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EXHIBIT 12.1
DECRANE AIRCRAFT HOLDINGS, INC.
EARNINGS TO FIXED CHARGES RATIO
(DOLLARS IN THOUSANDS)
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HISTORICAL
--------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
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EIGHT FOUR
MONTHS MONTHS
ENDED ENDED
AUGUST 31, DECEMBER 31,
1995 1996 1997 1998 1998 1999
-------- -------- -------- ----------- ------------- --------
(PREDECESSOR) (SUCCESSOR)
<S> <C> <C> <C> <C> <C> <C>
EARNINGS:
Income (loss) before income taxes
and extraordinary items.......... ($2,368) (105) 8,598 6,081 (2,992) (3,418)
Minority interest in income of
subsidiary with fixed charges.... 85 193 112 48 82 197
Fixed charges...................... 4,331 4,785 3,842 3,117 7,217 29,123
------- ------ ------- ------ ------- -------
Total earnings................... $ 2,048 $4,873 $12,552 $9,246 $ 4,307 $25,902
======= ====== ======= ====== ======= =======
FIXED CHARGES:
Interest expense, including
amortization of debt discounts
and issuance costs (none
capitalized)..................... 3,821 4,248 3,154 2,350 6,852 27,918
Interest component of rentals
(1).............................. 510 537 688 767 365 1,205
------- ------ ------- ------ ------- -------
Total fixed charges.............. $ 4,331 $4,785 $ 3,842 $3,117 $ 7,217 $29,123
======= ====== ======= ====== ======= =======
PREFERRED STOCK DIVIDENDS AND FIXED
CHARGES:
Dividend requirements.............. -- -- -- -- -- --
Incremental effective income tax
rate............................. 40.0% 40.0% 40.0% 40.0% 40.0% 40.0%
Pre-tax preferred stock dividend
factor........................... -- -- -- -- -- --
Total fixed charges................ 4,331 4,785 3,842 3,117 7,217 29,123
------- ------ ------- ------ ------- -------
Combined preferred stock
dividends and fixed charges.... $ 4,331 $4,785 $ 3,842 $3,117 $ 7,217 $29,123
======= ====== ======= ====== ======= =======
RATIO OF EARNINGS TO COMBINED
PREFERRED STOCK DIVIDENDS AND
FIXED CHARGES:
Ratio.............................. -- 1.0x 3.3x 3.0x -- --
Deficiency......................... $ 2,283 $ 2,910 $ 3,221
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HISTORICAL PRO FORMA
------------------- -------------------------
SIX MONTHS ENDED
JUNE 30,
-------------------
TWELVE SIX
MONTHS MONTHS
ENDED ENDED
DECEMBER 31, JUNE 30,
1999 2000 1999 2000
-------- -------- ------------- ---------
(SUCCESSOR)
<S> <C> <C> <C> <C>
EARNINGS:
Income (loss) before income taxes
and extraordinary items.......... 1,554 5,688 ($1,040) $ 6,234
Minority interest in income of
subsidiary with fixed charges.... 111 152 197 152
Fixed charges...................... 13,332 19,316 40,929 21,463
------- ------- ------- -------
Total earnings................... $14,997 $25,156 $40,086 $27,849
======= ======= ======= =======
FIXED CHARGES:
Interest expense, including
amortization of debt discounts
and issuance costs (none
capitalized)..................... 12,729 18,713 $39,549 $20,773
Interest component of rentals
(1).............................. 603 603 1,380 690
------- ------- ------- -------
Total fixed charges.............. $13,332 $19,316 $40,929 $21,463
======= ======= ======= =======
PREFERRED STOCK DIVIDENDS AND FIXED
CHARGES:
Dividend requirements.............. -- -- 4,246 2,387
Incremental effective income tax
rate............................. 40.0% 40.0% 40.0% 40.0%
Pre-tax preferred stock dividend
factor........................... -- -- 7,077 3,978
Total fixed charges................ 13,332 19,316 40,929 21,463
------- ------- ------- -------
Combined preferred stock
dividends and fixed charges.... $13,332 $19,316 $48,006 $25,441
======= ======= ======= =======
RATIO OF EARNINGS TO COMBINED
PREFERRED STOCK DIVIDENDS AND
FIXED CHARGES:
Ratio.............................. 1.1x 1.3x -- 1.1x
Deficiency......................... $ 7,920
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(1) Reflects one-third of rental expense under operating leases considered to
represent interest costs.
