Exhibit 12.01
Haynes International, Inc.
Ratio of Earnings Before Fixed Charges to Fixed Charges
1998 1999 2000 2001 2002 ---- ---- ---- ---- ---- Line 1 Income (loss) before income taxes, extraordinary item and cumulative effect of a change in accounting principle $ 4,773 $ (5,755) $ (6,977) $ 894 $ 1,599 Line 2 Interest on indebtedness 19,924 19,102 21,494 21,857 19,269 Line 3 Amortization of debt issuance costs 1,247 1,246 1,152 1,308 1,316 Line 4 Estimated interest portion of rental expense 564 702 785 900 824 -------- -------- -------- -------- -------- Line 5 Total earnings before fixed charges $ 26,508 $ 15,295 $ 16,454 $ 24,959 $ 23,008 Line 6 Interest on indebtedness 19,934(1) 19,197(1) 21,494 21,857 19,269 Line 7 Amortization of debt issuance costs 1,247 1,246 1,152 1,308 1,316 Line 8 Estimated interest portion of rental expense 564 702 785 900 824 -------- -------- -------- -------- -------- Line 9 Total fixed charges $ 21,745 $ 21,145 $ 23,431 $ 24,065 $ 21,409 Ratio of earnings before fixed charges to fixed charges 1.22 N/A(2) N/A(2) 1.04 1.07
(1) Includes $10 and $95 for 1998 and 1999, respectively, of capitalized interest expense.
(2) Earnings before fixed charges were insufficient to cover fixed charges.