Exhibit 12.1
TITAN HOLDINGS, INC.
STATEMENT RE: COMPUTATION OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
TWELVE SEVEN ELEVEN
MONTHS MONTHS MONTHS THREE MONTHS ENDED SIX MONTHS ENDED
ENDED ENDED ENDED YEARS ENDED DECEMBER 31, JUNE 30, JUNE 30,
JUNE 30, FEBRUARY DECEMBER ----------------------------- ------------------ ------------------
1999 6, 2000 31, 2000 2001 2002 2003 2003 2004 2003 2004
---- ------- -------- ---- ---- ---- ---- ---- ---- ----
Earnings:
Income (loss) before
income taxes $ 10,027 $ 6,547 $ 18,175 $ 181 $ 11,175 $ 11,691 $ 3,750 ($ 2,859) $ 8,512 $ 5,388
Minority interest in
net income (loss) 645 (142) 852 317 (21)
Interest expense 7,239 4,731 10,015 14,726 13,433 9,444 2,504 2,677 4,927 4,666
Amortization of
deferred financing
costs 210 1,569 510 568 678 706 173 1,937 353 2,119
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings 18,121 12,705 29,552 15,792 25,265 21,841 6,427 1,755 13,792 12,173
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fixed charges:
Interest expense 7,239 4,731 10,015 14,726 13,433 9,444 2,504 2,677 4,927 4,666
Amortization of
deferred financing
costs 210 1,569 510 568 678 706 173 1,937 353 2,119
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Fixed charges 7,449 6,300 10,525 15,294 14,111 10,150 2,677 4,614 5,280 6,785
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Ratio of Earnings to
Cover Fixed Charges 2.4x 2.0x 2.8x 1.0x 1.8x 2.2x 2.4x 0.4x 2.6x 1.8x
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PRO FORMA DISCLOSURE:
Earnings:
Income (loss) before
income taxes $ 3,521 $ 4,201 $ 12,164
Interest expense 21,995 10,970 11,034
Amortization of
deferred financing
costs 917 460 459
-------- -------- --------
Earnings 26,433 15,631 23,657
-------- -------- --------
Fixed charges:
Interest expense 21,995 10,970 11,034
Amortization of
deferred financing
costs 917 460 459
-------- -------- --------
Fixed charges 22,912 11,430 11,493
-------- -------- --------
Ratio of Earnings to
Cover Fixed Charges 1.2x 1.4x 2.1x
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