EX-12 2 0002.txt EXHIBIT 12.1 - COMPUTATION OF RATIO OF EARNINGS
Exhibit 12.1 CHAMPION ENTERPRISES, INC. Ratio of Income to Fixed Charges 26 weeks 1994 1995 1996 1997 1998 1999 2Q 00 YTD ---- ---- ---- ---- ---- ---- --------- Pre tax income from cont ops 66,908 91,975 91,925 117,371 156,798 82,042 7,523 Add back equity method losses 57 504 ------------------------------------------------------------------------ Adjusted pre tax income 66,908 91,975 91,925 117,371 156,798 82,099 8,027 ------------------------------------------------------------------------ Interest expense Per f/s 1,285 2,668 2,174 1,198 15,833 28,370 14,961 Rental component 800 967 1,100 100 2,100 3,742 2,049 Financing costs 832 1,305 841 ------------------------------------------------------------------------ Total fixed charges 2,085 3,635 3,274 1,298 18,765 33,417 17,851 ------------------------------------------------------------------------ Adjusted income plus fixed charges 68,993 95,610 95,199 118,669 175,563 115,459 25,374 ======================================================================== Ratio 33.1 26.3 29.1 91.4 9.4 3.5 1.4 ======================================================================== Rental expense Redman per f/s 2,100 2,600 3,000 - - CEI corp & regional offices 300 300 300 300 400 626 347 Retail - - - - 5,900 10,600 5,800 ------------------------------------------------------------------------ Total rent expense 2,400 2,900 3,300 300 6,300 11,226 6,147 ======================================================================== Interest component at 1/3 800 967 1,100 100 2,100 3,742 2,049 ======================================================================== CHAMPION ENTERPRISES, INC. Ratio of Income to Fixed Charges 26 weeks 1994 1995 1996 1997 1998 1999 2Q 00 YTD ---- ---- ---- ---- ---- ---- --------- 1994 interest Per f/s 1389 Less CMC -104 --------- Continuing ops 1285 ========= Debt costs Revolver amortization, LOC fees, facility fee, agent fee, amendment costs 832 1,142 692 Senior notes amortization 134 105 IRBs amortization 29 44 ---------------------------- 832 1,305 841 ============================