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EXHIBIT 12.1
APW Ltd.
Statement of Computation of Ratio of
Earnings to Fixed Charges
(in thousands, except ratio data)
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Nine Year Ended August 31,
months -----------------------------------------------------
ended
5/31/00 1999 1998 1997 1996 1995
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<S> <C> <C> <C> <C> <C> <C>
Net earnings from operations $15,187 $20,425 $18,347 $31,696 $22,848 $19,282
Add income tax 12,548 11,390 17,159 18,899 14,894 10,767
Add interest expense 38,222 52,857 16,623 9,518 3,688 -
Portion of rent interest
factor (1) 4,339 5,702 3,030 1,107 1,021 1,036
-------- -------- -------- -------- -------- --------
Total earnings
fixed charges $70,296 $90,374 $55,159 $61,220 $42,451 $31,085
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Fixed charges:
Interest expense $38,222 $52,857 $16,623 $ 9,518 $ 3,688 $ -
Portion of rent
interest factor (1) 4,339 5,702 3,030 1,107 1,021 1,036
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Total fixed $42,561 $58,559 $19,653 $10,625 $ 4,709 $ 1,036
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Ratio of earnings to charges 1.7x 1.5x 2.8x 5.8x 9.0x 30.0x
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Notes for explanations:
(1) One third off rental expense is deemed representative of the interest
factor.
