Pre-Effective Amendment to Registration of Securities Issued in a Business-Combination Transaction — Form S-4
Filing Table of Contents
Document/Exhibit Description Pages Size
1: S-4/A Registration Statement Amendment # 1 234 1.17M
2: EX-1.1 Form of Dealer Manager Agreement 20 84K
3: EX-4.2 Supplemental Indenture 10 34K
4: EX-4.5 Indenture Among Avs 113 446K
5: EX-4.6 Warrant Agreement 17 73K
6: EX-5.1 Opinion of Akerman 3 20K
7: EX-8.1 Tax Opinion 2 16K
8: EX-10.79 Employment Agreement 10 50K
9: EX-12.1 Computation of Ratio of Earnings 2± 14K
10: EX-23.1 Consent of Independent Certified Accountants 1 11K
11: EX-25.1 Form T-1 8 44K
12: EX-99.1 Form of Consent 19 94K
13: EX-99.2 Form of Letter to Clients 4 24K
14: EX-99.3 Form of Letter to Broker 3 21K
15: EX-99.4 Form of Notice 3 17K
EX-12.1 — Computation of Ratio of Earnings
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EXHIBIT 12.1
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Aviation Sales Company
Ratio to Earnings to Fixed Charges
September 30, December 31,
----------------------------- ---------------------------------------------------------------------
2001 2000 2000 1999 1998 1997 1996
------------- ------------ ------------- ----------- ----------- ----------- ----------
Earnings from Continuing
Operations $(103,052,000) $(39,778,000) $(115,873,000) $ 2,998,000 $ 8,534,000 $(3,007,000) $6,618,000
Pro Forma Earnings from
Continuing Operations (92,090,000) (101,123,000)
Interest and Debt
Amortization:
Interest Expense 18,876,000 15,236,000 20,347,000 18,649,000 3,895,000 677,000** 61,000**
------------- ------------ ------------- ----------- ----------- ----------- ----------
Total Interest and
Debt Amortization 18,876,000 15,236,000 20,347,000 18,649,000 3,895,000 677,000 61,000
------------- ------------ ------------- ----------- ----------- ----------- ----------
Pro Forma Interest and
Debt Amortization 7,914,000 5,597,000
Rent Expense 6,067,500 6,067,500*** 8,090,000 8,112,000 2,423,000 281,000* 305,000*
Percent of Rent Deemed
Interest 33% 33% 33% 33% 33% 33% 33%
------------- ------------ ------------- ----------- ----------- ----------- ----------
Interest Component of Rent $ 2,022,500 $ 2,022,500 $ 2,696,667 $ 2,704,000 $ 807,667 $ 93,667 $ 101,667
Fixed Coverage Ratio (4.9) (2.3) (5.0) 0.1 1.8 (3.9) 40.7
Pro Forma Fixed Coverage
Ratio (9.3) (12.2)
* 1997 and 1996 rent expense represents rent expense of Whitehall Corp. as
disclosed in their audited financial statements. During 1997 and 1996, all
other subsidiaries of Aviation Sales with rent expense are now considered
discontinued operations.
** 1997 and 1996 interest expense represents rent expense of Whitehall Corp. as
disclosed in their audited financial statements. During 1997 and 1996, all
other subsidiaries of Aviation Sales with interest expense are now
considered discontinued operations (i.e., Aviation Sales' revolver utilized
to fund inventory and receivables of the Aviation Sales Distribution Company
business).
*** September 2000 rent is calculated as 3/4 rent for the year ended December
2000 as there were no significant changes in facilities during the year.
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