Exhibit 12
Tyson Foods, Inc.
Ratio of Earnings to Fixed Charges
October 3, 1998
(Dollars in thousands)
1998 1997 1996 1995 1994
Fixed Charges:
Interest Expense 139,113 110,410 132,934 114,840 86,062
Interest Income 8,754 7,232 4,907 - -
Interest Capitalized 1,766 3,434 3,774 3,068 1,822
Interest Allocated to Beef and Pork and Other (96) 872 - - -
Interest of 50% Owned Subsidiaries-CVI - - - - 281
Amortization of Debt Discount 2,486 4,471 3,414 3,747 5,003
Interest Portion of Rental Expense (33%) 11,831 11,333 11,909 12,637 8,594
Interest Portion of Cobb-Vantress (50%*33%) - - 949
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Total Fixed Charges (A) 163,854 137,752 156,938 134,292 102,711
Earnings:
Net Income(Loss) 25,099 185,799 86,867 219,191 (2,128)
Provision for Income Taxes 45,937 143,922 49,048 131,036 120,745
Fixed Charges 163,854 137,752 156,938 134,292 102,711
Less Capitalized Interest (1,766) (3,434) (3,774) (3,068) (1,822)
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Earnings and Fixed Charges (B) 233,124 464,039 289,079 481,451 219,506
Ratio of Earnings to Fixed Charges (B/A) 1.42 3.37 1.84 3.59 2.14
For purposes of computing the above ratios of earnings to
fixed charges, "earnings" consist of income from
continuing operations before income taxes and fixed
charges (excluding capitalized interest). "Fixed charges"
consist of (i) interest on indebtedness, whether expensed
or capitalized, but excluding interest to fifty-percent
owned subsidiaries (ii) the Company's proportionate share
of interest of fifty-percent owned subsidiaries, (iii)
that portion of rental expense the Company believes to be
representative of interest (one-third of rental expense)
and (iv) amortization of debt discount and expense.
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