ADVANCED GLASSFIBER YARNS LLC Exhibit 12
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands)
Consolidated Company Predecessor Business
-----------------------------------------------------------| --------------------------------
Years Three Months | Nine Months Year
Ended Ended | Ended Ended
December 31, December 31, | September 30, December 31,
---------------------------------------- -----------------| ---------------- ---------------
|
2001 2000 1999 1998 | 1998 1997
---- ---- ---- ---- | ---- ----
Earnings: |
Pretax income (loss) (1) $ (7,694) $ 12,186 $ 5,796 $ 4,275 | $ 59,235 $ 82,866
Add: |
Fixed charges 34,056 36,400 37,790 9,354 | 898 1,076
Capitalized interest |
----------- ------------ ----------- ----------- | ----------- -----------
$ 26,362 $ 48,586 $ 43,586 $ 13,629 | $ 60,133 $ 83,942
=========== ============ =========== =========== | =========== ===========
|
Fixed Charges: |
Interest expense (2) $ 33,243 $ 35,449 $ 36,824 $ 9,113 | $ - $ -
Capitalized interest |
Portion of rents representative |
of interest factor (3) 813 951 966 241 | 898 1,076
----------- ------------ ----------- ----------- | ----------- -----------
$ 34,056 $ 36,400 $ 37,790 $ 9,354 | $ 898 $ 1,076
----------- ------------ ----------- ----------- | ----------- -----------
|
Ratio of earning to fixed charges 0.8 x 1.3 x 1.2 x 1.5 x | 67.0 x 78.0 x
(1) Income before taxes, and extraordinary loss.
(2) Includes amortization of debt issuance costs and original issue discount and
excluded capitalized interest.
(3) Calculated by taking one-third of the amount for sub-lease of manufacturing
equipment paid to Owens Corning and manufacturing facility rental expense
paid to Porcher Industries. These amounts are included in Note 9 to the
financial statements "Transactions with Related Parties - Lease
Transactions."