to Itron's loss in 2004, the ratio coverage was less than 1:1. Itron must generate additional earnings of $9,406 to achieve a coverage of 1:1.