EXHIBIT 12.1
EXHIBIT 12.1--STATEMENT RE: COMPUTATION OF HISTORICAL
RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended
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April 27, April 26, April 25, April 30, April 29,
1997 1998 1999 2000 2001
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(dollars in millions)
Consolidated pretax income from
continuing operations ................ $(10.4) $15.0 $23.9 $ 57.5 $ 45.6
Less equity income (loss) of
unconsolidated joint venture ......... (0.2) -- (1.3) 0.3 (0.2)
Interest ................................ 40.3 54.3 55.8 62.8 102.7
Less capitalized interest ............... -- 2.7 7.2 2.4 3.8
Interest portion of rental expense ...... 1.6 1.4 2.8 5.7 9.8
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Earnings ............................. $ 31.7 $68.0 $76.6 $123.3 $154.5
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Interest ................................ $ 40.3 $54.3 $55.8 $ 62.8 $102.7
Interest portion of rental expense ...... 1.6 1.4 2.8 5.7 9.8
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Fixed charges ........................ $ 41.9 $55.7 $58.6 $ 68.5 $112.5
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Ratio of earnings to fixed charges ...... -- 1.2x 1.3x 1.8x 1.4x
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For purpose of determining the ratio of earnings to fixed charges, earnings
consist of earnings before provision for income taxes and extraordinary item
plus fixed charges, excluding capitalized interest. Fixed charges consist of
interest on indebtedness, including capitalized interest, plus that portion of
rental expense that is considered to be interest. This ratio does not include
earnings and fixed charges of unconsolidated joint ventures. Earnings were
inadequate to cover fixed charges by $10.2 million for fiscal 1997.