EX-12.1 2 a05-19666_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.1

 

CALCULATION OF EARNINGS TO FIXED CHARGES

 

 

 

Fiscal Year Ended July 31,

 

 

 

2001

 

2002

 

2003

 

2004

 

2005

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

$

12,887

 

$

12,548

 

$

16,838

 

$

11,745

 

$

2,830

 

Amortization of deferred debt issue costs

 

773

 

1,080

 

1,696

 

7,106

 

1,166

 

Portion of rent expense representative of interest

 

26,260

 

21,867

 

24,072

 

24,172

 

30,932

 

Total Fixed Charges

 

$

39,920

 

$

35,495

 

$

42,606

 

$

43,023

 

$

34,928

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income/loss from equity investee

 

$

37,138

 

$

(19,000

)

$

(29,751

)

$

9,894

 

$

76,243

 

Total fixed charges

 

39,920

 

35,495

 

42,606

 

43,023

 

34,928

 

Amortization of capitalized interest

 

205

 

368

 

458

 

289

 

178

 

Total Earnings

 

$

77,263

 

$

16,863

 

$

13,313

 

$

53,206

 

$

111,349

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

1.94

 

 

(A)

 

(A)

1.24

 

3.19

 

 

(A)                              Our consolidated ratio of earnings to fixed charges was less than 1.0 for the periods indicated. To achieve a consolidated ratio of earnings to fixed charges of 1.0, we would have had to generate additional earnings of $18.6 million and $29.3 million for the fiscal years ended July 31, 2002 and 2003, respectively.