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EXHIBIT 12.1
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
VFI Predecessor/PFGI Predecessor PFGI
------------------- ------------------------------------- ------------ ------------
52 Weeks 42 Weeks 10 Weeks Three Months Three Months
Ended Ended Ended Year Ended July 31, Ended Ended
July 31, May 22, July 31, -------------------------- October 31, October 31,
2000 2001 2001 2002 2003 2004 2003 2004
-------- -------- ------- ------- ------- -------- ------ -------
(In thousands)
Fixed charges as defined:
Interest expense $ 52,088 $ 42,163 $ 3,342 $14,513 $11,592 $ 35,550 $2,347 $18,833
One-third of non-cancelable lease rent 1,149 1,329 248 1,473 1,119 1,163 313 344
-------- -------- ------- ------- ------- -------- ------ -------
Total fixed charges (A) 53,237 43,492 3,590 15,986 12,711 36,713 2,660 19,177
======== ======== ======= ======= ======= ======== ====== =======
Earnings as defined:
Pretax income (loss) (40,661) (50,549) (8,897) 16,112 13,964 (91,650) 5,699 1,132
Add fixed charges 53,237 43,492 3,590 15,986 12,711 36,713 2,660 19,177
-------- -------- ------- ------- ------- -------- ------ -------
Earnings and fixed charges (B) 12,576 (7,057) (5,307) 32,098 26,675 (54,937) 8,359 20,309
======== ======== ======= ======= ======= ======== ====== =======
Ratio of earnings to fixed charges: (B/A) NM(1) NM(1) NM(2) 2.01 2.10 NM(2) 3.14 1.06
(1) VFI's earnings for the 52 weeks ended July 31, 2000 and the 42 weeks
ended May 22, 2001, were insufficient to cover fixed charges by
$40.7 and $50.5 million, respectively.
(2) The Predecessor's earnings for the 10 weeks ended July 31, 2001 were
insufficient to cover fixed charges by $8.9 million. PFGI's earnings
for the year ended July 31, 2004 were insufficient to cover fixed
charges by $91.7 million.