1
RATIO OF EARNINGS TO FIXED CHARGES
(amounts in thousands except ratios)
Five Months
Six Months Ended Year Ended Ended YEAR ENDED
------------------ -------------------------- ------------ ----------------------------------------
June 30, June 30, December 31, December 31, December 31, JULY 31, JULY 25, JULY 27, JULY 28,
1995 1994 1994 1993 1993 1993 1992 1991 1990
------------------ -------------------------- ------------ ----------------------------------------
(unaudited)
(Loss)/income from
continuing operations
before income taxes (6,110) 736 4,033 9,644 946 27,151(2) (14,630) (300) 1,503
Fixed charges(1) 6,388 1,675 4,228 2,621 633 1,300 1,131 1,092 1,115
------------------ -------------------------- ------------ -----------------------------------------
(Loss)/income from
continuing operations
before income taxes
and fixed charges 278 2,411 8,261 12,265 1,579 28,451 (13,499) 792 2,618
================== ========================== ============ =========================================
Fixed charges:
Interest and debt
expense 6,305 1,592 4,063 2,456 468 1,135 966 927 950
1/3 of Rent expense -
interest factor 83 83 165 165 165 165 165 165 165
------------------ -------------------------- ------------ -----------------------------------------
6,388 1,675 4,228 2,621 633 1,300 1,131 1,092 1,115
Capitalized
interest 3,100 851 1,718 0 0 0 0 0 0
------------------ -------------------------- ------------ -----------------------------------------
9,488 2,526 5,946 2,621 633 1,300 1,131 1,092 1,115
================== ========================== ============ =========================================
Ratio of earnings to
fixed charges -- -- 1.39 4.68 2.49 21.89(2) -- -- 2.35
Deficiency in earnings
available to cover
fixed charges (9,210) (115) -- -- -- -- (14,630) (300) --
NOTES:
(1) For purposes of this calculation, earnings before fixed charges
consist of earnings before income taxes plus fixed charges. Fixed
charges consist of interest expense on all indebtedness (including
amortization of debt issuance costs) from continuing operations and
the portion of operating lease rental expense that is
representative of the interest factor (deemed to be one-third of
operating lease rentals). Fixed charges does not include any
interest paid to unsecured creditors or charged against the reserve
from discontinued operations. Fixed charges also does not include
any interest expensed or capitalized during the period the Company
was in the retail business (prior to 5/15/92) except for its share
of the Kings Plaza Mall interest expense.
(2) Includes a gain on sale of leases of $28,779 without which the
Company would have a deficiency in earnings to cover fixed charges
of $1,628.