Exhibit 12.1 | |||||||||||||||||||||||||
STATEMENT RE COMPUTATION OF RATIOS | |||||||||||||||||||||||||
Nine Months Ended | Year Ended December 31, | ||||||||||||||||||||||||
September 30, 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||||||
(in thousands, except ratios) | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
Pre-tax income (loss) | $ | (33,377 | ) | $ | 52,235 | $ | 27,528 | $ | (9,406 | ) | $ | 17,899 | $ | 18,859 | |||||||||||
Less: equity in affiliates | 86 | 33 | 82 | - | 79 | 126 | |||||||||||||||||||
(33,463 | ) | 52,202 | 27,446 | (9,406 | ) | 17,820 | 18,733 | ||||||||||||||||||
Fixed Charges (1) | |||||||||||||||||||||||||
Interest expense, gross (2) | 63,276 | 17,785 | 18,944 | 13,145 | 2,638 | 2,061 | |||||||||||||||||||
Interest portion of rent expense | 2,841 | 2,241 | 2,512 | 2,696 | 2,661 | 1,902 | |||||||||||||||||||
a) Fixed charges | $ | 66,117 | $ | 20,026 | $ | 21,456 | $ | 15,841 | $ | 5,299 | $ | 3,963 | |||||||||||||
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b) Earnings for ratio (3) | $ | 32,654 | $ | 72,228 | $ | 48,902 | $ | 6,435 | $ | 23,119 | $ | 22,696 | |||||||||||||
Ratios: | |||||||||||||||||||||||||
Earnings to fixed charges (b/a) | - | (4) | 3.6 | 2.3 | - | (4) | 4.4 | 5.7 | |||||||||||||||||
Deficit of earnings to fixed charges | $ | (33,463 | ) | $ | - | $ | - | $ | (9,406 | ) | $ | - | $ | - | |||||||||||
(1) | Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor. | ||||||||||||||||||||||||
(2) | Interest expense, gross includes amortization of prepaid debt fees and discount. | ||||||||||||||||||||||||
(3) | Earnings consist of income from continuing operations before income taxes plus fixed charges. | ||||||||||||||||||||||||
(4) | Due to Itron's losses in the nine months ended September 30, 2007 and the year ended December 31, 2004, the ratio coverage was less than 1:1. Additional earnings of $33,463 and $9,406, respectively, would have been needed to achieve a coverage of 1:1. |
Itron (ITRI) 10-Q2007 Q4 Quarterly report
Filed: 7 Nov 07, 12:00am