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Previous: CONE MILLS CORP, S-4/A, EX-4.16, 2000-12-28 |
Next: CONE MILLS CORP, S-4/A, EX-23.1, 2000-12-28 |
EXHIBIT 12.1
CONE MILLS CORPORATION
Ratio of Earnings to Fixed Charges Computation
<TABLE>
<CAPTION>
First Nine Months
----------------------------------
2000 1999 1999 1998
------------------------------------------------------------------------
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operating Income (Loss) per Statements $ 17,336 $ (12,777) $ (16,544) $ (7,655)
------------------------------------------------------------------------
Interest Income 892 1,276 1,529 2,777
Interest Expense (13,865) (10,345) (14,006) (14,446)
Interest Exp-Hedge Act.-Debentures (320) (320) (427) (427)
Interest Exp-Amortization of Discount (13) (13) (17) (17)
------------------------------------------------------------------------
(13,306) (9,402) (12,921) (12,113)
------------------------------------------------------------------------
Income (Loss) before Income Tax Benefit, Equity in
Earnings of Unconsolidated Affiliate and
Cumulative Effect of Accounting Change 4,030 (22,179) (29,465) (19,768)
------------------------------------------------------------------------
Fixed Charges:
Interest Expense 13,865 10,345 14,006 14,446
Interest Exp-Hedge Act.-Debentures 320 320 427 427
Interest Exp-Amortization of Discount 13 13 17 17
Interest portion of rental expense 1,836 1,660 2,292 1,997
------------------------------------------------------------------------
Total Fixed Charges 16,034 12,338 16,742 16,887
------------------------------------------------------------------------
Earnings Available for Fixed Charge Coverage $ 20,064 $ (9,841) $ (12,723) $ (2,881)
------------------------------------------------------------------------
Ratio of Earnings to Fixed Charges 1.25 (0.80) (0.76) (0.17)
------------------------------------------------------------------------
Fixed Charges (Pro Forma):
Total Fixed Charges $ 16,034 $ 16,742
#NAME? (6,094) (8,125)
Interest Exp-Hedge Act.-Debentures (320) (427)
Interest Exp-Amortization of Discount (13) (17)
Interest Exp-Debentures 11% 7,013 9,350
----------------- -----------------
Pro Forma Fixed Charges $ 16,620 $ 17,523
----------------- -----------------
Earnings Available for Fixed Charge Coverage $ 20,650 $ (11,942)
----------------- -----------------
Ratio of Earnings to Fixed Charges 1.24 (0.68)
----------------- -----------------
------------------------------------------------------------------------------------------------------------------------------------
Deficiency of Earnings to Cover Fixed Charges $ 22,179 $ 29,465 $ 19,768
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
1997 1996 1995
-----------------------------------------------
-----------------------------------------------
<S> <C> <C> <C>
Operating Income (Loss) per Statements $ (8,329) $ 12,823 $ 35,424
-----------------------------------------------
Interest Income 2,486 586 563
Interest Expense (13,716) (15,039) (14,730)
Interest Exp-Hedge Act.-Debentures (427) (427) (338)
Interest Exp-Amortization of Discount (17) (17) (13)
-----------------------------------------------
(11,674) (14,897) (14,518)
-----------------------------------------------
Income (Loss) before Income Tax Benefit, Equity in
Earnings of Unconsolidated Affiliate and
Cumulative Effect of Accounting Change (20,003) (2,074) 20,906
-----------------------------------------------
Fixed Charges:
Interest Expense 13,716 15,039 14,730
Interest Exp-Hedge Act.-Debentures 427 427 338
Interest Exp-Amortization of Discount 17 17 13
Interest portion of rental expense 1,952 2,493 2,478
-----------------------------------------------
Total Fixed Charges 16,112 17,976 17,559
-----------------------------------------------
Earnings Available for Fixed Charge Coverage $ (3,891) $ 15,902 $ 38,465
-----------------------------------------------
Ratio of Earnings to Fixed Charges (0.24) 0.88 2.19
-----------------------------------------------
Fixed Charges (Pro Forma):
Total Fixed Charges
#NAME?
Interest Exp-Hedge Act.-Debentures
Interest Exp-Amortization of Discount
Interest Exp-Debentures 11%
Pro Forma Fixed Charges
Earnings Available for Fixed Charge Coverage
Ratio of Earnings to Fixed Charges
-----------------------------------------------------------------------------------------------------------
Deficiency of Earnings to Cover Fixed Charges $ 20,003 $ 2,074
-----------------------------------------------------------------------------------------------------------
</TABLE>
(1) Assumes exchange of the 8-1/8% Debentures for 3.35 million shares of Common
Stock and $85 million in 11% Secured Subordinated Debentures.
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