MacDermid Inc.
Ratio of Earnings to Fixed Charges -
Nine Months Twelve Months
Years Ended December 31, Ended Ended
2004 2003 2002 December 2001 March 2001
Earnings:
Income (loss) from
continuing operations $53,224 $49,820 $31,477 $(17,288) $43,753
Income tax
expense (benefit) 24,513 23,466 16,122 (9,309) 29,752
------- ------- ------- -------- -------
Income (loss) from
continuing operations
before tax expense 77,737 73,286 47,599 (26,597) 73,505
Add back fixed charges
included in income:
Interest expense 31,014 31,051 34,458 25,095 33,339
Estimated Interest
in rent expense 2,324 2,407 2,612 2,110 2,164
------- ------- ------- ------- --------
Adjusted Earnings $111,075 $106,744 $84,669 $ 608 $109,009
======== ======== ======= ======= ========
Fixed charges:
Interest expense $ 31,014 $ 31,051 $34,458 $25,095 $ 33,339
Estimated Interest
in rent expense 2,324 2,407 2,612 2,110 2,164
-------- -------- ------- ------- --------
Total fixed charges $ 33,338 $ 33,458 $37,070 $27,205 $ 35,503
======== ======== ======= ======= ========
Ratio of Earnings 3.33 3.19 2.28 0.02 3.07
to Fixed Charges ======== ======== ======= ======= ========
Amount of deficiency
in years where ratio
is less than 1 to 1 NA NA NA $26,597 NA
======== ======== ======= ======= ========
<FN>
Note (a) The nine months ended December 31, 2001 includes charges for
impairment of goodwill and intangible assets of $34,458 and restructuring
charges of $9,666. Excluding these charges and the taxes related to
them, the ratio of earnings to fixed charges would have been 1.13 to 1.