EXHIBIT 12.1
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal year ended | ||||||||||||||||||||||||||||
August 28, 1999 | August 26, 2000 | August 25, 2001 | August 31, 2002 | August 30, 2003 | Nine Months Ended May 31, 2003 | The period from August 31, 2003 to March 25, 2004 | The period from March 26, 2004 to May 29, 2004 | |||||||||||||||||||||
(as restated) | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Net income (loss) before income taxes | $ | (4,072 | ) | $ | 6,801 | $ | (3,929 | ) | $ | (6,713 | ) | $ | 10,898 | $ | 20,393 | $ | (4,583 | ) | $ | 20,402 | ||||||||
Fixed charges (1): | ||||||||||||||||||||||||||||
Interest charges | $ | 14,594 | $ | 15,691 | $ | 22,846 | $ | 26,026 | $ | 28,940 | $ | 21,817 | $ | 16,455 | $ | 4,572 | ||||||||||||
Interest portion of lease expense | $ | 200 | $ | 309 | $ | 735 | $ | 833 | $ | 983 | $ | 742 | $ | 626 | $ | 122 | ||||||||||||
Total fixed charges | $ | 14,794 | $ | 16,000 | $ | 23,581 | $ | 26,859 | $ | 29,923 | $ | 22,559 | $ | 17,081 | $ | 4,694 | ||||||||||||
Net income from operations before income taxes and fixed charges | $ | 10,722 | $ | 22,801 | $ | 19,652 | $ | 20,146 | $ | 40,821 | $ | 42,952 | $ | 12,498 | $ | 25,096 | ||||||||||||
Ratio of earnings to fixed charges (2) | — | 1.43x | — | — | 1.36x | 1.90x | — | 5.35x |
(1) | During the periods presented the Company had no preferred stock outstanding that required a cash payment. Therefore, the ratio of earnings to combined fixed charges and preferred dividends was the same as the ratio of earnings to fixed charges for each of the periods presented. |
(2) | For purposes of computing this ratio, earnings consist of income (loss) before taxes on income and fixed charges. Fixed charges consist of interest expense, amortization of deferred debt issuance costs and the portion of rental expense that includes an interest factor. Earnings before fixed charges were insufficient to cover fixed charges by approximately $4.1 million, $3.9 million, $6.7 million, and $4.6 million for the fiscal years ended August 28, 1999, August 25, 2001, August 31, 2002, and for the period from August 31, 2003 to March 25, 2004, respectively. |