EXHIBIT 12.1
BLOUNT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS)
For the
For the For the 10 months
9 months ended 12 months ended ended For the 12 months ended
September 30, December 31, December 31, the last day of February,
------------------- ----------------------------------- -------------- --------------------------
1999(2) 1998 1998 1997 1996(1) 1996(1) 1996 1995
--------- -------- --------- --------- --------- -------------- --------- ------------
Income (loss) from
continuing operations
before income taxes.......... $75.2 $102.2 $ 93.7 $85.4 $69.6 $83.7 $67.4
Amortization of 0.1 0.1 0.1 0.1 0.1 0.1 0.1
capitalized interest.........
Amortization of debt 0.7 1.0 0.3 0.3 0.2 0.3 0.5
expense......................
Interest expense.............. 10.1 13.3 9.2 9.6 7.7 10.5 10.6
Interest portion of rentals... 1.1 1.6 1.7 2.0 1.7 2.1 1.7
----- ----- ------ ----- ----- ----- -----
Earnings available for $87.2 $118.2 $105.0 $97.4 $79.3 $96.7 $80.3
fixed charges................ ===== ====== ====== ===== ===== ===== =====
Interest expense.............. $10.1 $13.3 $ 9.2 $ 9.6 $ 7.7 $10.5 $10.6
Amortization of 0.1 0.1 0.1 0.1 0.1 0.1 0.1
capitalized interest.........
Amortization of debt 0.7 1.0 0.3 0.3 0.2 0.3 0.5
expense......................
Capitalized interest.......... 0.0 0.0 0.1 0.0 0.0 0.0 0.0
Interest portion of rentals... 1.1 1.6 1.7 2.0 1.7 2.1 1.7
----- ----- ------ ----- ----- ----- -----
Fixed charges................. $12.0 $16.0 $11.4 $12.0 $9.7 $13.0 $12.9
===== ===== ===== ===== ==== ===== =====
Ratio of earnings to fixed 7.3x 7.4x 9.2x 8.1x 8.2x 7.4x 6.2x
charges......................
Pro Forma ratio of earnings to fixed charges
For the For the
9 months ended 12 months ended
September 30, December 31,
1999(2) 1998
--------------- -----------------
Income (loss) from continuing operations before $ 18.9
income taxes....................................
Amortization of capitalized interest............... 0.1
Amortization of debt expense....................... 5.1
Interest expense................................... 91.8
Interest portion of rentals........................ 1.6
------
Earnings available for fixed charges............ $117.5
======
Interest expense................................... $ 91.8
Amortization of capitalized interest............... 0.1
Amortization of debt expense....................... 5.1
Capitalized interest............................... 0.0
Interest portion of rentals........................ 1.6
------
Fixed charges................................... $ 98.6
======
Ratio of earnings to fixed charges................. 1.2x
(1) In April 1996, Blount changed its fiscal year from one ending on the last
day of February to one ending on December 31. Unaudited financial data for
the twelve months ended December 21, 1996 is also presented in the table
above for comparative purposes only.
(2) For the nine months ended September 30, 1999, historical earnings available
for fixed charges were inadequate to cover actual fixed charges by $28.3
million. For the nine months ended September 30, 1999, pro forma earnings
available for fixed charges were inadequate to cover pro forma fixed charges
by $11.1 million.