Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Nine Months Ended Fiscal Year Ended
--------------------- -------------------------------------------------------------
July 27, July 28, Oct. 27, Oct. 28, Oct. 31, Oct. 31, Oct. 31,
2002 2001 2001 2000 1999 1998 1997
-------- -------- -------- -------- -------- -------- --------
Earnings (loss) from continuing
operations before taxes $ 61,967 $ 80,755 $ 17,802 $ 88,316 $ 2,591 $(15,111) $ (9,619)
Fixed charges from continuing
operations
Interest expense and
amortization of debt
discount and issuance
costs on all indebtedness 8,057 -- -- 45 459 557 351
Interest included in rent 4,838 4,277 5,507 1,381 428 268 165
-------- -------- -------- -------- -------- -------- --------
Total fixed charges from
continuing operations 12,895 4,277 5,507 1,426 887 825 516
-------- -------- -------- -------- -------- -------- --------
Earnings (loss) before taxes
and fixed charges $ 74,862 $ 85,032 $ 23,309 $ 89,742 $ 3,478 $(14,286) $ (9,103)
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Ratio of earnings to fixed
charges(1) 5.8x 19.9x 4.2x 62.9x 3.9x (17.3x)(2) (17.6x)(2)
Coverage deficiency $ -- $ -- $ -- $ -- $ -- $ 15,111 $ 9,619
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(1) The ratio of earnings to fixed charges was computed by dividing earnings
(loss) from continuing operations before taxes by fixed charges from
continuing operations for the periods indicated. Fixed charges from
continuing operations include (i) interest expense and amortization of
debt discount and issuance costs on all indebtedness, and (ii) one-third
of all rental expense, which the Company considers to be a reasonable
approximation of the interest factor included in rental expense.
(2) Earnings were inadequate to cover fixed charges. For the years ended
October 31, 1998 and October 31, 1997, the Company needed additional
earnings of $15.1 million and $9.6 million, respectively, to achieve a
ratio of earnings to fixed charges of 1.0x.