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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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<Caption>
HISTORICAL PRO FORMA(a)
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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) $(35,740)
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) (36,046)
------- ------- ------- ------- -------- --------
Fixed charges:
Interest expense..... 13,031 1,260 4,804 30,447 26,210 46,022
Interest portion of
rent expense (b)... 2,337 2,189 1,294 1,385 1,380 6,579
------- ------- ------- ------- -------- --------
15,368 3,449 6,098 31,832 27,590 52,601
------- ------- ------- ------- -------- --------
Adjusted earnings from
continuing operations
before income taxes and
minority interests..... $23,211 $24,441 $10,857 $49,396 $ 10,650 $ 16,555
------- ------- ------- ------- -------- --------
------- ------- ------- ------- -------- --------
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 $ 36,046
-------- --------
-------- --------
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HISTORICAL PRO FORMA(a)
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NINE MONTHS ENDED
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SEPTEMBER 28,
SEPTEMBER 29, ----------------------
2002 2003 2003
---- ---- ----
(IN THOUSANDS)
Loss from continuing operations before income
taxes and minority interests....................
$(16,919) $(2,030) $(5,762)
Add equity in losses (deduct equity in earnings)
of equity investees............................. 625 (1,025) (1,025)
-------- ------- -------
(16,294) (3,055) (6,787)
-------- ------- -------
Fixed charges:
Interest expense.............................. 20,002 27,857 31,589
Interest portion of rent expense (b).......... 1,026 4,633 4,633
-------- ------- -------
21,028 32,490 36,222
-------- ------- -------
Adjusted earnings from continuing operations
before income taxes and minority interests...... $ 4,734 $29,435 $29,435
-------- ------- -------
-------- ------- -------
Amount by which earnings were insufficient to
cover fixed charges (c)......................... $ 16,294 $ 3,055 $ 6,787
-------- ------- -------
-------- ------- -------
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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 nine-month period ended September 28, 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.