EX-12.1 6 a2199890zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

TOPS HOLDING CORPORATION

Ratio of Earnings to Fixed Charges

 

The following table sets forth our ratio of consolidated earnings to consolidated fixed charges for the 28-week periods ended July 17, 2010 and July 11, 2009, and for Fiscal 2009, Fiscal 2008, the Fiscal 2007 Successor Period, the Fiscal 2007 Predecessor Period and Fiscal 2006 (in thousands, except ratio data).

 

 

 

Tops Holding Corporation

 

 

Tops Markets, LLC

 

 

 

 

 

 

 

 

 

 

 

Fiscal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2007

 

 

Fiscal 2007

 

 

 

 

 

28-Week Periods Ended

 

 

 

 

 

Successor

 

 

Predecessor

 

 

 

 

 

July 17,

 

July 11,

 

Fiscal 2009

 

Fiscal 2008

 

Period

 

 

Period

 

Fiscal

 

 

 

2010

 

2009

 

(53 weeks)

 

(52 weeks)

 

(4 weeks)

 

 

(48 weeks)(1)

 

2006(1)

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-tax (loss) income

 

$

(10,080

)

$

(657

)

$

(20,308

)

$

(17,160

)

$

1,979

 

 

$

(54,777

)

$

(25,769

)

Plus:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

37,179

 

25,136

 

50,838

 

48,285

 

3,202

 

 

50,781

 

38,272

 

Amortization of capitalized interest

 

154

 

154

 

269

 

175

 

13

 

 

29

 

32

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

—

 

—

 

—

 

507

 

—

 

 

—

 

—

 

Total available earnings

 

$

27,253

 

$

24,633

 

$

30,799

 

$

30,793

 

$

5,194

 

 

$

(3,967

)

$

12,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expensed

 

$

30,993

 

$

21,264

 

$

42,970

 

$

40,503

 

$

2,763

 

 

$

46,883

 

$

34,510

 

Interest capitalized

 

—

 

—

 

—

 

507

 

—

 

 

—

 

—

 

Amortization of discounts/ capitalized costs

 

1,401

 

638

 

1,466

 

1,401

 

76

 

 

4

 

—

 

Interest in rental expenses

 

4,785

 

3,234

 

6,402

 

5,874

 

363

 

 

3,894

 

3,762

 

Total fixed charges:

 

$

37,179

 

$

25,136

 

$

50,838

 

$

48,285

 

$

3,202

 

 

$

50,781

 

$

38,272

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deficiency

 

$

(9,926

)

$

(503

)

$

(20,039

)

$

(17,492

)

 

 

 

$

(54,748

)

$

(25,737

)

Ratio of earnings to fixed charges

 

(A)

 

(B)

 

(C)

 

(D)

 

1.62

 

 

(E)

 

(F)

 

 

(A)                              Due to registrant’s loss in the 28-week period ended July 17, 2010, the ratio coverage was less than 1:1.  The registrant must generate additional earnings of $9,926 to achieve a coverage ratio of 1:1.

 

(B)                                Due to registrant’s loss in the 28-week period ended July 11, 2009, the ratio coverage was less than 1:1.  The registrant must generate additional earnings of $503 to achieve a coverage ratio of 1:1.

 

(C)                                Due to the registrant’s loss in Fiscal 2009, the ratio coverage was less than 1:1.  The registrant must generate additional earnings of $20,039 to achieve a coverage ratio of 1:1.

 

(D)                               Due to the registrant’s loss in Fiscal 2008, the ratio coverage was less than 1:1.  The registrant must generate additional earnings of $17,492 to achieve a coverage ratio of 1:1.

 

(E)                                 Due to the registrant’s loss in the Fiscal 2007 Predecessor Period, the ratio coverage was less than 1:1.  The registrant must generate additional earnings of $54,748 to achieve a coverage ratio of 1:1.

 

(F)                                 Due to the registrant’s loss in Fiscal 2006, the ratio coverage was less than 1:1.  The registrant must generate additional earnings of $25,737 to achieve a coverage ratio of 1:1.

 

(1)                                  The operating results during these periods represent those of Tops Markets, LLC under the ownership of Koninklijke Ahold N.V.

 

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