Exhibit 12.1
GENCORP
RATIO OF EARNINGS TO FIXED CHARGES
Year ended November 30, | ||||||||||||||||||||
2000 | 2001 | 2002 | 2003 | 2004 | ||||||||||||||||
Income from continuing operations before income taxes | 77 | 250 | 19 | 11 | (57 | ) | ||||||||||||||
Earnings of non-consolidated subsidiaries | — | — | — | — | — | |||||||||||||||
Minority Interest | — | — | — | — | — | |||||||||||||||
Fixed charges | 16 | 29 | 13 | 27 | — | * | ||||||||||||||
Earnings available for fixed charges | 93 | 279 | 32 | 38 | (57 | ) | ||||||||||||||
Fixed Charges | ||||||||||||||||||||
Amortization of debt issuance costs | — | 3 | 4 | 5 | ||||||||||||||||
Interest Expense | 16 | 26 | 9 | 22 | ||||||||||||||||
Portion of Rent Expense Representing Interest | ||||||||||||||||||||
Total Fixed Charges | 16 | 29 | 13 | 27 | — | |||||||||||||||
Ratio of Earnings to Fixed Charges | 5.8 | 9.6 | 2.5 | 1.4 | — | * | ||||||||||||||
* | Our earnings are insufficient to cover fixed charges by approximately $57 million. |
A pro forma ratio of earnings to fixed charges has not been presented as our earnings were insufficient to cover fixed charges for fiscal 2004.