EX-12 4 ex-12.htm RATIO OF EARNINGS Ratio of Earnings


                                                                                          EXHIBIT 12


BORDEN CHEMICAL, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands)

 
2003
2002
2001
2000
1999
 
 
 
 
 
 
Pre-tax income (loss) from continuing operations
$18,317
$(9,020)
$(167,437)
$(84,660)
$58,665
Add back (deduct) minority interest expense (income)
163
900
(184)
(418)
(272)
Interest expense
46,138
47,315
51,613
62,654
63,059
Affiliated interest expense, net
558
1,402
11,488
19,146
22,240
Estimated interest portion of rents
4,865
4,800
9,783
7,647
7,178
 
$70,041
$45,397
$(94,737)
$4,369
$150,870


Fixed Charges
 
 
 
 
 
Interest expense
$46,138
$47,315
$51,613
$62,654
$63,059
Affiliated interest expense, net
558
1,402
11,488
19,146
22,240
Interest portion of rents
4,865
4,800
9,783
7,647
7,178
 
$51,561
$53,517
$72,884
$89,447
$92,477
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.4:1
(1)
(2)
(3)
1.6:1
 
 
 
 
 
 

  1. For the year ended December 31, 2002, fixed charges exceeded earnings by $8,120
  2. For the year ended December 31, 2001, fixed charges exceeded earnings by $167,621
  3. For the year ended December 31, 2003, fixed charges exceeded earnings by $85,078