EXHIBIT 12.1
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
American Seafoods Holdings LLC American Seafoods
and Subsidiaries Corporation
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Pro Forma
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Three Months Three Months
Year Ended December 31, Ended March 31, Year Ended Ended
---------------------------- ----------------- December 31, March 31,
2001 2002 2003 2003 2004 2003 2004
------ ------ ------ ------- ------- -------------- -------------
Earnings (as calculated below) 53,102 62,568 59,364 33,241 32,271 58,316 32,011
Divided by Fixed Charges
consisting of interest
expense...................... 35,093 39,957 45,037 10,735 11,235 50,396 12,599
------ ------ ------ ------ ------ ------ ------
Ratio of earnings to fixed
charges...................... 1.51 1.57 1.32 3.10 2.87 1.16 2.54
Calculation of Earnings:
Income before income taxes.... 18,180 23,012 14,148 22,455 21,036 7,741 19,412
Minority Interest............. (171) (401) 179 51 -- 179 --
Plus: Fixed charges
consisting of interest
expense...................... 35,093 39,957 45,037 10,735 11,235 50,396 12,599
------- ------ ------ ------ ------ ------ -------
53,102 62,568 59,364 33,241 32,271 58,316 32,011
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