Exhibit 12.1
GENERAL CABLE CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends
(in millions)
| Quarter ended | Years ended December 31, | |||||||||||||||||||||||
| March 31, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
| EARNINGS AS DEFINED | ||||||||||||||||||||||||
| Earnings (loss) from operations before income taxes and before adjustments for minority interests in consolidated subsidiaries and after eliminating undistributed earnings of equity method investees | $ | (3.2 | ) | $ | (1.2 | ) | $ | (27.6 | ) | $ | 58.1 | $ | (28.9 | ) | $ | 55.4 | ||||||||
| Preferred stock dividend (pre-tax equivalent) | (2.3 | ) | (0.9 | ) | — | — | — | — | ||||||||||||||||
| Fixed charges | 12.2 | 53.2 | 47.1 | 51.5 | 67.8 | 43.4 | ||||||||||||||||||
| TOTAL EARNINGS, AS DEFINED | $ | 6.7 | $ | 51.1 | $ | 19.5 | $ | 109.6 | $ | 38.9 | $ | 98.8 | ||||||||||||
| COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS, AS DEFINED | ||||||||||||||||||||||||
| Interest expense | $ | 8.9 | $ | 44.9 | $ | 40.9 | $ | 43.2 | $ | 61.4 | $ | 39.0 | ||||||||||||
| Amortization of capitalized expenses related to debt | 0.6 | 4.5 | 3.7 | 4.4 | 4.2 | 1.1 | ||||||||||||||||||
| Preferred stock dividend (pre-tax equivalent) | 2.3 | 0.9 | — | — | — | — | ||||||||||||||||||
| Interest component of rent expense | 0.4 | 2.9 | 2.5 | 3.9 | 2.2 | 3.3 | ||||||||||||||||||
| TOTAL COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS, AS DEFINED | $ | 12.2 | $ | 53.2 | $ | 47.1 | $ | 51.5 | $ | 67.8 | $ | 43.4 | ||||||||||||
| RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS | — | — | — | 2.1 | x | — | 2.3 | x | ||||||||||||||||
For the quarter ended March 31, 2004 and the years ended December 31, 2003, 2002 and 2000, earnings were insufficient to cover combined fixed charges and preferred dividends by $5.5 million, $2.1 million, $27.6 million and $28.9 million, respectively.
