EXHIBIT 12.1
Collins & Aikman Corporation and Subsidiaries
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(IN $ MILLIONS)
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------
2004 2003
------ ------
FIXED CHARGES
Interest expense, net $ 127.4 $111.3
Interest income 0.4 0.2
------- ------
Interest expense, gross from continuing ops 127.8 111.5
Capitalized interest -- --
Interest expense from discontinued operations -- --
------- ------
Total interest expense, gross(*) 67.9 72.3
------- ------
Interest portion of rental expense 22.6 24.1
Pre-tax earnings required to cover preferred
stock dividends and accretion 49.4 42.0
------- ------
FIXED CHARGES - C&A $ 199.8 $177.6
======= ======
Pre-tax income from continuing operations $(125.6) $(47.5)
Minority interest in (income) loss of affiliates (2.1) (4.1)
(Income) loss from equity investees -- --
------- ------
Total (127.7) (51.6)
------- ------
ADD:
Fixed charges 199.8 177.6
Distributed income of equity investees
SUBTRACT:
(A) Interest capitalized -- --
------- ------
TOTAL EARNINGS 72.1 126.0
======= ======
RATIO OF EARNINGS TO FIXED CHARGES
Dollar value of deficiency (127.7) (51.6)
(*) - Includes amortization of debt issuance costs
EXHIBIT 12.1
Collins & Aikman Corporation and Subsidiaries
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(IN $ MILLIONS)
YEAR ENDING
31-Dec
-----------------
2002 2003
------ -------
FIXED CHARGES
Interest expense, net $ 148.9 $ 151.3
Interest income 1.4 0.7
------- -------
Interest expense, gross from continuing ops 150.3 152.0
Capitalized interest -- --
Interest expense from discontinued operations -- --
------- -------
Total interest expense, gross(*) 150.3 152.0
------- -------
Interest portion of rental expense 19.0 32.0
Pre-tax earnings required to cover preferred
stock dividends and accretion 59.0 57.4
------- - ------
FIXED CHARGES - C&A $ 228.3 $ 241.4
======= =======
Pre-tax income from continuing operations $ (33.8) $ (61.0)
Minority interest in (income) loss of affiliates (6.5) (5.6)
(Income) loss from equity investees -- --
------- -------
Total (40.3) (66.6)
------- -------
ADD:
Fixed charges 228.3 241.4
Distributed income of equity investees
SUBTRACT:
(A) Interest capitalized -- --
------- ------
TOTAL EARNINGS 188.1 174.8
======= = ======
RATIO OF EARNINGS TO FIXED CHARGES 0.82 0.72
Dollar value of deficiency (40.3) (66.6)
(*) - Includes amortization of debt issuance costs
EXHIBIT 12.1
Collins & Aikman Corporation and Subsidiaries
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(IN $ MILLIONS)
YEAR ENDING
31-Dec
---------------------
2001 2002
------ ------
FIXED CHARGES
Interest expense, net $ 84.3 $ 148.9
Interest income 2.0 1.4
------ -------
Interest expense, gross from continuing ops 86.3 150.3
Capitalized interest -- --
Interest expense from discontinued operations -- --
------ -------
Total interest expense, gross(*) 86.3 150.3
------ -------
Interest portion of rental expense 9.7 19.0
Pre-tax earnings required to cover preferred
stock dividends and accretion 4.0 59.0
------ -------
FIXED CHARGES - C&A $100.0 $ 228.3
====== =======
Pre-tax income from continuing operations $(76.3) $ (33.8)
Minority interest in (income) loss of affiliates -- (6.5)
(Income) loss from equity investees -- --
------ -------
Total (76.3) (40.3)
------ -------
ADD:
Fixed charges 100.0 228.3
Distributed income of equity investees
SUBTRACT:
(A) Interest capitalized --
------ -------
TOTAL EARNINGS 23.8 188.1
====== == =====
RATIO OF EARNINGS TO FIXED CHARGES 0.24 0.82
Dollar value of deficiency (76.3) (40.3)
(*) - Includes amortization of debt issuance costs
EXHIBIT 12.1
Collins & Aikman Corporation and Subsidiaries
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(IN $ MILLIONS)
YEAR ENDING
31-Dec
-------------------
2000 2001
------ ------
FIXED CHARGES
Interest expense, net $ 96.6 $ 84.3
Interest income 3.4 2.0
------ ------
Interest expense, gross from continuing ops 100.0 86.3
Capitalized interest 0.1 --
Interest expense from discontinued operations -- --
------ ------
Total interest expense, gross(*) 100.1 86.3
------ ------
Interest portion of rental expense 6.9 9.7
Pre-tax earnings required to cover preferred
stock dividends and accretion -- 4.0
------ ------
FIXED CHARGES - C&A $106.9 $100.0
====== ======
Pre-tax income from continuing operations $ 0.8 $(76.3)
Minority interest in (income) loss of affiliates -- --
(Income) loss from equity investees 0.7 --
------ ------
Total 1.5 (76.3)
------ ------
ADD:
Fixed charges 106.9 100.0
Distributed income of equity investees 0.5
SUBTRACT:
(A) Interest capitalized 0.1 --
------ ------
TOTAL EARNINGS 108.8 23.8
====== ======
RATIO OF EARNINGS TO FIXED CHARGES 1.02 0.24
Dollar value of deficiency 1.90 (76.3)
(*) - Includes amortization of debt issuance costs
EXHIBIT 12.1
Collins & Aikman Corporation and Subsidiaries
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(IN $ MILLIONS)
YEAR ENDING
31-Dec
------------------
1999 2000
------ ------
FIXED CHARGES
Interest expense, net $ 92.0 $ 96.6
Interest income 2.5 3.4
------ ------
Interest expense, gross from continuing ops 94.5 100.0
Capitalized interest 0.8 0.1
Interest expense from discontinued operations -- --
------ ------
Total interest expense, gross(*) 95.3 100.1
------ ------
Interest portion of rental expense 7.2 6.9
Pre-tax earnings required to cover preferred
stock dividends and accretion -- --
------ ------
FIXED CHARGES - C&A $101.7 $106.9
====== =====
Pre-tax income from continuing operations $ (1.1) $ 0.8
Minority interest in (income) loss of affiliates -- --
(Income) loss from equity investees 0.2 0.7
------ ------
Total (0.9) 1.5
------ ------
ADD:
Fixed charges 101.7 106.9
Distributed income of equity investees -- 0.5
SUBTRACT:
(A) Interest capitalized 0.8 0.1
------ ------
TOTAL EARNINGS 100.0 108.8
====== ======
RATIO OF EARNINGS TO FIXED CHARGES 0.98 1.02
Dollar value of deficiency (1.70)
(*) - Includes amortization of debt issuance costs
