.
.
.
EXHIBIT 12.1
------------
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PRE-RECAPITALIZATION
-------------------------------------------------------------------
JAN. 1, 2003
TO JAN. 9,
(dollars in thousands) 1999 2000 2001 2002 2003
-------- -------- -------- -------- --------
EARNINGS: (unaudited)
- --------
Earnings from continuing operations
before provision (benefit) for income taxes $ 30,100 $ 700 $ 13,000 $ 23,900 $ (1,400)
Fixed Charges $ 8,094 $ 18,647 $ 30,267 $ 36,836 $ 1,019
Earnings from continuing operations -------- -------- -------- -------- ---------
plus fixed charges $ 38,194 $ 19,347 $ 43,267 $ 60,736 $ (381
======== ======== ======== ======== =========
FIXED CHARGES:
- --------------
Interest charges, net 6,888 16,997 28,657 35,031 976
Plus interest factor in operating rent expense 1,206 1,650 1,610 1,805 43
-------- -------- -------- -------- ---------
Total fixed charges 8,094 18,647 30,267 36,836 1,019
======== ======== ======== ======== =========
Ratio of earnings to fixed charges (excess of fixed charges
over earnings)(4) 4.7x 1.x 1.4x 1.6x (0.4)x
======== ======== ======== ======== =========
POST-NORTEK
RECAPITALI-
ZATION (1)
-------------
COMBINED PRO FORMA
FISCAL YEAR FISCAL YEAR
JAN. 10, 2003 ENDED ENDED
TO DEC. 31, DECEMBER 31, DECEMBER 31,
(dollars in thousands) 2003 2003 2003
-------- -------- --------
EARNINGS: (unaudited)
- --------
Earnings from continuing operations
before provision (benefit) for income taxes $ 18,200 $ 16,800 $ 26,884
Fixed Charges $ 35,106 $ 36,125 $ 34,123
Earnings from continuing operations
plus fixed charges -------- -------- --------
$ 53,306 $ 52,925 $ 61,007
======== ======== ========
FIXED CHARGES:
- --------------
Interest charges, net 33,117 34,093 32,091
Plus interest factor in operating rent expense 1,989 2,032 2,032
Total fixed charges -------- -------- --------
35,106 36,125 34,123
======== ======== ========
Ratio of earnings to fixed charges (excess of fixed charges
over earnings)(4)
1.5x 1.5x 1.8x
======== ======== ========