EXHIBIT 12.1



ELECTROGLAS, INC.



STATEMENT OF COMPUTATION OF RATIOS



The ratio of earnings to fixed charges represents the number of times fixed charges are covered by earnings. Fixed
charges consist of interest expense, including amortization of debt issuance costs, and the portion of rental expense deemed to represent interest. Earnings consist of income from continuing operations before income taxes plus
fixed charges. The following table sets forth the ratio of earnings to fixed charges of the Company for the years 2003 through 1998.



|                                                         |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|-------------------------------------------------------- |  | ---- | ------- | - | ---- | - | ------- | ---- |  | - | ------- | - | ---- | - | ------ |  | - | ----- |  | - | ------- | -
|                                                         |  | 2003 |         |   | 2002 |   |         | 2001 |  |   | 2000    |   | 1999 |   | 1998   | 
|FIXED CHARGES                                            |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|Interest expense excluding beneficial conversion feature |  | $    | 2,346   |   |      | $ | 1,354   |      |  | $ | 31      |   |      | $ | 33     |  | $ | 34    |  |   | 42      |  
|Portion of rental expense deemed to represent interest   |  |      | 606     |   |      |   | 1,666   |      |  |   | 3,079   |   |      |   | 3,537  |  |   | 990   |  |   | 1,100   |  
|                                                         |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|Total fixed charges                                      |  | $    | 2,952   |   |      | $ | 3,020   |      |  | $ | 3,110   |   |      | $ | 3,570  |  | $ | 1,024 |  | $ | 1,142   |  
|                                                         |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|EARNINGS BEFORE FIXED CHARGES                            |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|Earnings from continuing operations before income tax    |  | $    | (60,125 | ) |      | $ | (77,772 | )    |  | $ | (41,638 | ) |      | $ | 46,327 |  | $ | 7,434 |  | $ | (34,199 | )
|Fixed charges                                            |  |      | 2,952   |   |      |   | 3,020   |      |  |   | 3,110   |   |      |   | 3,570  |  |   | 1,024 |  | $ | 1,142   |  
|                                                         |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|Total earnings before fixed charges                      |  | $    | (57,173 | ) |      | $ | (74,752 | )    |  | $ | (38,528 | ) |      | $ | 49,897 |  | $ | 8,458 |  | $ | (33,057 | )
|                                                         |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|RATIO OF EARNINGS TO FIXED                               |  |      |         |   |      |   |         |      |  |   |         |   |      |   |        |  |   |       |  |   |         |  
|CHARGES                                                  |  |      | (1      | ) |      |   | (1      | )    |  |   | (1      | ) |      |   | 14x    |  |   | 8x    |  |   | (1      | )

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|(1) |  | We would have had to generate additional earnings for the years ended December 31, 2003, 2002, 2001, and 1998 of $60.1 million, $77.8 million, $41.6 million, and $34.2 million,
respectively to achieve a ratio of 1:1.
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