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EXHIBIT 12
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS OF DOLLARS, EXCEPT FOR RATIOS)
2001 2000 1999 1998 1997
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Loss from continuing operations before income tax benefit $ (4,979) $(19,060) $ (2,403) $(5,798) $(5,698)
Add Fixed Charges:
Interest expense 12,763 14,086 11,712 1,649 1,693
Amortization of financing costs 571 900 620 113 175
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Total income (loss) as defined $ 8,355 $ (4,074) $ 9,929 $(4,036) $(3,830)
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Fixed Charges:
Interest expense $ 12,763 $ 14,086 $ 11,712 $ 1,649 $ 1,693
Capitalized interest -- -- 203 59 9
Amortization of financing costs 571 900 620 113 175
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Total fixed charges $ 13,334 $ 14,986 $ 12,535 $ 1,821 $ 1,877
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Ratio of earnings to fixed charges 0.63 (0.27) 0.79 (2.22) (2.04)
Additional income required to meet a 1.0 ratio: $ 4,979 $ 19,060 $ 2,606 $ 5,857 $ 5,707
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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
QUARTERS ENDED
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6/3/00 9/2/00 12/2/00 3/3/01
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Operating revenues $ 45,946,753 $ 48,734,129 $ 60,883,230 $ 55,476,371
Gross profit $ 16,689,074 $ 17,661,453 $ 22,094,858 $ 20,854,949
Loss from continuing operations $ (1,445,351) $ (1,022,886) $ (397,851) $ (1,346,700)
Extraordinary loss $ (455,238) $ -- $ -- $ --
Net income (loss) $ (1,900,589) $ (1,022,886) $ (397,851) $ (1,346,700)
Loss from continuing operations per common
share - basic and diluted $ (0.25) $ (0.18) $ (0.07) $ (0.23)
QUARTERS ENDED
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6/5/99 9/5/99 12/4/99 3/4/00
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Operating revenues $ 44,454,722 $ 41,620,043 $ 50,012,578 $ 49,510,853
Gross profit $ 17,748,079 $ 17,443,832 $ 17,754,810 $ 16,626,492
Loss from continuing operations $ (408,468) $ (3,033,793) $ (7,914,628) $ (2,877,678)
Income from discontinued restaurant segment $ 1,241,783 $ 1,287,338 $ 299,246 $ --
Gain on disposal of discontinued restaurant segment $ -- $ -- $ 6,801,726 $ --
Extraordinary loss $ -- $ (52,350) $ -- $ --
Net income (loss) $ 833,315 $ (1,798,805) $ (813,656) $ (2,877,678)
Loss from continuing operations per common
share - basic and diluted $ (0.07) $ (0.52) $ (1.36) $ (0.50)