EXHIBIT 12.1
TOWN & COUNTRY CORPORATION AND SUBSIDIARIES
HISTORICAL AND PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
Historical Ratio of Earnings to Fixed Charges
(in thousands)
Fiscal year Ended Nine Months Ended
(Unaudited) (Unaudited)
------------------------------------------------------------------------------
2/28/90 2/28/91 2/29/92 2/28/93 2/27/94 11/28/93 11/27/94
------- ------- ------- ------- ------- -------- --------
Fixed charges:
Interest expense (including
amortization of debt
discount and expense) ..... $ 26,662 $ 28,561 $ 25,067 $ 20,093 $ 14,045 $ 11,067 $ 8,823
Interest element of
rental expense ............. 908 910 338 430 363 312 304
------- ------- ------- ------- ------- -------- --------
Total ........................ $ 27,570 $ 29,471 $ 25,405 $20,523 $14,408 $ 11,379 $ 9,127
======== ======== ======== ======= ======= ========= ========
Earnings:
Net income (loss) ........... $ 6,613 $ 1,249 $(19,018) $(47,296) $ 3,138 $ 2,316 $ 6,777
Extraordinary gain ........... -- (1,885) (726) -- -- -- --
Equity in net income of
Little Switzerland(1) ..... -- -- (1,487) (1,914) (1,106) (249) (576)
Provision for income
taxes ...................... 2,834 1,791 3,252 956 1,010 554 1,643
Fixed charges ................ 27,570 29,471 25,405 20,523 14,408 11,379 9,127
------- ------- ------- ------- ------- -------- --------
Total ........................ $ 37,017 $ 30,626 $ 7,426 $(27,731) $ 17,450 $14,000 $16,971
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to
fixed charges(2) ........... 1.34x 1.04x - - 1.21x 1.23x 1.86x
EXHIBIT 12.1
TOWN & COUNTRY CORPORATION AND SUBSIDIARIES
HISTORICAL AND PRO FORMA RATIOS OF EARNINGS TO FIXED CHARGES
(Continued)
Pro Forma Ratio of Earnings to Fixed Charges
(in thousands)
Fiscal Year Ended
February 27, 1994
(Unaudited)
-----------------------------------------------
Pro Forma
Pro Forma for the Little Switzerland
Recapitalization Exchange
---------------- ------------------
Fixed charges:
Interest expense (including
amortization of debt discount
and expense). . . . . . . $12,540 $ 12,540
Interest element of rental expense . 363 363
------ --------
Total. . . . . . . . . . . $12,903 $ 12,903
======= ========
Earnings:
Net income . . . . . . . . $ 4,643 $ 3,603
Equity in net income of Little
Switzerland(1). . . . . . (1,106) 0
Provision for income taxes . . 1,010 1,010
Fixed charges. . . . . . . 12,903 12,903
------- --------
Total. . . . . . . . . . . $17,450 $ 17,450
======= ========
Ratio of earnings to fixed
charges(2). . . . . . . . 1.35 1.35
- -------------
(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 1 of Notes to Consolidated Financial Statements).
(2) Calculated by dividing total earnings by total fixed charges for the
period. For the years-ended February 29, 1992, and February 28, 1993, the
Company's earnings before fixed charges were insufficient to cover fixed
charges by approximately $18.0 million and $48.3 million, respectively.
EXHIBIT 12.2
TOWN & COUNTRY CORPORATION AND SUBSIDIARIES
HISTORICAL AND PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES,
EXCHANGEABLE PREFERRED STOCK DIVIDENDS AND ACCRETION
AND CONVERTIBLE PREFERRED STOCK DIVIDENDS
Pro Forma Ratio of Earnings
to Fixed Charges
(in thousands)
Historical Fiscal Year Ended
February 27, 1994
(Unaudited)
----------------- ------------- ------------- --------------
Pro Forma for
Fiscal Year Ended Nine Months Pro Forma the Little
February 27, 1994 November 27, for the Re- Switzerland
(Unaudited) (Unaudited) capitalization Exchange
Fixed charges:
Interest expense (including amortization of
debt discount and expense). . $ 12,540 $ 8,823 $ 12,540 $ 12,540
Interest element of rental expense . . 397 304 363 363
-------- -------- -------- --------
Total fixed charges. . . . . . $ 12,937 $ 9,127 $ 12,903 $ 12,903
-------- -------- -------- --------
Dividends on Convertible Preferred Stock . . . -- 929
Accretion of discount and dividends on
preferred stock . . . . . . . 1,454 1,426 1,864 112
-------- -------- -------- --------
Total fixed charges and preferred stock
dividends . . . . . . . . . . $ 14,391 $10,553 $ 14,767 $ 13,944
======== ======== ======== ========
Earnings:
Net income attributable to common stockholders $ 1,684 $ 6,777 $ 2,779 $ 2,496
Equity in net income of Little Switzerland(1). (1,106) (576) (1,106) 0
Provision for income taxes . . 1,010 1,643 1,010 1,010
Fixed charges and preferred stock dividends. . 14,391 10,533 14,767 13,944
-------- -------- -------- --------
Total. . . . . . . . . . . . . $ 15,979 $18,397 $ 17,450 $ 17,450
======== ======== ======== ========
Ratio of earnings to fixed charges(2). 1.11 1.74 1.18 1.25
- -------
(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 1 of
Notes to Consolidated Financial Statements).
(2) Calculated by dividing total pro forma earnings by total fixed charges and
preferred stock dividends for the period. For the years-ended February 29,
1992, and February 28, 1993, the Company's earnings before fixed charges
and preferred stock dividends were insufficient to cover fixed charges by
approximately $18.0 million and $48.3 million, respectively. For the nine
month periods ended November 28, 1993 and November 27, 1994, the Company's
ratios of earnings to fixed charges and exchangeable preferred stock
dividends and accretion and convertible preferred stock dividends were
1.13% and 1.61%, respectively.