Exhibit 12.1
PRO-FAC COOPERATIVE, INC.
(Dollars in Thousands)
Fiscal Year Ended
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June 24, June 26, June 27, June 28, June 29,
2000 1999 1998 1997 1996
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Computation Of Ratio Of Earnings To Fixed Charges and
Preferred Dividends
Income/(loss) before taxes, dividends and allocation of net
proceeds from current operations $ 24,661 $ 59,714 $ 24,970 $ 13,620 $ (22,602)
Deduct - Equity in undistributed earnings of CoBank (412) (520) (715) (1,143) (1,532)
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24,249 59,194 24,255 12,477 (24,134)
Fixed charges:
Interest expense 83,511 67,420 30,767 36,473 41,998
Rentals (A) 2,614 1,996 1,593 1,457 1,420
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Total fixed charges 86,125 69,416 32,360 37,930 43,418
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Adjusted earning before fixed charges $ 110,374 $ 128,610 $ 56,615 $ 50,407 $ 19,284
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Preferred dividends $ 6,911 $ 6,278 $ 5,880 $ 5,503 $ 8,523
Add - Adjustment to reflect preferred dividends on a pretax basis 3,721 3,380 3,166 2,835 4,391
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Preferred dividends on a pretax basis 10,632 9,658 9,046 8,338 12,914
Fixed charges 86,125 69,416 32,360 37,930 43,418
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Total $ 96,757 $ 79,074 $ 41,406 $ 46,268 $ 56,332
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Ratio of earnings to fixed charges and preferred dividends 1.1:1 1.6:1 1.4:1 1.1:1 (B)
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Computation of Pro Forma Ratio of Earnings to
Fixed Charges and Preferred Dividends
Adjusted earnings before fixed charges, as above $ 110,374 $ 128,610 $ 56,615 $ 50,407 $ 19,284
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Total fixed charges and pretax basis preferred dividends, as above $ 96,757 $ 79,074 $ 41,406 $ 46,268 $ 56,332
Proforma preferred dividends assuming all "Retains" were converted into
preferred stock (retained earnings allocated to members times
the maximum dividend rate permitted by law of 12 percent) 2,671 3,603 4,038 4,070 4,422
Add - Adjustments to reflect preferred dividends on a pretax basis 1,438 1,940 2,174 2,097 2,278
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Total pretax basis preferred dividends 4,109 5,543 6,212 6,167 6,700
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Pro forma total fixed charges and pretax basis preferred dividends $ 100,866 $ 84,617 $ 47,618 $ 52,435 $ 63,032
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Pro forma ratio of earnings to fixed charges and preferred dividends 1.1:1 1.5:1 1.2:1 (C) (C)
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<FN>
(A) Rentals deemed representative of the interest factor included in rent
expense.
(B) In the fiscal year ended June 29, 1996, the earnings were inadequate by
$37,048 to cover fixed charges and pretax basis preferred dividends.
(C) In fiscal years ended June 29, 1996 and June 28, 1997, the earnings were
inadequate by $43,748 and $2,028, respectively, to cover the amount of
fixed charges and pretax basis preferred dividends which would have been
declared and paid if all retained earnings allocated to members' retains at
the end of each fiscal periods had been converted to preferred stock at the
beginning of the period at the maximum dividend permitted by law.
</FN>