Exhibit 12.1
Dave & Buster's, Inc.
Computation of Ratio of Earnings to Fixed Charges
(dollars in thousands, except ratios)
| | Fiscal year ended
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| | Thirteen weeks ended
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| | 37 Day Period from January 30, 2006 to March 7, 2006
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| | 54 Day Period from March 8, 2006 to April 30, 2006
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| | February 3, 2002(1)
| | February 2, 2003(1)
| | February 1, 2004(1)
| | January 30, 2005(5)
| | January 29, 2006
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| | May 1, 2005
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| | (Predecessor)
| | (Predecessor)
| | (Predecessor)
| | (Predecessor)
| | (Predecessor)
| | (Predecessor)
| | (Predecessor)
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| | (Successor)
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Income before provision for income taxes | | $ | 11,358 | | $ | 7,680 | | $ | 16,540 | | $ | 19,805 | | $ | 6,304 | | $ | 7,183 | | $ | 908 | | | | $ | (3,244 | ) |
Add: Total fixed charges (per below) | | | 14,448 | | | 15,171 | | | 14,722 | | | 14,837 | | | 18,978 | | | 4,818 | | | 1,832 | | | | | 6,973 | |
Less: Capitalized interest | | | 892 | | | 361 | | | 170 | | | 668 | | | 295 | | | 15 | | | 70 | | | | | 39 | |
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Total income before provision for income taxes, plus fixed charges, less capitalized interest | | | 24,914 | | | 22,490 | | | 31,092 | | | 33,974 | | | 24,987 | | | 11,986 | | | 2,670 | | | | | 3,690 | |
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Fixed charges: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense(3) | | | 7,862 | | | 7,830 | | | 7,444 | | | 6,153 | | | 7,429 | | | 1,926 | | | 688 | | | | | 3,975 | |
Bridge funding fee | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | | | 1,313 | |
Capitalized interest | | | 892 | | | 361 | | | 170 | | | 668 | | | 295 | | | 15 | | | 70 | | | | | 39 | |
Estimate of interest included in rental expense(4) | | | 5,694 | | | 6,980 | | | 7,108 | | | 8,016 | | | 11,254 | | | 2,877 | | | 1,074 | | | | | 1,646 | |
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Total fixed charges | | $ | 14,448 | | $ | 15,171 | | $ | 14,772 | | $ | 14,837 | | $ | 18,978 | | $ | 4,818 | | $ | 1,832 | | | | $ | 6,973 | |
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Ratio of earnings to fixed charges(2) | | | 1.72x | | | 1.48x | | | 2.11x | | | 2.29x | | | 1.32x | | | 2.49x | | | 1.46x | | | | | — | |
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- (1)
- As more fully described in "Management's discussion and analysis of financial condition and results of operations," we have restated our previously issued financial statements for these periods due to certain lease accounting issues.
- (2)
- Earnings for the 54 day period ended April 30, 2006 (Successor) were insufficient to cover the fixed charges by $3,283.
- (3)
- Interest expense includes interest in association with debt and amortization of debt issuance costs.
- (4)
- Fixed charges include our estimate of interest included in rental payments (one-third of rent expense under operating leases).
- (5)
- On November 1, 2004, we completed the acquisition of nine Jillian's locations, pursuant to an asset purchase agreement, for cash and the assumption of certain liabilities. The results of the acquired complexes are included in our consolidated results beginning on the date of acquisition.