EXHIBIT 12.1
Mueller Group, Inc.
Computation of Ratio of Earnings to Fixed Charges/Deficiency
In the Overage of Fixed Charges by Earnings Before Fixed Charges
Predecessor | Mueller
------------------------------------------------------------------------------------------
For the | For the
period | period
from | from
October | August 16,
1, 1998 | 1999 Fiscal Years ended September 30, Six months ended
through | through ------------------------------------------- --------------------
August | September March March
15, 1999 | 30, 1999 2000 2001 2002 2003 29, 2003 27, 2004
--------- | -------- -------- -------- --------- ---------- --------- ---------
| (unaudited)
| (dollars in millions)
Earnings before fixed charges: |
Income (loss) before income |
taxes ...................... $ 108.0 | $ (4.5) $ (17.1) $ (54.0) $ 23.6 $ 57.9 $ 18.7 $ 25.7
Fixed charges ................. 3.2 | 11.3 85.2 71.8 64.7 52.8 27.6 21.7
--------- | -------- -------- -------- --------- ---------- --------- ---------
Earnings (loss) before fixed |
charges .................... $ 111.2 | $ 6.8 $ 68.1 $ 17.8 $ 88.3 $ 110.7 $ 46.3 $ 47.4
========= | ======== ======== ======== ========= ========== ========= =========
Fixed charges: |
Interest expense(1) ........... $ -- | $ 10.6 $ 82.3 $ 69.0 $ 62.3 $ 49.7 $ 26.0 $ 20.1
Estimate of interest within |
rental expense ............. 3.2 | 0.7 2.9 2.8 2.4 3.1 1.6 1.6
--------- | -------- -------- -------- --------- ---------- --------- ---------
Total fixed charges ........ $ 3.2 | $ 11.3 $ 85.2 $ 71.8 $ 64.7 $ 52.8 $ 27.6 $ 21.7
========= | ======== ======== ======== ========= ========== ========= =========
Ratio of earnings to fixed |
charges .................... 34.75| -- -- -- 1.36 2.10 1.68 2.18
========= | ======== ======== ======== ========= ========== ========= =========
Deficiency in the coverage of |
fixed charges by earnings |
before fixed charges ....... $ -- | $ (4.5) $ (17.1) $ (54.0) $ -- $ -- $ -- $ --
========= | ======== ======== ======== ========= ========== ========= =========
- ------------------
(1) Includes amortization of deferred financing fees and contractual interest
expense. Excludes early redemption penalties, write-off of deferred
financing fees and interest rate swap gains or losses.
Computation of Pro Forma Ratio of Earnings to Fixed Charges After Adjustment
for Issuance of Notes
Fiscal year ended Six months ended
September 30, 2003 March 27, 2003
---------------- ---------------
(dollars in millions)
Earnings before fixed charges...................................... $ 110.7 $ 47.4
---------------- ---------------
Fixed charges, as above............................................ $ 52.8 $ 21.7
---------------- ---------------
Adjustments:
Estimated net increase in interest expense from refinancing..... 41.2 $ 20.8
Total pro forma fixed charges................................. $ 94.0 42.5
================ ===============
Pro forma ratio of earnings to fixed charges....................... 1.18 1.12
---------------- ---------------
Deficiency in the coverage of fixed charges by earnings before
fixed charges................................................... $ -- $ --
---------------- ---------------
- ------------------
(2) Pro forma does not include the effects of the Star Pipe Fittings (Star)
acquisition that occurred January 15, 2004.
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