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Exhibit 12.1
RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF
COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS TO EARNINGS
THREE-MONTHS FISCAL
FISCAL YEAR ENDED ENDED YEAR ENDED NINE MONTHS ENDED
9/27/1998 9/26/1999 9/24/2000 9/30/2001 12/30/2001 12/29/2002 9/29/2002 9/30/2003
--------- --------- --------- --------- ---------- ---------- --------- ---------
($ in thousands)
FIXED CHARGES:
Interest expense, net $ 20,860 $ 21,181 $ 19,538 $ 30,643 $ 8,212 $ 34,146 $ 25,776 $ 26,256
1/3 of operating lease
rental expense (deemed
to be interest) 333 400 433 800 167 994 741 622
-------- -------- -------- -------- ------- -------- -------- --------
TOTAL FIXED CHARGES $ 21,193 $ 21,581 $ 19,971 $ 31,443 $ 8,379 $ 35,140 $ 26,517 $ 26,878
PREFERENCE DIVIDENDS:
Dividends on preferred stock (1) 53,714 61,324 45,809 -- -- -- -- --
-------- -------- -------- -------- ------- -------- -------- --------
TOTAL FIXED CHARGES AND
PREFERENCE STOCK DIVIDENDS $ 74,907 $ 82,905 $ 65,781 $ 31,443 $ 8,379 $ 35,140 $ 26,517 $ 26,878
-------- -------- -------- -------- ------- -------- -------- --------
EARNINGS:
Income before taxes and
extraordinary items 33,742 11,021 (17,428) (11,284) (1,902) 6,626 4,880 3,216
Fixed charges 21,193 21,581 19,971 31,443 8,379 35,140 26,517 26,878
-------- -------- -------- -------- ------- -------- -------- --------
TOTAL EARNINGS $ 54,935 $ 32,602 $ 2,543 $ 20,159 $ 6,477 $ 41,766 $ 31,397 $ 30,094
-------- -------- -------- -------- ------- -------- -------- --------
Excess (Deficiency)
of Earnings to Fixed Charges $ 33,742 $ 11,021 $(17,428) $(11,284) $ (1,902) $ 6,626 $ 4,880 $ 3,216
======== ======== ======== ======== ======== ======== ======== ========
Ratio of Earnings
to Fixed Charges 0.73 .39 -- -- -- 1.19 1.18 1.12
Excess (Deficiency)
of Earnings to Fixed Charges
and Preference Dividends $(19,972) $(50,303) $(63,237) $(11,284) $(1,902) $ 6,626 $ 4,880 $ 3,216
======== ======== ======== ======== ======= ======== ======= ========
Ratio of Combined Fixed Charges and
Preference Dividends to Earnings 1.36 2.54 25.86 1.56 1.29 0.84 0.84 0.89
Recalculation of dividends
on preferred stock:
Dividends on preferred
stock $ 30,270 $ 34,749 $ 28,372 $ -- $ -- $ -- $ -- $ --
Income (Loss) from
continuing operations $ 33,742 $ 11,021 $(17,428) $(11,284) $(1,902) $ 6,626 $ 4,880 $ 3,216
Income taxes related to
continuing operations $ 14,727 $ 4,776 $ (6,634) $ (4,307) $ (686) $ 53,094 $49,242 $ 5,287
-------- -------- -------- -------- ------- -------- -------- --------
Effective tax rate applicable
to continuing operations 43.6% 43.3% 38.1% 38.2% 36.1% 801.3% 109.1% 164.4%
-------- -------- -------- -------- ------- -------- -------- -------
DIVIDENDS ON PREFERRED
STOCK ON PRE-TAX BASIS (2) $ 53,714 $ 61,324 $ 45,809 $ -- $ -- $ -- $ -- $ --
-------- -------- -------- -------- ------- -------- -------- -------
NOTES:
(1) Dividends on preferred stock were calculated in accordance with Regulation
S-K, Item 503(d)(B), as: dividends on preferred stock divided by (1 minus
effective tax rate applicable to continuing operations).
(2) Effective tax rate applicable to continuing operations for fiscal year
2003 used for nine months ended 9/30/03.