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Exhibit 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands)
Predecessor PFGI
-------------------------------- -----------------------------------------------------
52 weeks 52 weeks 42 weeks 10 weeks Nine months ended
ended ended ended ended Year ended July 31, April 30,
August 1, July 30, May 22, July 31, ------------------- -------------------
1999(1) 2000 2001 2001 2002 2003 2003 2004
-------- -------- -------- -------- -------- -------- -------- --------
Fixed charges as defined:
Interest expense 44,532 52,088 42,163 3,342 14,513 11,592 8,738 21,204
One-third of non-cancelable
lease rent 1,542 1,149 1,329 248 1,473 1,119 869 801
-------- -------- -------- -------- -------- -------- -------- --------
Total fixed charges (A) 46,074 53,237 43,492 3,590 15,986 12,711 9,607 22,005
-------- -------- -------- -------- -------- -------- -------- --------
Earnings as defined:
Pretax income (loss) (106,557) (40,661) (50,549) (8,897) 16,112 13,964 12,546 (67,852)
Add fixed charges 46,074 53,237 43,492 3,590 15,986 12,711 9,607 22,005
-------- -------- -------- -------- -------- -------- -------- --------
Earnings and fixed
charges (B) (60,483) 12,576 (7,057) (5,307) 32,098 26,675 22,153 (45,847)
-------- -------- -------- -------- -------- -------- -------- --------
Ratio of earnings to fixed
charges: (B/A) NM(2) NM(2) NM(2) NM(3) 2.01 2.10 2.31 NM(3)
(1) The predecessor financial data include all the operations of VFI, which in
fiscal 1999 included VFI's operations in Argentina and Germany. VFI
divested these operations in fiscal 1999 but did not treat them as
discontinued operations because they did not comprise an entire segment
at the time of divestiture. Consolidated fiscal 1999 net sales includes
$228,679 from the Argentine and German operations and $719,262 from the
North American business, which we acquired on May 22, 2001.
(2) The Predecessor's earnings for the 52 weeks ended August 1, 1999 and July
30, 2000 and the 42 weeks ended May 22, 2001, were insufficient to cover
fixed charges by $106.6 million, $40.7 million and $50.5 million,
respectively.
(3) PFGI's earnings for the 10 weeks ended July 31, 2001 and the nine months
ended April 30, 2004, were insufficient to cover fixed charges by $8.9
million and $67.9 million, respectively.
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