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EXHIBIT 12
Aetna Industries, Inc.
Information on Ratio of Earnings
To fixed charges computation
(in thousands)
Six months ended
Year ended December 31, Proforma June 30, Proforma
1991 1992 1993 1994 1995 1995 1995 1996 1996
Net income before the
effect of accounting changes (2,287) (2,768) 915 6,595 4,576 3,674 5,466 2,806 2,253
Income taxes 218 (347) 930 4,000 1,877 1,392 2,243 2,163 1,865
Pretax income (2,069) (3,115) 1,845 10,595 6,453 5,066 7,709 4,969 4,118
Fixed charges per below 10,467 10,299 9,659 9,800 9,795 11,432 4,720 4,756 5,732
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Earnings from operations 8,398 7,184 11,504 20,395 16,248 16,498 12,429 9,725 9,850
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Fixed charges:
Interest expense 9,525 9,206 9,020 8,929 8,579 10,094 4,246 4,132 5,047
Debt amortization 432 557 99 198 442 564 99 221 282
Rent expense - portion of
operating rentals
representative of the
interest factor 510 536 540 673 774 774 375 403 403
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Total fixed charges 10,467 10,299 9,659 9,800 9,795 11,432 4,720 4,756 5,732
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Ratio of income to fixed charges (1) (1) 1.2 2.1 1.7 1.5 2.6 2.0 1.7
(1) The deficiency of earnings from operations versus fixed charges
was $ 2.1 million and $3.1 million for the years ended December 31, 1991
and 1992, respectively.