EX-12.1 5 a2189537zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


FLEETWOOD ENTERPRISES, INC.
COMPUTATION OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)

 
  Six Months
ended
October 26,
2008
  For the Fiscal Year Ended April(1)  
 
  2008   2007   2006   2005   2004  

Computation of Earnings:

                                     
 

Income from continuing operations before taxes

  $ (84.0 ) $ (.7 ) $ (58.9 ) $ 11.5   $ (45.3 ) $ 36.7  
 

Interest expense

    10.5     23.0     25.6     29.7     27.3     43.3  
 

Interest portion of operating lease expense

    .7     .9     1.0     1.3     1.3     1.1  
                           
   

Earnings for Ratio Calculation(2)

  $ (72.8 ) $ 23.2   $ (32.3 ) $ 42.5   $ (16.7 ) $ 81.1  
                           

Computation of Fixed Charges From Continuing Operations:

                                     
 

Interest expense

  $ 10.5   $ 23.0   $ 25.6   $ 29.7   $ 27.3   $ 43.3  
 

Interest portion of operating lease expense

    .7     .9     1.0     1.3     1.3     1.1  
                           
   

Total Fixed Charges(3)

  $ 11.2   $ 23.9   $ 26.6   $ 31.0   $ 28.6   $ 44.4  
                           

Ratio of Earnings to Fixed Charges:

   

(4)
 

(4)
 

(4)
 
1.4
   

(4)
 
1.8
 
                           

(1)
Fleetwood's fiscal year end is the last Sunday of April in each year.

(2)
For purposes of computing these ratios, earnings represent income (loss) from continuing operations before income taxes, cumulative effect of accounting change and fixed charges. Fixed charges include all interest expense, the portion of rental expense considered to be a reasonable estimate of the interest factor and the amortization of capitalized expenses related to indebtedness.

(3)
Fixed charges consist of all interest expense and the portion of rental expense considered to be a reasonable estimate of the interest factor.

(4)
Our ratios of earnings to fixed charges were computed by dividing earnings by fixed charges, and these ratios are unaudited for all periods presented. Our ratios of earnings to fixed charges for the first six months of fiscal 2009 and the fiscal years ended 2008, 2007 and 2005 were not meaningful since earnings were inadequate to cover fixed charges, which were $11.2 million, $23.9 million, $26.6 million and $28.6 million, respectively by $84.0 million, $0.7 million, $58.9 million, and $45.3 million, respectively.



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FLEETWOOD ENTERPRISES, INC. COMPUTATION OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratios)