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ADVANCED ACCESSORY SYSTEMS, LLC
EXHIBIT 12.1 -- STATEMENT REGARDING COMPUTATION OF RATIOS --
FIXED CHARGE COVERAGE RATIO
FOR THE YEARS ENDED DECEMBER 31, 1997 AND 1996, AND THE PERIOD FROM SEPTEMBER
28, 1995 THROUGH DECEMBER 31, 1995
PERIOD FROM
SEPTEMBER 28,
TO DECEMBER 31, YEAR ENDED DECEMBER 31, PRO FORMA
1995 1996 1997 1997 (2)
--------------- ---- ---- ---------
Pre-tax income (loss) from continuing operations..... $ 870,000 $ 6,409,000 $ 712,000 $(1,709,000)
Minority interest in the income of subsidiary with
fixed charges...................................... 9,000 69,000 97,000 97,000
---------- ----------- ----------- -----------
879,000 6,478,000 809,000 1,612,000
---------- ----------- ----------- -----------
Fixed charges:
Interest expense and amortization of debt discount
and premium on all indebtedness................. 975,000 4,312,000 12,627,000 19,627,000
Rentals(1)........................................... 11,000 223,000 751,000 1,040,000
---------- ----------- ----------- -----------
Total fixed charges.................................. 986,000 4,535,000 13,378,000 20,667,000
---------- ----------- ----------- -----------
Earnings before income taxes, minority interest and
fixed charges...................................... $1,865,000 $11,013,000 $14,187,000 $22,279,000
========== =========== =========== ===========
Ratio of earnings to fixed charges................... 1.89x 2.43x 1.06x 0.92x
========== =========== =========== ===========
THREE MONTHS ENDED
MARCH 31,
1997(3) 1998
------ -----
Pre-tax income (loss) from continuing operations..... $(1,857,000) $ 936,000
Minority interest in the income of subsidiary with
fixed charges...................................... 21,000 --
---------- -----------
(1,836,000) 936,000
---------- -----------
Fixed charges:
Interest expense and amortization of debt discount
and premium on all indebtedness................. 2,158,000 4,936,000
Rentals(1)........................................... 119,000 267,000
---------- -----------
Total fixed charges.................................. 2,277,000 5,203,000
---------- -----------
Earnings before income taxes, minority interest and
fixed charges...................................... $ 441,000 $ 6,139,000
========== ===========
Ratio of earnings to fixed charges................... 0.19x 1.18x
========== ===========
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(1) Amount included in fixed charges for rentals is considered by management to
be a reasonable approximation of the interest factor.
(2) The Company's pro forma earnings were insufficient to cover pro forma fixed
charges by $1.6 million for the year ended December 31, 1997.
(3) The Company's earnings were insufficient to cover fixed charges by $1.8
million for the three months ended March 31, 1997.