EXHIBIT 12
RUSSELL-STANLEY HOLDINGS AND SUBSIDIARIES
COMPUTATION OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
FISCAL YEAR ENDED DECEMBER 31,
----------------------------------------------------
1999 1998 1997 1996 1995
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RATIO OF EARNINGS TO FIXED CHARGES:
Income (loss) before taxes and extraordinary items....... $(9.7) $(4.8) $ 6.9 $ 6.2 $ 2.6
Plus: Fixed charges...................................... 23.3 17.5 9.2 7.8 8.5
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Income before taxes and extraordinary items plus fixed
charges................................................ $13.6 $12.7 $16.1 $14.0 $11.1
===== ===== ===== ===== =====
Fixed charges:
Interest expense......................................... $21.1 $16.0 $ 8.8 $ 7.5 $ 8.3
One third of rental expense, representing interest
portion................................................ 2.2 1.5 0.4 0.3 0.2
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$23.3 $17.5 $ 9.2 $ 7.8 $ 8.5
===== ===== ===== ===== =====
Ratio of Earnings to Fixed Charges....................... --* --* 1.8 1.8 1.3
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* Earnings were insufficient to cover fixed charges by $9.7 in 1999 and $4.8
in 1998.