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EXHIBIT 12.1
TRIARC COMPANIES, INC. AND SUBSIDIARIES
UNAUDITED COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
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HISTORICAL PRO FORMA
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YEAR ENDED
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DECEMBER 29,
JANUARY 3, JANUARY 2, DECEMBER 31, DECEMBER 30, --------------------
1999 2000 2000 2001 2002 2002
---- ---- ---- ---- ---- ----
(IN THOUSANDS EXCEPT RATIOS)
Income (loss) from
continuing operations
before income taxes and
minority interests....... $ 8,019 $22,503 $ 2,211 $17,410 $(16,634) $(35,764)
Add equity in losses
(deduct equity in
earnings) of equity
investees................ (176) (2,236) 2,423 137 (306) (306)
Distribution of earnings
from equity investees.... -- 725 125 17 -- --
------- ------- ------- ------- -------- --------
7,843 20,992 4,759 17,564 (16,940) (36,070)
------- ------- ------- ------- -------- --------
Fixed charges:
Interest expense....... 13,031 1,260 4,804 30,447 26,210 46,036
Interest portion of
rent expense (b)..... 2,337 2,189 1,294 1,385 1,380 6,569
------- ------- ------- ------- -------- --------
15,368 3,449 6,098 31,832 27,590 52,605
------- ------- ------- ------- -------- --------
Adjusted earnings from
continuing operations
before income taxes and
minority interests....... $23,211 $24,441 $10,857 $49,396 $ 10,650 $ 16,535
------- ------- ------- ------- -------- --------
------- ------- ------- ------- -------- --------
Ratio of earnings to fixed
charges.................. 1.51 7.09 1.78 1.55
------- ------- ------- -------
------- ------- ------- -------
Amount by which earnings
were insufficient to
cover fixed charges(c)... $ 16,940 $ 36,070
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-------- --------
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HISTORICAL PRO FORMA(a)
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THREE MONTHS ENDED
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MARCH 30,
MARCH 31, ----------------------
2002 2003 2003
---- ---- ----
(IN THOUSANDS)
Loss from continuing operations before income $ (749) $(2,236) $(4,663)
taxes..............................................
Add equity in losses (deduct equity in earnings) of
equity investees................................... 590 (577) (577)
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(159) (2,813) (5,240)
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Fixed charges:
Interest expense................................. 6,360 8,458 10,885
Interest portion of rent expense (b)............. 356 1,524 1,524
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6,716 9,982 12,409
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Adjusted earnings from continuing operations before
income taxes....................................... $6,557 $ 7,169 $ 7,169
------ ------- -------
------ ------- -------
Amount by which earnings were insufficient to cover
fixed charges (c).................................. $ 159 $ 2,813 $ 5,240
------ ------- -------
------ ------- -------
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(footnotes on next page)
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(footnotes from previous page)
(a) The pro forma information has been determined by adjusting the consolidated
results of operations of Triarc Companies, Inc. and subsidiaries for the
year ended December 29, 2002 to give effect to the acquisition of Sybra,
Inc. and the offering (the 'Offering') of $175,000,000 of 5% convertible
notes due 2023 and, for the three months ended March 30, 2003, to give
effect to the Offering. Such pro forma information is derived from the pro
forma condensed consolidated statements of operations contained elsewhere in
this registration statement and should be read in conjunction with those
statements and accompanying notes.
(b) Represents approximately one-third of rent expense deemed for this purpose
to represent the interest component of rental payments.
(c) Earnings were insufficient to cover fixed charges for these periods.
ii