1
EXHIBIT 12.1
RALPHS SUPERMARKETS, INC.
(AS SUCCESSOR TO RALPHS GROCERY COMPANY)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(A)
(DOLLAR IN THOUSANDS)
(UNAUDITED)
53 WEEKS 52 WEEKS 52 WEEKS 52 WEEKS 52 WEEKS
ENDED ENDED ENDED ENDED ENDED
FEBRUARY 3, FEBRUARY 2, JANUARY 31, JANUARY 30, JANUARY 29,
1991 1992 1993 1994 1995
------------ ------------ ------------ ------------ ------------
Earnings (loss) before income taxes,
cumulative effect of change in accounting
and extraordinary item...................... $(25,529) $(27,734) $ 2,792 $ 30,317 $ 32,118
Add:
Portion of rents representative of the
interest factor.......................... 12,936 15,135 17,745 19,218 19,467
Capitalized interest....................... 915 510 1,074 740 325
Interest expense........................... 128,477 130,206 125,611 108,755 112,651
------------ ------------ ------------ ------------ ------------
Earnings as adjusted....................... $116,799 $118,117 $147,222 $159,030 $164,561
========= ========= ========= ========= =========
Fixed charges:
Interest expense........................... 128,477 130,206 125,611 108,755 112,651
Capitalized interest....................... 915 510 1,074 740 325
Portion of rents representative of the
interest factor.......................... 12,936 15,135 17,745 19,218 19,467
------------ ------------ ------------ ------------ ------------
Total fixed charges........................ $142,328 $145,851 $144,430 $128,713 $132,443
========= ========= ========= ========= =========
Ratio of earnings to fixed charges........... --(b) --(b) 1.02 1.24 1.24
========= ========= ========= ========= =========
- ---------------
(a) The ratio of earnings to fixed charges has been computed based upon net
earnings (loss) before income taxes, extraordinary item and fixed charges.
Fixed charges consist of interest expense (including amortization of
self-insurance reserves discount), capitalized interest, amortization of
debt discount and expense and one-third of rental expense (the proportion
deemed representative of the interest factor).
(b) Earnings before income taxes and fixed charges were insufficient to cover
fixed charges for the periods ended February 3, 1991 and February 2, 1992 by
$25,529 and $27,734, respectively.
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2
EXHIBIT 12.1
FOOD 4 LESS SUPERMARKETS, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
52 WEEKS
ENDED
53 WEEKS ENDED 52 WEEKS ENDED 52 WEEKS ENDED 52 WEEKS ENDED JUNE 25,
JUNE 30, 1990 JUNE 29, 1991 JUNE 27, 1992 JUNE 26, 1993 1994
------------------ ------------------ ------------------ ------------------ --------
FIXED FIXED FIXED FIXED
EARNINGS CHARGES EARNINGS CHARGES EARNINGS CHARGES EARNINGS CHARGES EARNINGS
-------- ------- -------- ------- -------- ------- -------- ------- --------
Loss before provision for income taxes
and extraordinary charges............ $(9,106) $ -- $(3,387) $ -- $(25,555) $ -- $(25,936) $ -- $ --
Add: Fixed charges:
Interest expense including
amortization of deferred financing
costs............................... 50,789 50,789 50,084 50,084 70,211 70,211 69,732 69,732 68,250
Interest factor in rent expense(1).... 3,814 3,814 6,523 6,523 15,569 15,569 14,835 14,835 16,596
-------- ------- -------- ------- -------- ------- -------- ------- --------
$45,497 $54,603 $53,220 $56,607 $ 60,225 $85,780 $ 58,631 $84,567 $84,846
======= ======= ======= ======= ======== ======= ======== ======= =======
Ratio of earnings to fixed charges.... -- -- -- -- 1.0
======= ======= ======== ======== =======
Deficiency of earnings to cover fixed
charges............................. $ 9,106 $ 3,387 $ 25,555 $ 25,936 --
======= ======= ======== ======== =======
28 WEEKS ENDED 28 WEEKS ENDED
JANUARY 8, 1994 JANUARY 7, 1995
------------------ ------------------
FIXED FIXED FIXED
CHARGES EARNINGS CHARGES EARNINGS CHARGES
------- -------- ------- -------- -------
Loss before provision for income taxes
and extraordinary charges............ $ -- $ (321) $ -- $(8,228) $ --
Add: Fixed charges:
Interest expense including
amortization of deferred financing
costs............................... 68,250 36,862 36,862 37,684 37,684
Interest factor in rent expense(1).... 16,596 8,667 8,667 10,158 10,158
------- -------- ------- -------- -------
$84,846 $45,208 $45,529 $39,614 $47,842
======= ======= ======= ======= =======
Ratio of earnings to fixed charges.... -- --
======= =======
Deficiency of earnings to cover fixed
charges............................. $ 321 $ 8,228
======= =======
- ---------------
(1) Calculated as one-third of minimum rent expense (see note 5 in the audited
financial statements):
1990 1991 1992 1993
------- ------- ------- -------
Minimum rent.......................... $11,443 $19,570 $46,706 $44,504
Interest factor....................... /3 /3 /3 /3
------- ------- ------- -------
$ 3,814 $ 6,523 $15,569 $14,835
======= ======= ======= =======
28 WEEKS ENDED 28 WEEKS ENDED
1994 JANUARY 8, 1994 JANUARY 7, 1995
------- --------------- ---------------
Minimum rent.......................... $49,788 $26,002 $30,473
Interest factor....................... /3 /3 /3
------- ------- -------
$16,596 $ 8,667 $10,158
======= ======= =======
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