AEARO CORPORATION
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
Year Ended September 30,
1999 2000 2001 2002 2003
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Earnings:
Pre tax income (loss) from continuing operations $ 10,297 $ 12,624 $ (3,752) $ 11,104 $ 23,159
Fixed Charges .................................. 26,152 26,497 25,757 22,648 21,692
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Earnings as defined ............................ $ 36,449 $ 39,121 $ 22,005 $ 33,752 $ 44,851
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Fixed Charge:
Interest Expense, net .......................... $ 24,322 $ 24,387 $ 23,666 $ 20,055 $ 19,587
Interest component of operating lease .......... 1,830 2,110 2,091 2,593 2,105
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Fixed charges as defined ....................... $ 26,152 $ 26,497 $ 25,757 $ 22,648 $ 21,692
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Ratio of Earnings to Fixed Charges ............. 1.4 1.5 0.9 1.5 2.1
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Note: Ratio of earnings to fixed charges is defined
pre-tax income from continuing operations
plus fixed charges divided by fixed charges.
Fixed charges include interest (including
amortization of debt issuance costs) and a
portion of rental expense assumed to
represent interest. Earnings for the year
ended September 30, 2001was insufficient to
cover fixed charges by $3.8 million.