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
Collins & Aikman Carpet & Acoustics Mi Inactive
Filed: 28 Jan 05, 12:00am