Exhibit 12.01
EXHIBIT 12.01
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended
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December 29, December 26, January 1,
1991 1992 1994
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Income (loss) before income taxes and extraordinary
charge.............................................. $ (4,945,659) $ (1,955,097) $ (1,630,993)
Add:
Interest expense................................. 8,706,251 6,697,735 6,607,564
Portion of rents representative of interest factor 87,333 106,333 235,000
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Income as adjusted.......................................... 3,847,925 4,848,971 $ 5,211,571
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Fixed charges:
Interest incurred:
Amount expensed.................................. $ 8,706,251 $ 6,697,735 $ 6,607,564
Amount capitalized............................... 25,209 71,975 163,293
Portion of rents representative of interest factor... 87,333 106,333 235,000
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Total fixed charges........................................ $ 8,818,793 $ 6,876,043 $ 7,005,857
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Ratio of earnings to fixed charges......................... (a) (a) (a)
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December 31, December 30,
1994 1995
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Income (loss) before income taxes and extraordinary
charge.............................................. $ 5,828,275 $ 7,011,387
Add:
Interest expense................................. 11,552,075 14,031,273
Portion of rents representative of interest factor 326,358 505,000
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Income as adjusted.......................................... $ 17,706,708 21,547,660
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Fixed charges:
Interest incurred:
Amount expensed.................................. $ 11,552,075 $ 14,031,273
Amount capitalized............................... 228,900 350,231
Portion of rents representative of interest factor... 326,358 505,000
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Total fixed charges........................................ $ 12,107,333 $ 14,886,504
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Ratio of earnings to fixed charges......................... 1.5 1.4
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(a) Earnings were inadequate to cover fixed charges by the amount of
$1,794,286, $2,027,072 and $4,970,868 for fiscal 1993, 1992 and 1991,
respectively.