EX-12.1 2 ex_12-1.htm STATEMENT RE COMPUTATION OF RATIOS ex_12-1.htm
                                   
Exhibit 12.1
  
STATEMENT RE COMPUTATION OF RATIOS
                                
                                       
     
Nine Months Ended
    
Year Ended December 31,
  
     
September 30, 2007
    
2006
    
2005
    
2004
    
2003
    
2002
  
     
(in thousands, except ratios)
Earnings:
                                    
 
Pre-tax income (loss)
   $ (33,377 )   $
52,235
     $
27,528
     $ (9,406 )   $
17,899
     $
18,859
  
 
Less: equity in affiliates
    
86
      
33
      
82
      
-
      
79
      
126
  
        (33,463 )    
52,202
      
27,446
       (9,406 )    
17,820
      
18,733
  
                                                   
Fixed Charges (1)
                                                
 
Interest expense, gross (2)
    
63,276
      
17,785
      
18,944
      
13,145
      
2,638
      
2,061
  
 
Interest portion of rent expense
    
2,841
      
2,241
      
2,512
      
2,696
      
2,661
      
1,902
  
                                                   
a) Fixed charges
   $ 
66,117
     $ 
20,026
     $ 
21,456
     $ 
15,841
     $ 
5,299
     $ 
3,963
  
                                                   
b)  Earnings for ratio (3)
   $
32,654
     $
72,228
     $
48,902
     $
6,435
     $
23,119
     $
22,696
  
                                                   
Ratios:
                                                
 
 Earnings to fixed charges (b/a)
     - (4)    
3.6
      
2.3
       - (4)    
4.4
      
5.7
  
                                                   
Deficit of earnings to fixed charges
   $ (33,463 )   $
-
     $
-
     $ (9,406 )   $
-
     $
-
  
                                                   
(1)
 
Fixed charges consist of interest on indebtedness and amortization of debt issuance costs plus that portion of lease rental expense representative of the interest factor.
  
(2)
Interest expense, gross includes amortization of prepaid debt fees and discount.
  
(3)
Earnings consist of income from continuing operations before income taxes plus fixed charges.
  
(4)
 
Due to Itron's losses in the nine months ended September 30, 2007 and the year ended December 31, 2004, the ratio coverage was less than 1:1. Additional earnings of $33,463 and $9,406, respectively, would have been needed to achieve a coverage of 1:1.