FLEMING COMPANIES, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
28 Weeks Ended
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Fiscal Year Ended the Last Saturday in December July 15, July 9,
1990 1991 1992 1993 1994 1995 1994
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(In thousands of dollars)
Earnings:
Pretax income $164,501 $104,329 $194,941 $ 72,078 $112,337 $ 70,111 $ 76,913
Fixed charges, net 117,877 117,865 105,726 102,303 148,454 120,304 50,728
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Total earnings $282,378 $222,194 $300,667 $174,381 $260,791 $190,415 $127,641
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Fixed charges:
Interest expense $ 93,643 $ 93,353 $ 81,102 $ 78,029 $120,408 $ 96,443 $ 38,194
Portion of rental charges
deemed to be interest 22,907 23,027 22,969 27,746 6,582 19,990 11,815
Capitalized interest and
debt issuance cost
amortization 1,250 1,464 1,287 1,005 364 3,721 569
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Total fixed charges $117,729 $117,724 $105,416 $102,003 $148,518 $120,154 $ 50,578
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Ratio of earnings
to fixed charges 2.40 1.89 2.85 1.71 1.76 1.58 2.52
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"Earnings" consists of income before income taxes and fixed charges excluding
capitalized interest. Capitalized interest amortized during the respective
periods is added back to earnings.
"Fixed charges, net" consists of interest expense, an estimated amount of
rental expense which is deemed to be a representative of the interest factor
and amortization of capitalized interest and debt issuance cost.
The pro forma ratio of earnings to fixed charges is omitted as it is not
applicable.