EX-12.1 3 d98053a1exv12w1.txt STATEMENT OF COMPUTAION OF RATIOS EXHIBIT 12.1 FLEMING COMPANIES, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FISCAL YEAR ENDED THE LAST SATURDAY IN DECEMBER 28 WEEKS ENDED 1997 1998 1999 2000 2001 JULY 14, 2001 JULY 13, 2002 --------- --------- --------- ---------- ------------ ------------- ------------- (IN THOUSANDS OF DOLLARS) Earnings: Pretax income $ 82,685 $(598,202) $ (62,581) $ (200,889) $ 62,799 $ 4,623 $ 56,620 Equity investment results -- -- -- -- -- -- (260) Fixed charges, net 197,923 195,956 193,263 198,413 184,166 100,198 104,751 --------- --------- --------- ---------- ------------ ------------ ------------ Total earnings $ 280,608 $(402,246) $ 130,682 $ (2,476) $ 246,965 $ 104,821 $ 161,111 Fixed charges: Interest expense $ 162,506 $ 161,581 $ 165,180 $ 174,569 $ 165,534 $ 91,937 $ 93,089 Portion of rental charges deemed to be interest 35,050 33,948 27,626 23,331 18,134 7,994 11,427 Capitalized interest and debt issuance cost amortization 1,186 604 1,117 2,051 7,950 3,534 4,909 --------- --------- --------- ---------- ------------ ------------ ------------ Total fixed charges $ 198,742 $ 196,133 $ 193,923 $ 199,951 $ 191,618 $ 103,465 $ 109,425 Deficiency $ 598,379 $ 63,241 $ 202,427 Ratio of earnings to fixed charges 1.41 (2.05) 0.67 (0.01) 1.29 1.01 1.47
"Earnings" consist of income from continuing operations before income taxes, equity investment results and fixed charges excluding capitalized interest. Equity investment results are excluded from earnings in periods when income is generated. Capitalized interest amortized during the respective periods is added back to earnings. "Fixed charges, net" consist of interest expense, an estimated amount of rental expense which is deemed to be representative of the interest factor and amortization of capitalized interest and debt issuance cost. The pro forma ratio of earnings to fixed charges is omitted as it is not applicable. Under the company's long-term debt agreements, "earnings" and "fixed charges" are defined differently and amounts and ratios differ accordingly.