EX-12.1 18 d918512dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

POLYMER GROUP, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Unaudited)

 

    Predecessor         Successor  

In thousands, except ratio data

  Fiscal Year Ended
January 1, 2011
    One Month
Ended January 28,
2011
        Eleven Months
Ended December 31,
2011
    Fiscal Year Ended
December 29, 2012
    Fiscal Year
Ended December 28,
2013
    Fiscal Year
Ended December 31,
2014
 

Income (loss) before income taxes

  $ 16,329      $ (17,753     $ (73,101   $ (18,383   $ (60,991   $ (120,763

Add:

             

Interest Expense

    31,876        1,978          46,913        50,859        56,351        97,309   

Amortizations of capitalized interest

    953        68          112        238        422        523   

Portion of rental expense under operating leases deemed to be the equivalent of interest

    3,258        338          2,704        4,843        5,134        6,691   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted earnings

  $ 52,416      $ (15,369     $ (23,372   $ 37,557      $ 916      $ (16,240
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

             

Interest expense

  $ 31,876      $ 1,978        $ 46,913      $ 50,859      $ 56,351      $ 97,309   

Capitalized interest

    875        241          1,783        1,823        1,577        1,629   

Portion of rental expense under operating leases deemed to be the equivalent of interest

    3,258        338          2,704        4,843        5,134        6,691   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

  $ 36,009      $ 2,557        $ 51,400      $ 57,525      $ 63,062      $ 105,629   
 

 

 

   

 

 

     

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed
charges (2)(3)

    1.5x        —            —          —          —          —     

 

(1) All fiscal years reported include 52 weeks.
(2) For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) before income taxes plus fixed charges. Fixed charges include cash and non-cash interest expense, whether expensed or capitalized, amortization of debt issuance cost and the portion of rental expense representative of the interest factor.
(3) Earnings were insufficient to cover fixed charges for the fiscal year ended December 31, 2014, fiscal year ended December 28, 2013, the fiscal year ended December 29, 2012, the eleven month period ended December 31, 2011, and the one month period ended January 28, 2011 by $121.9 million, $62.1 million, $20.0 million, $74.8 million, and $17.9 million, respectively.