Exhibit 12.1
PACIFIC AEROSPACE & ELECTRONICS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended
Years Ended May 31 August 31
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1994 1995 1996 1997 1998 1997 1998
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Income (loss)
before taxes $ (1,098) $ (1,652) $ (1,066) $ 1,732 $ 3,132 $ 873 $ (6,666)
Plus fixed
charges(1) 234 435 707 668 1,128 196 1,212
Less capitalized
interest - - - - - - -
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Earnings (loss)
for computation
purposes (864) (1,217) (359) 2,400 4,620 1,069 (5,454)
Divided by
fixed charges(1) 234 435 707 668 1,128 196 1,212
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Ratio of earnings
to fixed charges - - - 3.59 3.78 5.45 -
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Deficiency of
earnings to
fixed charges (3.69) (2.80) (0.51) - - - (4.50)
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(1) For purposes of computing the ratio of earnings to fixed charges, earnings,
represent income (loss) before taxes and fixed charges. Fixed charges
consist of (a) interest, whether expensed or capitalized, (b) amortization
of deferred financing costs, (c) the portion of rental expense considered
to represent interest (assumed to be one-third), and (d) exclude any
interest expense on guaranteed debt of approximately $1.3 million related
to a less than 50%-owned entity.