EXHIBIT 12.1
STATEMENT RE: COMPUTATION OF HISTORICAL
RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year Ended
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April 30, April 30, April 27, April 26, April 25,
1995 1996 1997 1998 1999
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(dollars in millions)
Consolidated pretax income from
continuing operations $30.0 $4.9 ($10.4) $15.0 $23.9
Less equity (loss) of unconsolidated
joint venture 19.9 16.4 (0.2) 0.0 (1.3)
Interest expense 14.0 16.8 40.3 54.3 55.8
Less capitalized interest 0.0 1.5 0.0 2.7 7.2
Interest portion of rental expense 0.8 1.0 1.6 1.4 2.8
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Earnings $24.9 $4.8 $31.7 $68.0 $76.6
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Interest expense $14.0 $16.8 $40.3 $54.3 $55.8
Interest portion of rental expense 0.8 1.0 1.6 1.4 2.8
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Fixed charges $14.8 $17.8 $41.9 $55.7 $58.6
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Ratio of earnings to fixed charges 1.7x -- -- 1.2x 1.3x
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For purposes of determining the ratio of earnings to fixed charges, earnings
consist of earnings before provision for income taxes 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. Earnings were inadequate to cover
fixed charges by $13.0 million for fiscal 1996 and $10.2 million for fiscal
1997.