EX-12.1 39 c86044exv12w1.txt STATEMENT REGARDING COMPUTATION OF RATIOS . . . EXHIBIT 12.1 STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
------------------------------------------------------------------------------------------------------------------------------------ VI MIDWAY VI ACQUISI- INVESTORS ACQUISI- TION HOLDINGS TION VICORP RESTAURANTS, INC. MIDWAY INVESTORS HOLDINGS INC. CORP. INC. CORP. ------------------------------------ ----------------------------------- ------------ --------- --------- Period | Period Period | Period | Twenty- | Twenty- Fiscal Fiscal from | from Fiscal from | from | four | four year year October 30, | May 14, year October 28, | June 14, | weeks | weeks ended ended 2000 to | 2001 to ended 2002 to | 2003 to | ended | ended October 31, October 29, May 13, |October 28, October 27, June 13, |October 26, | April 13,|April 15, (In Thousands) 1999 2000 2001 | 2001 2002 2003 | 2003 | 2003| 2004 ----------------------------------------------------------------------------------------------------------------------------------- | | | | Fixed Charges: | | | | Add: | | | | Interest capitalized | | | | and expensed........... $ 1,011 $ 832 $ 318 | $ 4,544 $ 9,635 $ 9,262 | $ 6,278 |$ 4,074 |$ 9,057 Amortized premiums, | | | | discounts and | | | | capitalized expenses | | | | related to | | | | indebtedness........... -- -- 68 | 361 1,097 4,012 | 332 | 491 | 4,815 Estimate of interest | | | | within rental expense.. 5,449 6,124 3,247 | 3,346 8,315 5,408 | 4,999 | 3,986 | 4,527 ---------------------------------------------------------------------------------------------------------- Total fixed charges..... $ 6,460 $ 6,956 $ 3,633 | $ 8,251 $ 19,047 $ 18,682 | $ 11,609 |$ 8,551 |$18,399 ---------------------------------------------------------------------------------------------------------- | | | | Earnings: | | | | Add: | | | | Pretax income (loss) | | | | from continuing | | | | operations............. $18,541 $ 23,325 $ (2,998) | $ 3,115 $ 16,308 $ (4,181) | 289 | 7,262 |$ (440) Fixed charges........... 6,460 6,956 3,633 | 8,251 19,047 18,683 | $ 11,609 |$ 8,551 | 18,399 Subtract: | | | | Interest capitalized.... -- 103 23 | 15 -- 92 | 23 | 56 | 55 ---------------------------------------------------------------------------------------------------------- Total earnings.......... $25,001 $ 30,178 $ 612 | $ 11,351 $ 35,355 $ 14,410 | $ 11,875 |$ 15,757 |$17,904 ---------------------------------------------------------------------------------------------------------- | | | | Ratio of earnings to | | | | fixed charges.......... 3.9 4.3 --(1)| 1.4 1.9 --(1)| 1.0 | 1.8 | --(1) Amount by which | | | | earnings were | | | | insufficient to cover | | | | fixed charges.......... -- -- $ 3,021 | -- -- $ 4,272 | -- | -- |$ 495 -----------------------------------------------------------------------------------------------------------------------------------
(1) For the fiscal periods from October 30, 2000 to May 13, 2001 and from October 28, 2002 to June 13, 2003, and for the twenty-four weeks ended April 15, 2004, the ratio of earnings to fixed charges was less than 1.0. As a result, we have disclosed a calculation of the coverage deficiency.