EX-12.1 2 d470443dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The following table presents the computation of our ratio of earnings to fixed charges for each of the periods indicated (in thousands, except ratio).

 

    Supplemental
Pro Forma
Year Ended

September 29,
2012(b)
    Three
Months
Ended
December 29,
2012
    Fiscal Year Ended  
        September 29,
2012
    September 24,
2011
    September 25,
2010
    September 26,
2009
    September 27,
2008
 

Earnings:

             

Income (loss) before provision for income taxes

  $ (322,020   $ (7,353   $ (61,661   $ 227,386      $ (54,991   $ (2,154,130   $ (327,272

Fixed charges

    296,421        73,654        146,348        121,472        133,603        142,400        140,311   

Interest capitalized during the period

    —          —          —          —          (25     (372     (533

Amortization of capitalized interest

    134        34        134        93        —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings (losses)

  $ (25,465   $ 66,335      $ 84,821      $ 348,951      $ 78,587      $ (2,012,102   $ (187,494
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

             

Interest expense

  $ 289,671      $ 72,081      $ 140,287      $ 114,846      $ 127,107      $ 134,957      $ 133,043   

Interest capitalized during the period

    —          —          —          —          25        372        533   

Estimate of interest within rental expense

    6,750        1,573        6,061        6,626        6,471        7,071        6,735   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

  $ 296,421      $ 73,654      $ 146,348      $ 121,472      $ 133,603      $ 142,400      $ 140,311   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges(a)

    —          —          —          2.87        —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

For the purpose of calculating the ratio of earnings to fixed charges, earnings consist of our income (loss) before provision for income taxes plus our fixed charges. Fixed charges consist of interest expense, amortization of debt discount and debt issuance costs and an estimate of the interest portion of rental expense. Interest expense recorded on uncertain tax positions has been recorded in the provision for income taxes and therefore has been excluded from the calculation.

 

  (a) In the three months ended December 29, 2012, and fiscal 2012, 2010, 2009 and 2008, we incurred losses from pre-tax continuing operations, and as a result, our earnings were insufficient to cover our fixed charges by $7.3 million, $61.5 million, $55.0 million, $2.15 billion and $327.8 million, respectively. On a pro forma basis for fiscal 2012, our pro forma earnings were insufficient to cover pro forma fixed charges by $321.9 million.

 

  (b) The supplemental pro forma information has been adjusted to give pro forma effect to our acquisition of Gen-Probe Incorporated, which was completed on August 1, 2012, as if it occurred on September 25, 2011 (the first day of fiscal 2012) and includes adjustments that are (1) directly attributable to the acquisition and related debt financing, (2) factually supportable, and (3) expected to have a continuing impact on the combined results.