.
.
.
Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Six Months Ended Fiscal Year Ended
------------------------ --------------------------------------------------------------
April 26, April 27, Oct. 26, Oct. 27, Oct. 28, Oct. 31, Oct. 31,
2003 2002 2002 2001 2000 1999 1998
----------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings (loss) from continuing
operations before taxes $ (157,097) $ 36,138 $ 84,151 $ 17,802 $ 88,316 $ 2,591 $ (15,111)
Fixed charges from continuing
operations
Interest expense and
amortization of debt
discount and issuance
costs on all indebtedness 6,713 4,670 11,427 -- 45 459 557
Interest included in rent 3,845 3,310 6,679 5,507 1,381 428 268
----------- ---------- ---------- ---------- ---------- ---------- ----------
Total fixed charges from
continuing operations 10,558 7,980 18,106 5,507 1,426 887 825
----------- ---------- ---------- ---------- ---------- ---------- ----------
Earnings (loss) before taxes
and fixed charges $ (146,539) $ 44,118 $ 102,257 $ 23,309 $ 89,742 $ 3,478 $ (14,286)
=========== ========== ========== ========== ========== ========== ==========
Ratio of earnings to fixed
charges (1) (13.9x)(2) 5.5x 5.6x 4.2x 62.9x 3.9x (17.3x)(2)
Coverage deficiency $ 157,097 $ -- $ -- $ -- $ -- $ -- $ 15,111
----------- ---------- ---------- ---------- ---------- ---------- ----------
(1) The ratio of earnings to fixed charges was computed by dividing earnings
(earnings from continuing operations before taxes adjusted for fixed
charges from continuing operations) 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 six-month period
ended April 26, 2003, and for the year ended October 31, 1998, the Company
needed additional earnings of $157.1 million and $15.1 million,
respectively, to achieve a ratio of earnings to fixed charges of 1.0x.