EXHIBIT 12.1
DECRANE AIRCRAFT HOLDINGS, INC. AND SUBSIDIARIES
EARNINGS TO FIXED CHARGES RATIO
(DOLLARS IN THOUSANDS)
HISTORICAL:
(PREDECESSOR)
--------------------------------------------------------------------------------- (SUCCESSOR)
EIGHT -------------
NINE MONTHS MONTHS ONE MONTH
YEAR ENDED DECEMBER 31, ENDED ENDED ENDED
----------------------------------------------------- SEPTEMBER 30, AUGUST 31, SEPTEMBER 30,
1993 1994 1995 1996 1997 1997 1998 1998
--------- --------- --------- --------- --------- ------------- ----------- -------------
Earnings:
Income (loss)
before income
taxes, accounting
change and
extraordinary
item............. $ (16) $ (1,816) $ (2,368) $ (105) $ 8,598 $ 5,755 $ 6,081 $ (986)
Minority interest
in income of
subsidiaries with
fixed charges.... 13 8 85 193 112 81 48 6
Fixed charges...... 3,392 3,701 4,331 4,785 3,842 3,114 2,839 1,831
--------- --------- --------- --------- --------- ------------- ----------- -------------
$ 3,389 $ 1,893 $ 2,048 $ 4,873 $ 12,552 $ 8,950 $ 8,968 $ 851
--------- --------- --------- --------- --------- ------------- ----------- -------------
--------- --------- --------- --------- --------- ------------- ----------- -------------
Fixed charges:
Interest expense,
including
amortization of
debt discounts
and issuance
costs (none
capitalized)..... $ 2,940 $ 3,244 $ 3,821 $ 4,248 $ 3,154 $ 2,598 $ 2,350 $ 1,765
Interest component
of rentals (1)... 452 457 510 537 688 516 489 66
--------- --------- --------- --------- --------- ------------- ----------- -------------
$ 3,392 $ 3,701 $ 4,331 $ 4,785 $ 3,842 $ 3,114 $ 2,839 $ 1,831
--------- --------- --------- --------- --------- ------------- ----------- -------------
--------- --------- --------- --------- --------- ------------- ----------- -------------
Earnings to fixed
charges ratio:
Ratio............ -- -- -- 1.0x 3.3x 2.9x 3.2x --
Deficiency....... $ 3 $ 1,808 $ 2,283 $ -- $ -- $ -- $ -- $ 980
PRO FORMA:
NINE MONTHS TWELVE MONTHS
YEAR ENDED ENDED ENDED
DECEMBER 31, SEPTEMBER 30, SEPTEMBER 30,
1997 1998 1998
------------- -------------- --------------
Earnings:
Income (loss) before income taxes,
accounting change and extraordinary
item............................... $ (13,174) $ 167 $ (1,321)
Minority interest in income of
subsidiaries with fixed charges.... 112 54 85
Fixed charges....................... 21,797 16,208 21,695
------------- -------------- --------------
$ 8,735 $ 16,429 $ 20,459
------------- -------------- --------------
------------- -------------- --------------
Fixed charges:
Interest expense, including
amortization of debt discounts and
issuance costs (none
capitalized)....................... $ 21,037 $ 15,622 $ 20,865
Interest component of rentals (1)... 760 586 830
------------- -------------- --------------
$ 21,797 $ 16,208 $ 21,695
------------- -------------- --------------
------------- -------------- --------------
Earnings to fixed charges ratio:
Ratio............................. -- 1.0x --
Deficiency........................ $ 13,062 $ -- $ 1,236
- ------------------------------
(1) Reflects one-third of rental expense under operating leases considered to
represent interest cost.