EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges
and Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
PRO FORMA
-----------------------
FISCAL YEAR ENDED SIX MONTHS ENDED SIX MONTHS
------------------------------------------------------ ---------------------- FISCAL YEAR ENDED
JUNE 28, JULY 4, ENDED JULY 4,
1992 1993 1994 1995 1996 1996 1997 1996 1997
------ ------ ------ ------ ------ ------ ------ ------ ------
Interest expense . . . $2,862 $2,909 $2,836 $3,039 $2,771 $1,415 $1,218 $2,771 $1,218
Incremental interest
expense . . . . . . . -- -- -- -- -- -- -- 8,332 4,487
Estimated interest
portion of rent
expense . . . . . . . 257 283 174 335 381 137 158 381 158
----- ----- ----- ----- ----- ----- ----- ------ -----
Fixed charges. . . . . $3,119 $3,192 $3,010 $3,374 $3,152 $1,552 $1,376 $11,484 $5,863
----- ----- ----- ----- ----- ----- ----- ------ -----
----- ----- ----- ----- ----- ----- ----- ------ -----
Income (loss) before
income taxes. . . . . ($1,977) ($1,036) $3,408 $5,966 $8,499 $3,720 $6,415 $459 $2,074
Fixed charges. . . . . 3,119 3,192 3,010 3,374 3,152 1,552 1,376 11,484 5,863
Less: interest
charges capitalized . (27) (12) (11) (30) (19) (9) (16) (18) (16)
----- ----- ----- ----- ----- ----- ----- ------ -----
Earnings . . . . . . . $1,115 $2,144 $6,407 $9,310 $11,632 $5,263 $7,775 $11,925 $7,921
----- ----- ----- ----- ----- ----- ----- ------ -----
----- ----- ----- ----- ----- ----- ----- ------ -----
Ratio of earnings to
fixed charges - (A) . -- -- 2.1x 2.8x 3.7x 3.4x 5.7x 1.0x 1.3x
----- ----- ----- ----- ----- ------ -----
----- ----- ----- ----- ----- ------ -----
Fixed charges. . . . . $11,484 $5,863
Preferred stock
dividend
requirements . . . . 3,450 1,725
Accretion of
carrying value of
preferred stock . . . 417 208
------ -----
Combined fixed
charges & preferred
stock dividends . . . $15,351 $7,799
------ -----
------ -----
Ratio of earnings to combined fixed charges and preferred stock dividends - (A) -- 1.0x
-----
-----
(A) Earnings were insufficient to cover fixed charges by $2,044 and $1,048 in
fiscal years 1992 and 1993 respectively.
Earnings were insufficient to cover pro forma combined fixed charges and
preferred stock dividends by $3,426 for fiscal year 1996.