EX-12.1 69 a2123436zex-12_1.htm EXHIBIT 12.1

Exhibit 12.1

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

 

 

 

Fiscal Year

 

Year Ended
December 27, 2002
on a pro forma
basis for the

 

Nine Months
Ended
September 26,

 

Nine Months
Eended
September 26, 2003
on a pro forma
basis for this

 

 

1998

 

1999

 

2000

 

2001

 

2002

 

exchange offer

 

2003

 

exchange offer (4)

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income prior to cumulative effect  of change in accounting principle

 

(34.0

)

(146.1

)

37.0

 

(336.4

)

(374.7

)

 

 

(76.1

)

 

Taxes on net loss

 

77.9

 

(48.2

)

15.2

 

123.4

 

14.7

 

 

 

19.7

 

 

Total fixed charges

 

89.0

 

94.0

 

96.0

 

97.6

 

95.1

 

 

 

76.5

 

 

Capitalized interest

 

(9.7

)

(4.6

)

(.2

)

(.7

)

(1.4

)

 

 

0.3

 

 

Capitalized interest amortized

 

2.3

 

2.2

 

2.4

 

2.2

 

2.3

 

 

 

1.7 

 

 

Equity loss/(earnings of non-consolidated associated companies accounted for by the equity method, net of dividends)

 

(7.9

)

(11.0

)

(8.9

)

(4.6

)

(4.3

)

 

 

(2.9

)

 

 

 

117.6

 

(113.7

) 

141.5

 

(118.5

)

(268.3

)

 

 

18.7

 

 

Fixed charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (including dividend on trust preferred security)

 

62.5

 

70.2

 

83.3

 

84.5

 

83.0

 

 

 

70.6

 

 

Capitalized interest

 

9.7

 

4.6

 

.1

 

.7

 

1.4

 

 

 

0.3

 

 

Imputed interest on non-capitalized lease payment

 

16.8

 

19.2

 

12.6

 

12.4

 

10.7

 

 

 

5.6

 

 

 

 

89.0

 

94.0

 

96.0

 

97.6

 

95.1

 

 

 

76.5

 

 

Ration of earnings to combined fixed charges and preferred share dividends(1)(2)(3)

 

1.32

 

—

 

1.47

 

—

 

—

 

 

 

—

 

 

 

(1)                                  Includes in years 1999, 2000, 2001, and 2002 dividends on preferred securities of a subsidiary trust of $15.2, $15.8, $15.8 and $16.6, respectively and includes in the nine-month period ended September  26, 2003 $14.4 million.  The pro forma results include a $__ million reduction in dividends on the trust securities.

(2)                                  Includes increase in the tax valuation allowance of $197.0 in the year 2001, $175.6 in the year 2002 and $37 million for the nine months ended September 26, 2003.

(3)                                  Earnings are inadequate to cover fixed charges.  The yearly coverage deficiencies are $207.7 in 1999, $216.1 in 2001 and $363.4 in 2002.  The coverage deficiency was $_____ million for the year ended December 27, 2002 on a pro forma basis for the exchange offer.  The nine-month coverage deficiency is $57.9 in the nine months ended September 26, 2003.  The coverage deficiency is $_____ million for the nine months ended September 26, 2003 on a pro forma basis for the exchange offer.

(4)                                  Assumes that:

·     holders of at least __% of the aggregate liquidation amount of trust securities having validly tendered, and not validly withdrawn, those trust securities; and

·     holders of at least __% of the aggregate principal amount of convertible notes having validly tendered, and not validly withdrawn, those convertible notes; and

·     holders of at least __% of the aggregate principal amount of Robbins bonds having validly tendered, and not validly withdrawn, those Robbins bonds; and

·     holders of at least ___% of the aggregate principal amount of 2005 notes having validly tendered, and not validly withdrawn, those 2005 notes.