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EXHIBIT 12.1
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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 1.0x 1.4x 1.6x (0.4)x
======== ======== ======== ======== =========
POST-NORTEK
RECAPITALI-
ZATION (1)
------------- Post-Nortek
COMBINED PRO FORMA || Recapitali-
FISCAL YEAR FISCAL YEAR || zation(1)
|| JAN. 10, 2003 ENDED ENDED || Jan. 1, 2003 Jan. 10, 2003
|| TO DEC. 31, DECEMBER 31, DECEMBER 31, || to Jan. 9, to April 5,
(dollars in thousands) || 2003 2003 2003 || 2003 2003
|| -------- -------- -------- || ------------ --------------
EARNINGS: || (unaudited) || (unaudited) (unaudited)
- -------- || ||
|| ||
Earnings from continuing operations || ||
before provision (benefit) for income taxes || $ 18,200 $ 16,800 $ 26,884 || $(1,400) $(8,300)
Fixed Charges || $ 35,106 $ 36,125 $ 34,123 || $ 1,019 $ 7,941
|| ||
Earnings from continuing operations || ||
plus fixed charges || -------- -------- -------- || ------- -------
|| $ 53,306 $ 52,925 $ 61,007 || $ (381) $ 359
|| ======== ======== ======== || ======= =======
FIXED CHARGES: || ||
- -------------- || ||
|| ||
Interest charges, net || 33,117 34,093 32,091 || 976 7,693
Plus interest factor in operating rent expense || 1,989 2,032 2,032 || 43 348
Total fixed charges || -------- -------- -------- || ------- -------
|| 35,106 36,125 34,123 || 1,019 7,941
|| ======== ======== ======== || ======= =======
Ratio of earnings to fixed charges (excess of fixed || ||
charges over earnings)(4) || ||
|| 1.5x 1.5x 1.8x || (0.4)x --
|| ======== ======== ======== || ======= =======
Pro Forma Pro Forma
Full Jan. 1, 2004 Feb. 12, 2004 Full
1st Quarter to Feb. 11, to April 3, 1st Quarter
(dollars in thousands) 2003 2004 2003 2004
----------- ------------ ------------- -----------
EARNINGS: (unaudited) (unaudited) (unaudited) (unaudited)
- --------
Earnings from continuing operations
before provision (benefit) for income taxes $(6,795) $(5,200) $ 148 $(4,788)
Fixed Charges $ 8,910 $ 3,878 $5,315 $ 8,989
Earnings from continuing operations
plus fixed charges ------- ------- ------ -------
$ 2,116 $(1,322) $5,463 $ 4,201
======= ======= ====== =======
FIXED CHARGES:
- --------------
Interest charges, net 8,519 3,694 5,017 8,795
Plus interest factor in operating rent expense 391 194 296 194
Total fixed charges ------- ------- ------ -------
8,910 3,676 5,315 8,989
======= ======= ====== =======
Ratio of earnings to fixed charges (excess of fixed
charges over earnings)(4)
0.2x (0.3)x 1.0x 0.5x
======= ======= ====== =======