EX-12.1 6 exhibit121ratioofearningst.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Ratio of Earnings to Fixed Charges


RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth the historical ratio of our earnings to our fixed charges for the periods indicated:
 
 
 
 
 
Year Ended September
 
 
2009
2010
2011
2012
2013
Fixed Charges
 
 
 
 
 
Interest expensed and capitalized interest
          75,425
          63,117
          52,696
          83,078
          89,447
Debt related amortization
          17,467
            8,514
          12,612
            2,823
               646
Total Fixed Charges
          92,892
          71,631
          65,308
          85,901
          90,093
 
 
 
 
 
 
 
Earnings
 
 
 
 
 
Pre-tax income (loss) from continuing operations, before taxes, as reported
       (262,571)
          76,605
       (165,322)
         (22,542)
       (139,223)
Add: Noncontrolling interest
               179
                73
               187
               399
               593
Less: Equity in earnings of associated companies, net
           (5,120)
           (7,746)
           (6,151)
           (7,231)
           (8,685)
Income (loss) from continuing operations, before income taxes, as adjusted
       (267,691)
          68,859
       (171,473)
         (29,773)
       (147,908)
Add: Fixed charges
          92,892
          71,631
          65,308
          85,901
          90,093
Add: Distributed income of associated companies
            8,118
            7,697
            8,316
            9,086
          11,398
Less: Noncontrolling interest
               179
                73
               187
               399
               593
Total earnings (losses) available for fixed charges
       (166,860)
        148,114
         (98,036)
          64,815
         (47,010)
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 (A)
               2.1
 (B)
 (C)
 (D)
 
 
 
 
 
(A)
The ratio was less than 1.0 for the fiscal year ended September 27, 2009 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $260 million would have been necessary to bring the ratio to 1.0. Loss from continuing operations before income taxes, as reported, includes $290 million of asset impairment, debt refinancing and reorganization and other charges. Absent these charges, the ratio of earnings to fixed charges would have been 1.3. These charges are described in our 2009 Form 10-K.
 
 
 
 
 
(B)
The ratio was less than 1.0 for the fiscal year ended September 25, 2011 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $163 million would have been necessary to bring the ratio to 1.0. Loss from continuing operations before income taxes, as reported, includes $234 million of asset impairment, debt refinancing and reorganization and other charges. Absent these charges, the ratio of earnings to fixed charges would have been 2.1. These charges are described in our 2013 Form 10-K, which is incorporated by reference herein.
 
 
 
 
 
(C)
The ratio was less than 1.0 for the fiscal year ended September 30, 2012 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $22 million would have been necessary to bring the ratio to 1.0. Loss from continuing operations before income taxes, as reported, includes $41 million of debt refinancing and reorganization charges. Absent these charges, the ratio of earnings to fixed charges would have been 1.2. These charges are described in our 2013 Form 10-K, which is incorporated by reference herein.
(D)
The ratio was less than 1.0 for the fiscal year ended September 29, 2013 as earnings were not adequate to cover fixed charges. Additional earnings of approximately $137 million would have been necessary to bring the ratio to 1.0. Loss from continuing operations before income taxes, as reported, includes $171 million of asset impairment charges. Absent these charges, the ratio of earnings to fixed charges would have been 1.4. These charges are described in our 2013 Form 10-K, which is incorporated by reference herein.