EX-12.1 3 a2130614zex-12_1.htm EX-12.1
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Exhibit 12.1

RICHARDSON ELECTRONICS, LTD.
Calculation of Ratio of Earnings to Fixed Charges
(Dollars in thousands)

														For the Six Months Ended
		For the Fiscal Year Ended May 31(1)												For the Six Months Ended
		For the Fiscal Year Ended May 31(1)												November 30, 2002		November 29, 2003
		1999		2000		2001		2002(2)			2003(3)			November 30, 2002		November 29, 2003
Fixed charges:
Interest expense		$	7,689	$	8,911	$	11,146	$	12,386		$	10,352		$	5,123	$	5,104
Estimate of the interest within rental expense			822		965		1,052		1,101			1,191			557		509

	Total fixed charges		8,571		9,876		12,198		13,487			11,543			5,680		5,613
Earnings:
Income (loss) before cumulative effect of accounting change			11,857		18,604		26,390		(17,798	)		(13,143	)		2,074		3,725
Add Fixed Charges			8,571		9,876		12,198		13,487			11,543			5,680		5,613

	Total	$	20,428	$	28,480	$	38,588	$	(4,311	)	$	(1,600	)	$	7,754	$	9,338

Ratio of earnings to fixed charges			2.4		2.9		3.2		(0.3	)		(0.1	)		1.4		1.7
Dollar amount of the deficiency		$	—		—		—	$	17,798		$	13,143			—		—

(1): We account for our results of operations on a 52/53 week year, ending the fiscal year on the Saturday nearest May 31 and ending the first six months on the Saturday nearest November 30.
(2): In the third quarter of fiscal 2002, we recorded a $4.6 million loss ($2.9 million, net of tax) related to the disposition of our medical glassware business. In the fourth quarter of fiscal 2002, we recorded a $16.1 million charge ($10.3 million, net of tax) primarily related to inventory obsolescence.
(3): In the fourth quarter of fiscal 2003, we recorded a $16.1 million charge ($10.3 million, net of tax) principally related to inventory write-downs and restructuring charges, including a $1.7 million restructuring charge to selling, general and administrative expenses as we eliminated over 70 positions or approximately 6% of our workforce. In addition, we recorded incremental tax provisions of $1.6 million to establish a valuation allowance related to our deferred tax assets outside the United States.