1
EXHIBIT 12.1
COLTEC INDUSTRIES INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
Three Months Ended
------------------------ Year Ended December 31,
March 29 March 30 ------------------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings from continuing
operations before
extraordinary Item ................. $ 25,221 $ 21,492 $ 94,874 $ 54,570 $ 34,521 $ 45,446 $ 24,600
Add [(deduct):
Income taxes:
Federal and foreign ............... 12,993 11,072 48,875 28,111 17,616 27,251 13,684
State and local ................... 471 1,487 6,241 5,121 2,601 2,105 1,877
Portion of rents representative
of Interest factor (1) ............ 879 751 2,983 3,321 2,868 3,979 4,078
Interest Expense .................... 15,080 12,364 54,613 78,182 91,208 90,337 111,497
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings from continuing
operations before
extraordinary Item,
as adjusted ....................... $ 54,644 $ 47,166 $ 207,586 $ 167,305 $ 148,813 $ 172,118 $ 155,736
========== ========== ========== ========== ========== ========== ==========
Fixed charges:
Interest expense .................. $ 15,080 $ 12,364 $ 54,613 $ 76,182 $ 91,208 $ 90,337 $ 111,497
Capitalized interest .............. 225 225 1,455 1,139 997 689 1,140
Portion of rents representative
of Interest factor(1) ............ 879 751 2,983 3,321 2,868 2,979 3,678
---------- ---------- ---------- ---------- ---------- ---------- ----------
Fixed charges ....................... $ 16,184 $ 13,340 $ 59,051 $ 80,642 $ 95,073 $ 94,005 $ 116,315
========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to
fixed charges ...................... 3.4 3.5 3.5 2.1 1.6 1.8 1.3
========== ========== ========== ========== ========== ========== ==========
Note:
(1) Estimated to be 1/3 of total rent expenses.
2
COLTEC INDUSTRIES INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EBITDA TO INTEREST EXPENSE
(IN THOUSANDS)
Three Months Ended
------------------------ Year Ended December 31,
March 29 March 30 ------------------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings from continuing
operations before
extraordinary Item ................. $ 25,221 $ 21,492 $ 94,874 $ 54,570 $ 34,521 $ 45,446 $ 24,600
Interest expense .................... 15,080 12,364 54,043 78,182 89,886 89,472 110,190
Income taxes: ....................... 12,993 11,072 48,875 28,111 17,615 27,251 13,684
Depreciation and amortization ....... 12,416 8,511 38,415 36,014 42,086 42,131 49,022
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings before interest,
taxes, depreciation and
authorization (EBITDA) ............ $ 65,710 $ 53,439 $ 236,207 $ 193,589 $ 164,108 $ 207,300 $ 197,496
========== ========== ========== ========== ========== ========== ==========
Interest expense .................. $ 15,080 $ 12,364 $ 54,613 $ 76,182 $ 91,208 $ 90,337 $ 111,497
========== ========== ========== ========== ========== ========== ==========
Ratio of EBITDA to interest
Expense ............................ 4.4 4.3 4.3 2.5 2.0 2.3 1.8
========== ========== ========== ========== ========== ========== ==========
3
EXHIBIT 12.1
COLTEC INDUSTRIES INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF TOTAL DEBT TO EBITDA
(IN THOUSANDS)
Three Months Ended
------------------------ Year Ended December 31,
March 29 March 30 ------------------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings from continuing
operations before
extraordinary Item ................. $ 25,221 $ 21,492 $ 94,874 $ 94,570 $ 34,521 $ 45,446 $ 24,600
Interest expense .................... 15,080 12,364 54,813 74,894 89,886 89,462 110,190
Income taxes ........................ 12,993 11,072 48,875 28,111 17,615 27,251 13,684
Depreciation and amortization ....... 12,416 8,511 38,415 36,014 42,086 42,131 49,022
---------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings before interest,
taxes, depreciation and
amortization (EBITDA) ............. $ 65,710 $ 53,439 $ 239,207 $ 193,589 $ 184,108 $ 207,300 $ 197,486
========== ========== ========== ========== ========== ========== ==========
Ratio of EBITDA to
interest expense ................... 13.1 13.7 3.2 3.7 5.1 4.7 5.2
========== ========== ========== ========== ========== ========== ==========