Exhibit 12.1
Actuant Corporation
Statements Regarding Computation of Ratio of Earnings to Fixed Charges
(amounts in thousands)
Fiscal Year Ended August 31, | Three Months Ended: | |||||||||||||||||||||
2004 | 2005 | 2006 | 2007 | 2008 | November 30, 2007 | November 30, 2008 (a) | ||||||||||||||||
Earnings from continuing operations before income tax expense and minority interest, as reported | $ | 38,825 | $ | 105,708 | $ | 125,849 | $ | 151,690 | $ | 177,931 | $ | 42,570 | $ | 12,963 | ||||||||
Adjustments: | ||||||||||||||||||||||
Add: fixed charges | 14,597 | 18,352 | 28,016 | 35,622 | 40,544 | 10,233 | 13,242 | |||||||||||||||
Less: capitalized interest | — | — | — | — | (171 | ) | — | — | ||||||||||||||
Earnings from continuing operations before income tax expense and minority interest, as adjusted | 53,422 | 124,060 | 153,865 | 187,312 | 218,304 | 52,803 | 26,205 | |||||||||||||||
Fixed Charges: | ||||||||||||||||||||||
Interest incurred | 13,669 | 17,099 | 26,493 | 33,747 | 38,262 | 9,668 | 12,607 | |||||||||||||||
Interest component of rent expense (estimated at 7.25%) | 928 | 1,253 | 1,523 | 1,875 | 2,282 | 565 | 635 | |||||||||||||||
14,597 | 18,352 | 28,016 | 35,622 | 40,544 | 10,233 | 13,242 | ||||||||||||||||
Earnings to fixed charges ratio | 3.7 | 6.8 | 5.5 | 5.3 | 5.4 | 5.2 | 2.0 |
(a) | Earnings from continuing operations before income tax expense and minority interest for the three months ended November 30, 2008 include a $26,553 non-cash impairment charge related to the goodwill, intangible assets and fixed assets of the Recreational Vehicle reporting unit (as disclosed in the Company's Form 10-Q filed with the Securities and Exchange Commission on January 8, 2009). Excluding the impairment charge, the earnings to fixed charge coverage ratio would have been 4.0 for the three months ended November 30, 2008. |