Exhibit 12.1
Actuant Corporation
Statement Regarding Computation of Ratio of Earnings to Fixed Charges
(amounts in thousands)
Fiscal Year Ended August 31, | Nine Months Ended: | |||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | May 31, 2008 | May 31, 2009 (a) | ||||||||||||||||
Earnings (loss) from continuing operations before income tax expense and minority interest, as reported | $ | 38,825 | $ | 105,708 | $ | 125,849 | $ | 151,690 | $ | 177,931 | $ | 129,092 | $ | (12,534 | ) | |||||||
Adjustments: | ||||||||||||||||||||||
Add: Fixed charges | 14,597 | 18,352 | 28,016 | 35,622 | 40,544 | 27,873 | 32,367 | |||||||||||||||
Less: Capitalized interest | — | — | — | — | 171 | — | — | |||||||||||||||
Earnings from continuing operations before income tax expense and minority interest, as adjusted | 53,422 | 124,060 | 153,865 | 187,312 | 218,304 | 156,965 | 19,833 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest incurred | 13,669 | 17,099 | 26,493 | 33,747 | 38,262 | 26,213 | 30,544 | |||||||||||||||
Interest component of rent expense (estimated at 7.25%) | 928 | 1,253 | 1,523 | 1,875 | 2,282 | 1,660 | 1,823 | |||||||||||||||
14,597 | 18,352 | 28,016 | 35,622 | 40,544 | 27,873 | 32,367 | ||||||||||||||||
Earnings to fixed charges ratio | 3.7 | 6.8 | 5.5 | 5.3 | 5.4 | 5.6 | 0.6 |
(a)— | Earnings (loss) from continuing operations before income tax expense and minority interest for the nine months ended May 31, 2009 includes non cash impairment charges of $58,274 related to the goodwill, intangible assets and fixed assets of the Recreational Vehicle business and Harsh Environment Electrical product line. Excluding the impairment charges, the earnings to fixed charge coverage ratio would have been 2.4 for the nine months ended May 31, 2009. |