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EXHIBIT 12.1
TOWN & COUNTRY CORPORATION AND SUBSIDIARIES
HISTORICAL RATIOS OF EARNINGS TO FIXED CHARGES
Historical Ratio of Earnings to Fixed Charges
(in thousands)
Fiscal Year Ended Three Months Ended
(Unaudited) (Unaudited)
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2/29/92 2/28/93 2/27/94 2/26/95 2/25/96 5/28/95 5/26/96
------- ------- ------- ------- ------- ------- -------
Fixed charges:
Interest expense (including
amortization of debt
discount and expense).. $ 25,067 $ 20,093 $14,045 $12,170 $13,154 $3,156 $ 3,159
Interest element of
rental expense......... 338 430 363 528 640 137 183
-------- -------- ------- ------- ------- ------ -------
Total....................... $ 25,405 $ 20,523 $14,408 $12,698 $13,794 $3,293 $ 3,342
======== ======== ======= ======= ======= ====== =======
Earnings:
Net income (loss)........... $(19,018) $(47,296) $ 3,138 $ 572 (1,866) $ (514) $(1,854)
Extraordinary gain.......... (726) -- -- -- -- -- --
Equity in net income of
Little Switzerland(1).. (1,487) (1,914) (1,106) 588 -- -- --
Provision for income
taxes.................. 3,252 956 1,010 1,758 164 216 80
Fixed charges............... 25,405 20,523 14,408 12,698 13,794 3,293 3,342
-------- -------- ------- ------- ------- ------ -------
Total....................... $ 7,426 $(27,731) $17,450 $15,616 $12,092 $2,995 $ 1,568
======== ======== ======= ======= ======= ====== =======
Ratio of earnings to
fixed charges(2)....... .29x -- 1.21x 1.23x .88x .91x .47x
<FN>
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(1) Reflects equity in net income of Little Switzerland, Inc. subsequent to the
sale by the Company of 68% of its ownership interest. (See Note 5 of Notes
to fiscal 1996 Consolidated Financial Statements.)
(2) Calculated by dividing total earnings by total fixed charges for the
period. For the years ended February 29, 1992, February 28, 1993 and
February 25, 1996, the Company's earnings before fixed charges were
insufficient to cover fixed charges by approximately $18.0 million, $48.3
million and $1.7 million, respectively. For the three months ended May 28,
1995 and May 26, 1996, the Company's earnings before fixed charges were
insufficient to cover fixed charges by approximately $300,000 and $1.8
million, respectively.