EXHIBIT 12.1
Pacer International, Inc.
Ratio of Earnings to Fixed Charges
Pro Forma
For the Pro Forma
Fiscal Year For the Six For the For the
Ended Months Fiscal Year Period Dec.
Dec. 25, Ended June Ended 28, 1996 to
1998 25, 1999 Dec. 27, 1996 Nov. 12, 1997
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Earnings:
Income before taxes and minority $25.9 $14.1 $61.5 $36.8
interest charge
Less: Minority interest charge (1.8) (0.9) - -
Plus:
Interest 30.1 14.9 - 2.0
Estimated interest on rent 18.3 9.3 11.7 12.4
------------- -------------- -------------- --------------
72.5 37.4 73.2 51.2
Fixed Charges:
Interest 30.1 14.9 - 2.0
Estimated interest portion of rent
expense 18.3 9.3 11.7 12.4
------------- -------------- -------------- --------------
48.4 24.2 11.7 14.4
Ratio of Earnings to Fixed Charges 1.5x 1.5x 6.2x 3.6x
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For the For the For the Six
Period Nov. Fiscal Year For the Six Months
13, 1997 to Ended Dec. Months Ended Ended June
Dec. 26, 1997 25, 1998 June 26, 1998 25, 1999
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Earnings:
Income before taxes and minority $1.7 $33.2 $8.2 $16.4
interest charge
Less: Minority interest charge - - - (0.1)
Plus:
Interest 0.3 - 0.3 2.4
Estimated interest on rent 1.8 16.6 8.4 8.5
-------------- -------------- -------------- -------------
3.8 49.8 16.9 27.2
Fixed Charges:
Interest 0.3 - 0.3 2.4
Estimated interest portion of rent 8.4 8.5
expense 1.8 16.6
-------------- -------------- -------------- -------------
2.1 16.6 8.7 10.9
Ratio of Earnings to Fixed Charges 1.8x 3.0x 1.9x 2.5x
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Note: The estimated interest portion of rent expense is assumed to be one-third
of rent expense.