EX-12.1 2 dex121.htm STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES Statement regarding Computation of Ratios of Earnings to Fixed Charges

EXHIBIT 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Predecessor

    Successor

     Fiscal year ended

                    
     August 26,
2000


   August 25,
2001


    August 31,
2002


    August 30,
2003


   The period
from
August 31,
2003 to
March 25,
2004


    The period
from
March 26,
2004 to
August 28,
2004


   The period
from
March 26,
2004 to
May 29,
2004


   Nine months
ended
May 28,
2005


     (dollars in thousands)

Net income (loss) before income taxes

   $ 6,801    $ (3,929 )   $ (6,713 )   $ 10,898    $ (4,583 )   $ 10,925    $ 20,402    $ 13,961

Fixed charges (1):

                                                          

Interest charges

   $ 15,691    $ 22,846     $ 26,026     $ 28,940    $ 16,455     $ 10,257    $ 4,572    $ 23,066

Interest portion of lease expense

   $ 309    $ 735     $ 833     $ 983    $ 626     $ 352    $ 121    $ 615

Total fixed charges

   $ 16,000    $ 23,581     $ 26,859     $ 29,923    $ 17,081     $ 10,609    $ 4,693    $ 23,681

Net income from operations before income taxes and fixed charges

   $ 22,801    $ 19,652     $ 20,146     $ 40,821    $ 12,498     $ 21,534    $ 25,095    $ 37,642

Ratio of earnings to fixed charges (2)

     1.43x      —         —         1.36x      —         2.03x      5.35x      1.59x

 

(1) During the periods presented the Company had no preferred stock outstanding that required a cash payment. Therefore, the ratio of earnings to combined fixed charges and preferred dividends was the same as the ratio of earnings to fixed charges for each of the periods presented.

 

(2) For purposes of computing this ration, earnings consist of income (loss) before taxes on income and fixed charges. Fixed charges consist of interest expense, amortization of deferred debt issuance costs and the portion of rental expense that includes an interest factor. Earnings before fixed charges were insufficient to cover fixed charges by approximately $3.9 million, $6.7 million and $4.6 million for the fiscal years ended August 25, 2001 and August 31, 2002 and for the period from August 31, 2003 to March 25, 2004, respectively.