EXHIBIT 12.1
COLTEC INDUSTRIES INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
Year Ended December 31,
Proforma ----------------------------------------------------------
1993 (2) 1993 1992 1991 1990 1989
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Earnings from continuing
operations before
extraordinary item.................... $ 90,609 $ 65,226 $ 64,683 $ 2,209 $ 40,934 $ 50,030
Add (deduct):
Income taxes:
Federal and foreign................. 49,605 36,293 42,577 28,300 33,770 16,777
State and local..................... 5,309 1,877 1,886 1,538 913 (2,303)
Portion of rents representative
of interest factor (1).............. 4,078 4,078 4,283 4,268 4,246 3,998
Interest expense...................... 94,589 111,497 137,797 201,954 206,027 214,983
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Earnings from continuing
operations before
extraordinary item,
as adjusted........................... $ 244,190 $ 218,971 $ 251,226 $ 238,269 $ 285,890 $ 283,485
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Fixed charges:
Interest expense...................... $ 94,589 $ 111,497 $ 137,797 $ 201,954 $ 206,027 $ 214,983
Capitalized interest.................. 1,140 1,140 1,196 955 1,015 577
Portion of rents representative
of interest factor (1).............. 4,078 4,078 4,283 4,268 4,246 3,998
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Fixed charges........................... $ 99,807 $ 116,715 $ 143,276 $ 207,177 $ 211,288 $ 219,558
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Ratio of earnings to fixed charges...... 2.4 1.9 1.8 1.2 1.4 1.3
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<FN>
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Note:
(1) Estimated to be 1/3 of total rent expense.
(2) Pro forma to: (a) reflect the 1994 Credit Agreement being entered into
at the beginning of 1993 and (2) exclude the restructuring charge of
$25,219,000 recorded in the second quarter of 1993.