EX-12.1 10 f90751exv12w1.txt EXHIBIT 12.1 . . . Exhibit 12.1 Statement of Computation of Ratio of Earnings to Fixed Charges (in thousands, except ratios)
Six Months Ended Fiscal Year Ended ------------------------ -------------------------------------------------------------- April 26, April 27, Oct. 26, Oct. 27, Oct. 28, Oct. 31, Oct. 31, 2003 2002 2002 2001 2000 1999 1998 ----------- ---------- ---------- ---------- ---------- ---------- ---------- Earnings (loss) from continuing operations before taxes $ (157,097) $ 36,138 $ 84,151 $ 17,802 $ 88,316 $ 2,591 $ (15,111) Fixed charges from continuing operations Interest expense and amortization of debt discount and issuance costs on all indebtedness 6,713 4,670 11,427 -- 45 459 557 Interest included in rent 3,845 3,310 6,679 5,507 1,381 428 268 ----------- ---------- ---------- ---------- ---------- ---------- ---------- Total fixed charges from continuing operations 10,558 7,980 18,106 5,507 1,426 887 825 ----------- ---------- ---------- ---------- ---------- ---------- ---------- Earnings (loss) before taxes and fixed charges $ (146,539) $ 44,118 $ 102,257 $ 23,309 $ 89,742 $ 3,478 $ (14,286) =========== ========== ========== ========== ========== ========== ========== Ratio of earnings to fixed charges (1) (13.9x)(2) 5.5x 5.6x 4.2x 62.9x 3.9x (17.3x)(2) Coverage deficiency $ 157,097 $ -- $ -- $ -- $ -- $ -- $ 15,111 ----------- ---------- ---------- ---------- ---------- ---------- ----------
(1) The ratio of earnings to fixed charges was computed by dividing earnings (earnings from continuing operations before taxes adjusted for fixed charges from continuing operations) by fixed charges from continuing operations for the periods indicated. Fixed charges from continuing operations include (i) interest expense and amortization of debt discount and issuance costs on all indebtedness, and (ii) one-third of all rental expense, which the Company considers to be a reasonable approximation of the interest factor included in rental expense. (2) Earnings were inadequate to cover fixed charges. For the six-month period ended April 26, 2003, and for the year ended October 31, 1998, the Company needed additional earnings of $157.1 million and $15.1 million, respectively, to achieve a ratio of earnings to fixed charges of 1.0x.