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Exhibit 12.1
Statement of Computation of Ratio of Earnings to Fixed Charges
(in thousands, except ratios)
Fiscal Year Ended
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October 25, October 26, October 27, October 28, October 31,
2003 2002 2001 2000 1999
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Earnings (loss) from continuing
operations before taxes $ (133,635) $ 84,151 $ 17,802 $ 88,316 $ 2,591
Fixed charges from continuing operations
Interest expense and
amortization of debt
discount and issuance
costs on all indebtedness 13,339 11,427 -- 45 459
Interest included in rent 7,579 6,679 5,507 1,381 428
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Total fixed charges from
continuing operations 20,917 18,106 5,507 1,426 887
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Earnings (loss) before taxes
and fixed charges $ (112,718) $ 102,257 $ 23,309 $ 89,742 $ 3,478
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Ratio of earnings to fixed
charges (1) -- 5.6x 4.2x 62.9x 3.9x
Coverage deficiency(2) $ 133,635 $ -- $ -- $ -- $ --
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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 year ended
October 25, 2003, the Company needed additional earnings of $133.6 million
to achieve a ratio of earnings to fixed charges of 1.0x.