Exhibit 12.01
Haynes International, Inc.
Ratio of Earnings Before Fixed Charges to Fixed Charges
1995 1996 1997 1998 1999
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Line 1 Income (loss) before income
taxes, extraordinary item and
cumulative effect of a change
in accounting principle $(5,458) $ 160 $ 3,705 $ 4,773 $(5,755)
Line 2 Interest on indebtedness 18,789 20,638 19,464 19,924 19,102
Line 3 Amortization of debt issuance
costs 1,444 1,353 1,144 1,247 1,246
Line 4 Estimated interest portion of
rental expense 477 464 589 564 702
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Line 5 Total earnings before fixed
charges $15,252 $22,615 $24,902 $26,508 $15,295
Line 6 Interest on indebtedness $18,789 $20,638 $19,596(1) 19,934(1) 19,197(1)
Line 7 Amortization of debt issuance
costs 1,444 1,353 1,144 1,247 1,246
Line 8 Estimated interest portion of
rental expense 477 464 589 564 702
---------- ------- ---------- ---------- ----------
Line 9 Total fixed charges $20,710 $22,455 $21,329 $21,745 $21,145
Ratio of earnings before fixed N/A(2) 1.01 1.17 1.22 N/A(2)
charges to fixed charges
<FN>
(1) Includes $132, $10, and $95 for 1997, 1998 and 1999, respectively, of
capitalized interest expense.
(2) Earnings before fixed charges were insufficient to cover fixed charges.
</FN>