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)
53 WEEKS ENDED 52 WEEKS ENDED 52 WEEKS ENDED 52 WEEKS ENDED
JUNE 30, 1990 JUNE 29, 1991 JUNE 27, 1992 JUNE 26, 1993
------------------ ------------------ ------------------ ------------------
FIXED FIXED FIXED FIXED
EARNINGS CHARGES EARNINGS CHARGES EARNINGS CHARGES EARNINGS CHARGES
-------- ------- -------- ------- -------- ------- -------- -------
Income (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
Interest factor in rent expense(1)... 3,814 3,814 6,523 6,523 15,569 15,569 14,835 14,835
------- ------- ------- ------- -------- ------- -------- -------
$45,497 $54,603 $53,220 $56,607 $ 60,225 $85,780 $ 58,631 $84,567
======= ======= ======= ======= ======== ======= ======== =======
Ratio of earnings to fixed charges... -- -- -- --
======= ======= ======== ========
Deficiency of earnings to cover fixed
charges............................ $ 9,106 $ 3,387 $ 25,555 $ 25,936
======= ======= ======== ========
52 WEEKS ENDED 32 WEEKS ENDED 31 WEEKS ENDED
JUNE 25, 1994 FEBRUARY 5, 1994 JANUARY 29, 1995
------------------ ------------------ ------------------
FIXED FIXED FIXED
EARNINGS CHARGES EARNINGS CHARGES EARNINGS CHARGES
-------- ------- -------- ------- -------- -------
Income (loss) before provision for
income taxes and extraordinary
charges............................. $ -- $ -- $ 240 $ -- $(11,500) $ --
Add: Fixed charges:
Interest expense including
amortization of deferred financing
costs.............................. 68,250 68,250 42,168 42,168 42,222 42,222
Interest factor in rent expense(1)... 16,596 16,596 9,943 9,943 11,819 11,819
------- ------- ------- ------- ------- -------
$84,846 $84,846 $52,351 $52,111 $ 42,541 $54,041
======= ======= ======= ======= ======== =======
Ratio of earnings to fixed charges... 1.0 1.0 --
======= ======= ========
Deficiency of earnings to cover fixed
charges............................ $ -- $ -- $ 11,500
======= ======= ========
- ---------------
(1) Calculated as one-third of minimum rent expense (see note 5 in the audited
financial statements):
1990 1991 1992 1993 1994
------- ------- ------- ------- -------
Minimum rent......................... $11,443 $19,570 $46,706 $44,504 $49,788
Interest factor...................... /3 /3 /3 /3 /3
------- ------- ------- ------- -------
$ 3,814 $ 6,523 $15,569 $14,835 $16,596
======= ======= ======= ======= =======
32 WEEKS ENDED 31 WEEKS ENDED
FEBRUARY 5, 1994 JANUARY 29, 1995
---------------- ----------------
Minimum rent......................... $29,830 $35,458
Interest factor...................... /3 /3
------- -------
$ 9,943 $11,819
======= =======
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