Exhibit 12.1
BREED Technologies, Inc.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(In thousands, except per ratios)
Pro Pro forma
Nine Nine forma (2)
months months (1) Year nine-month
Fiscal Years ended June 30, ended ended ended period ended
---------------------------------------------------------- March 31, March 31, June 30, March 31,
1993 1994 1995 1996 1997 1998 1997 1997 1998
------------ -------- --------- ----------- ----------- ----------- ---------- ------- -----------
Earnings Computation
Pre-tax earnings
(losses) from
continuing operations 27,638 73,009 110,133 98,338 29,647 (374,400) 20,600 24,700 (383,700)
Add: Fixed Charges 2,218 1,423 1,156 2,979 29,451 70,844 19,244 107,982 74,444
Subtract: Dividends on
redeemable preferred
stock (5,700) (16,300) (12,200)
Subtract: Capitalized
Interest 0 0 0 0 (90) (68) (68) (90) (68)
------------ -------- --------- ----------- ----------- ----------- ---------- ------- -----------
Total Earnings as Adjusted 29,856 74,432 111,289 101,317 59,008 (309,324) 39,776 116,292 (321,524)
Fixed Charges Computation
Interest expensed 2,112 1,062 829 2,664 26,800 47,800 17,800 84,600 58,400
Capitalized interest 90 68 68 90 68
Amortization of
deferred financing
costs 726 15,900 3,400 2,400
Estimated interest
factor on operating
leases 106 361 327 315 1,835 1,376 1,376 3,592 1,376
Dividends on redeemable
preferred stock 5,700 0 16,300 12,200
------------ -------- --------- ----------- ----------- ----------- ---------- ------- -----------
Total Fixed Changes 2,218 1,423 1,156 2,979 29,451 70,844 19,244 107,982 74,444
============ ======== ========= =========== =========== =========== ========== ======= ===========
Ratio of earnings to
combined fixed charges
and preferred stock
dividends 13.46 52.31 96.27 34.01 2.00 (4.37) 2.07 1.08 (4.32)
============ ======== ========= =========== =========== =========== ========== ======= ===========
Insufficiency of earnings
to cover combined fixed
charges and preferred
stock dividends 380,168 395,968
============ ======== ========= =========== =========== =========== ========== ======= ==========
(1) Gives effect to the 1997 Acquisitions and the SRS Acquisition
(2) Gives effect to the SRS Acquisition
NOTE: The Ratio of earnings to combined fixed charges and preferred stock
- ----
dividends would not be effected by the conversion of Preferred Securities into
Convertible Debentures because (i) the Distribution rate of 6.5% on the
Preferred Securities is equal to the coupon rate of the Convertible Debentures
and (ii) the total principal amount outstanding will be unchanged.