Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - AVINTIV Specialty Materials Inc. | d326468d10k.htm |
| EX-21 - LIST OF SUBSIDIARIES OF THE COMPANY - AVINTIV Specialty Materials Inc. | d326468dex21.htm |
| EX-32.1 - CEO CERTIFICATION - AVINTIV Specialty Materials Inc. | d326468dex321.htm |
| EX-31.2 - CFO CERTIFICATION - AVINTIV Specialty Materials Inc. | d326468dex312.htm |
| EX-32.2 - CFO CERTIFICATION - AVINTIV Specialty Materials Inc. | d326468dex322.htm |
| EX-31.1 - CEO CERTIFICATION - AVINTIV Specialty Materials Inc. | d326468dex311.htm |
Exhibit 12.1
POLYMER GROUP, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
(In thousands, except ratio data)
| Predecessor | Successor | |||||||||||||||||||||||
| Fiscal year ended(1) | One Month ended January 28, 2011 |
Eleven Months Ended December 31, 2011 |
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| December 29, 2007 |
January 3, 2009 |
January 2, 2010 |
January 1, 2011 |
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| Income (loss) from continuing operations before provision (benefit) for income taxes |
$ | (16,206 | ) | $ | (2,543 | ) | $ | 17,601 | $ | 16,329 | $ | (17,753 | ) | $ | (73,101 | ) | ||||||||
| Add: |
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| Interest expense |
33,033 | 33,405 | 27,504 | 31,876 | 1,978 | 46,913 | ||||||||||||||||||
| Amortizations of capitalized interest |
629 | 902 | 930 | 953 | 68 | 112 | ||||||||||||||||||
| Portion of rental expense under operating leases deemed to be the equivalent of interest |
1,700 | 1,503 | 1,651 | 3,258 | 338 | 2,704 | ||||||||||||||||||
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| Adjusted earnings |
$ | 19,156 | $ | 33,267 | $ | 47,686 | $ | 52,416 | $ | (15,369 | ) | $ | (23,372 | ) | ||||||||||
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| Fixed charges: |
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| Interest expense |
$ | 33,033 | $ | 33,405 | $ | 27,504 | $ | 31,876 | $ | 1,978 | $ | 46,913 | ||||||||||||
| Capitalized interest |
2,281 | 983 | 221 | 875 | 241 | 1,783 | ||||||||||||||||||
| Portion of rental expense under operating leases deemed to be the equivalent of interest |
1,700 | 1,503 | 1,651 | 3,258 | 338 | 2,704 | ||||||||||||||||||
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| Total fixed charges |
$ | 37,014 | $ | 35,891 | $ | 29,376 | $ | 36,009 | $ | 2,557 | $ | 51,400 | ||||||||||||
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| Ratio of earnings to fixed charges(2)(3) |
— | — | 1.6x | 1.5x | — | — | ||||||||||||||||||
| (1) | The year ended January 3, 2009 includes 53 weeks. All other fiscal years reported include 52 weeks. |
| (2) | For the purposes of calculating the ratio of earnings to fixed charges, earnings consist of income from continuing operations before provision for income taxes plus fixed charges. Fixed charges include cash and non-cash interest expense, whether expensed or capitalized, amortization of debt issuance cost and the portion of rental expense representative of the interest factor. |
| (3) | For fiscal years ended January 3, 2009 and December 29, 2007, our earnings were insufficient to cover fixed charges by $2.6 million and $17.9 million, respectively. Earnings were insufficient to cover fixed charges for the eleven month period ended December 31, 2011 and the one month period ended January 28, 2011 by $74.8 million and $17.9 million, respectively. |