EXHIBIT 12.1
SUNPOWER CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS
TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS(1)
(Dollars in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Predecessor Company | | | Successor Company |
| | | Years Ended Dec. 31, | | | Jan. 1
through
Nov. 8,
2004 | | | Nov. 9
through
Dec. 31,
2004 | | | Year Ended
Dec. 31,
2005 | | | Nine Months
Ended
Sept. 30,
2006 |
| | | 2001 | | | 2002 | | | 2003 | | | | | |
EARNINGS | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pretax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees | | $ | (2,888 | ) | | $ | (3,533 | ) | | $ | (14,545 | ) | | $ | (23,302 | ) | | $ | (5,609 | ) | | $ | (15,793 | ) | | $ | 16,482 |
Fixed charges | | | 325 | | | | 648 | | | | 1,608 | | | | 3,999 | | | | 1,113 | | | | 3,394 | | | | 1,546 |
Amortization of capitalized interest | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
Distributed income of equity investees | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
Share of pre-tax losses of equity investees arising from guarantees included in fixed charges | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
LESS: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest capitalized | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
Preference security dividend requirements of consolidated subsidiaries | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings | | $ | (2,563 | ) | | $ | (2,885 | ) | | $ | (12,937 | ) | | $ | (19,303 | ) | | $ | (4,496 | ) | | $ | (12,399 | ) | | $ | 18,028 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
FIXED CHARGES | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expenses | | $ | 240 | | | $ | 556 | | | $ | 1,509 | | | $ | 3,759 | | | $ | 1,072 | | | $ | 3,185 | | | $ | 1,282 |
Interest capitalized | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
Amortized premiums, discounts and capitalized expenses related to indebtedness | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
Estimate of interest within rental expense | | | 85 | | | | 92 | | | | 99 | | | | 240 | | | | 41 | | | | 209 | | | | 264 |
Preference security dividend requirements of consolidated securities | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed Charges | | $ | 325 | | | $ | 648 | | | $ | 1,608 | | | $ | 3,999 | | | $ | 1,113 | | | $ | 3,394 | | | $ | 1,546 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RATIO | | | n.a. | | | | n.a. | | | | n.a. | | | | n.a. | | | | n.a. | | | | n.a. | | | | 11.7 |
DOLLAR AMOUNT OF DEFICIENCY(2) | | $ | (2,888 | ) | | $ | (3,533 | ) | | $ | (14,545 | ) | | $ | (23,302 | ) | | $ | (5,609 | ) | | $ | (15,793 | ) | | | — |
| (1) | These computations include SunPower Corporation and its consolidated subsidiaries. For purposes of computing this ratio of earnings to fixed charges, “fixed charges” consist of interest expense on all indebtedness and that portion of rental expense deemed to be representative of interest. Earnings consist of income (loss) before income taxes and minority interest share of our subsidiary losses, plus fixed charges. |
| (2) | Dollar amount of deficiency is the amount of earnings required to attain a ratio of 1:1. |
