EX-12.1 2 a2143713zex-12_1.htm EXHIBIT 12.1
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EXHIBIT 12.1

PENINSULA GAMING, LLC
Computation of Ratio of Earnings to Fixed Charges
(amounts in thousands except ratio information)

 
   Period from
July 15,
1999 to
December 31,
1999
   2000
   2001
   2002
   2003
   Six-
Months
Ended
June 30,
2003
   Six-
Months
Ended
June 30,
2004
   Pro Forma
2003
   Pro Forma
Six-
Months
Ended
June 30,
2004
  
Total earnings   $ (2,437 ) $ 1,245   $ 1,819   $ (732 ) $ (12,742 ) $ (4,978 ) $ (42,300 ) $ (10,813 ) $ (3,505 )
Fixed charges:                                                        
Interest charges (including capitalized interest and interest expense related to preferred members' interest)     4,041     8,712     8,729     10,487     24,113     10,733     13,479     22,363     12,251  
Amortization of deferred financing costs and bond discount     342     795     911     1,494     3,161     1,596     1,383     3,161     1,383  
Loss on early retirement of debt     —     —     —     —     —     —     37.566     —     —  
   
 
 
 
 
 
 
 
 
 
Total fixed charges     4,383     9,507     9,640     11,981     27,274     12,329     52,428     25,524     13,634  
   
 
 
 
 
 
 
 
 
 
Capitalized interest     —     —     —     (93 )   (2,202 )   (500 )   (481 )   (2,202 )   (481 )
Earnings as adjusted   $ 1,946   $ 10,752   $ 11,459   $ 11,156   $ 12,330   $ 6,851   $ 9,647   $ 12,510   $ 9,468  
   
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges     0.4x     1.1x     1.2x     0.9x     0.5x     0.6x     0.2x     0.5x     0.7x  
   
 
 
 
 
 
 
 
 
 

        Earnings were insufficient to cover fixed charges for the period from July 15, 1999 to December 31, 1999, the fiscal years ended December 31, 2002 and 2003 and the six-months ended June 30, 2003 and 2004 by $2.4 million, $0.8 million, $14.9 million, $5.5 million and $42.8 million, respectively. Pro forma earnings were insufficient to cover fixed charges for the fiscal year ended December 31, 2003 and the six-months ended June 30, 2004 by $13.0 million and $4.0 million, respectively.



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