EX-12.1 8 a07-2766_1ex12d1.htm EX-12.1

 

Exhibit 12.1

 

 

 

 

 

VI Acquisition Corp.

 

 

 

Year ended

 

Year ended

 

Year ended

 

 

 

November 2,

 

November 3,

 

October 28,

 

(In thousands)

 

2006

 

2005

 

2004

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

Interest capitalized and expensed

 

$

28,832

 

$

27,805

 

$

25,702

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

1,144

 

1,146

 

5,373

 

Estimate of interest expense within rental expense

 

7,898

 

6,404

 

6,009

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

37,874

 

$

35,355

 

$

37,084

 

 

 

 

 

 

 

 

 

Earnings:

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

Pre-tax income (loss) from continuing operations

 

$

(11,328

)

$

3,601

 

$

(5,437

)

Fixed charges

 

37,874

 

35,355

 

37,084

 

Subtract:

 

 

 

 

 

 

 

Interest capitalized

 

379

 

457

 

193

 

 

 

 

 

 

 

 

 

Total earnings

 

$

26,167

 

$

38,499

 

$

31,454

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

(1)

1.1

(1)

 

 

 

 

 

 

 

 

 

Amount by which earnings were insufficient to cover fixed charges

 

$

11,707

 

$

 

$

5,630

 

 




 

(1) For the referenced periods, the ratio of earnings to fixed charges was less that 1.0. As a result, we have disclosed a calculation of the coverage deficiency.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

29,976

 

28,951

 

26,787

 

Less amortization of financing costs and OID

 

1,144

 

1,146

 

1,085

 

 

 

 

 

 

 

 

 

 

 

28,832

 

27,805

 

25,702

 

 

 

 

 

 

 

 

 

Amortized premiums, discounts and capitalized expenses related to indebtedness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of financing costs and OID

 

1,144

 

1,146

 

1,085

 

Deferred finance charge write-off

 

 

 

4,288

 

 

 

1,144

 

1,146

 

5,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent expense w/o FMV (a)

 

23,277

 

18,343

 

17,387

 

 + sublease rent income

 

1,255

 

1,463

 

1,458

 

- straight line rents

 

(1,297

)

(960

)

(1,356

)

 + straight line rents restatement

 

460

 

367

 

541

 

 

 

23,695

 

19,213

 

18,030

 

 

 

 

 

 

 

 

 

Estimated interest factor

 

0.3333

 

0.3333

 

0.3333

 

 

 

 

 

 

 

 

 

Estimated interest in rents

 

7,898

 

6,404

 

6,009

 

 

 

 

 

 

 

 

 

Calced fixed charge coverage ratio

 

0.7

 

1.1

 

0.8