EX-12.1 5 y52663ex12-1.txt RATIO OF EARNINGS TO FIXED CHARGES 1 EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES
FISCAL YEAR ENDED NINE MONTHS ENDED --------------------------------------------------------- --------------------------- 9/29/96 9/28/97 9/27/98 9/26/99 9/24/00 6/25/00 6/24/01 ----------------- ------- ------- ------- ------- ----------------- ------- EARNINGS: Income before taxes and extraordinary items... (5,652) (7,237) 36,022 10,262 11,460 7,850 (6,437) Fixed charges........... 21,056 50,332 76,598 87,653 75,743 67,709 24,131 Less: dividends on preferred stock(1).... (3,709) (27,277) (53,456) (61,302) (49,671) (49,671) -- ------ ------- ------- ------- ------- ------- ------ TOTAL EARNINGS...... 11,695 15,818 59,164 36,613 37,532 25,888 17,694 ------ ------- ------- ------- ------- ------- ------ FIXED CHARGES: Interest expense, net of interest income....... 16,533 22,201 20,860 21,178 19,495 12,370 21,525 Interest income......... 548 462 1,903 4,711 6,059 5,164 1,895 1/3 of operating lease rental expense (deemed to be interest)....... 266 392 379 462 518 504 711 Dividends on preferred stock(1).............. 3,709 27,277 53,456 61,302 49,671 49,671 -- ------ ------- ------- ------- ------- ------- ------ TOTAL FIXED CHARGES........... 21,056 50,332 76,598 87,653 75,743 67,709 24,131 ------ ------- ------- ------- ------- ------- ------ Deficiency of Earnings to Fixed Charges...... (9,361) (34,514) (17,434) (51,040) (38,211) (41,821) (6,437) ------ ------- ------- ------- ------- ------- ------ Ratio of Earnings to Fixed Charges......... -- -- -- -- -- -- -- RECALCULATION OF DIVIDENDS ON PREFERRED STOCK: Dividends on preferred stock................. 2,944 17,044 30,270 34,749 28,372 28,372 -- Income (Loss) from continuing operations............ (5,652) (7,237) 36,022 10,262 11,460 7,850 (6,437) Income taxes related to continuing operations............ (1,166) (2,715) 15,624 4,445 4,914 3,438 (2,382) ------ ------- ------- ------- ------- ------- ------ Effective tax rate applicable to continuing operations............ 20.6% 37.5% 43.4% 43.3% 42.9% 43.8% 37.0% ------ ------- ------- ------- ------- ------- ------ Dividends on preferred stock on pre-tax basis(2).............. 3,709 27,277 53,456 61,302 49,671 49,671 --
--------------- (1) Dividends on preferred stock were calculated in accordance with Regulation S-K, Item 503(d)(B), as dividends on preferred stock divided by (1 minus effective tax rate applicable to continuing operations). (2) Effective tax rate applicable to continuing operations for fiscal year 2000 used for nine months ended 6/25/00.