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Exhibit 12.1
ARGO-TECH CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
40 weeks 39 weeks Fiscal Year Ended
ended ended -------------------------------------------------------------------
July 31, July 26, October 25, October 26, October 27, October 28, October 30,
2004 2003 2003 2002 2001 2000 1999
-------- -------- ----------- ----------- ----------- ----------- -----------
(Unaudited) (Dollars in Thousands)
Historical:
Income from operations $ 25,715 $ 18,837 $ 26,835 $ 27,832 $ 38,159 $ 25,352 $ 33,846
Debt extinguishment expense(a) 5,571
Other, net (10) (26) (529) (97) (51) (402) (516)
-------- -------- -------- -------- -------- -------- --------
Earnings as Adjusted $ 20,154 $ 18,863 $ 27,364 $ 27,929 $ 38,210 $ 25,754 $ 34,362
======== ======== ======== ======== ======== ======== ========
Fixed charges:
Interest expense(b) $ 23,385 $ 16,005 $ 21,257 $ 21,434 $ 24,534 $ 25,644 $ 25,003
======== ======== ======== ======== ======== ======== ========
Ratio of Earnings to Fixed Charges (c) 1.2x 1.3x 1.3x 1.6x 1.0x 1.4x
=== === === === === === ===
(a) For the 40 weeks ended July 31, 2004, this excludes a $7,390,000 write-off
of deferred financing fees associated with the refinancing of our 8-5/8%
senior subordinated notes and amendment and restatement of our credit
agreement and the recognition of the remaining accretion on a portion of
the 8-5/8% senior subordinated notes that were issued at a discount.
(b) For the 40 weeks ended July 31, 2004, this includes a $7,390,000 write-off
of deferred financing fees associated with the refinancing of our 8-5/8%
senior subordinated notes and amendment and restatement of our credit
agreement and the recognition of the remaining accretion on a portion of
the 8-5/8% senior subordinated notes that were issued at a discount.
(c) No ratio is presented for the 40 weeks ended July 31, 2004 as the earnings
for that period were $3,231,000 less than the fixed charges.