Exhibit 12.1
Pliant Corporation
Statement Regarding Computation of
Ratios of Earnings to Fixed Charges
(in millions)
Fiscal Year Ended December 31, | Six Months Ended | Year Ended 6/30/2003 | |||||||||||||||||||||||||||||
1998 | 1999 | 2000 | 2001 | 2002 | 6/30/2003 | 6/30/2002 | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||||
Income (loss) before taxes | $ | 11.1 | $ | 32.4 | $ | (72.5 | ) | $ | 4.7 | $ | (44.9 | ) | $ | (21.4 | ) | $ | 1.7 | $ | (68.0 | ) | |||||||||||
Fixed charges (from below) | 39.4 | 46.2 | 70.8 | 78.6 | 78.8 | 49.5 | 37.7 | 90.7 | |||||||||||||||||||||||
Earnings | $ | 50.5 | $ | 78.6 | $ | (1.7 | ) | $ | 83.3 | $ | 33.9 | $ | 28.1 | $ | 39.4 | $ | 22.7 | ||||||||||||||
Fixed Charges: | |||||||||||||||||||||||||||||||
Interest expense | $ | 37.5 | $ | 44.0 | $ | 68.5 | $ | 76.0 | $ | 75.3 | $ | 47.2 | $ | 35.9 | $ | 86.6 | |||||||||||||||
Estimated interest portion of operating leases (assumed 1/3) | 1.9 | 2.2 | 2.3 | 2.6 | 3.5 | 2.3 | 1.8 | 4.1 | |||||||||||||||||||||||
Fixed charges | $ | 39.4 | $ | 46.2 | $ | 70.8 | $ | 78.6 | $ | 78.8 | $ | 49.5 | $ | 37.7 | $ | 90.7 | |||||||||||||||
Ratio of earnings to fixed charges | 1.3 | x | 1.7 | x | — | 1.1 | x | — | — | 1.05 | — | ||||||||||||||||||||
Deficiency of earnings to fixed charges | — | — | $ | (72.5 | ) | — | $ | (44.9 | ) | $ | (21.4 | ) | — | $ | (68.0 | ) |