EXHIBIT 12.1
COCA-COLA BOTTLING CO. CONSOLIDATED
Ratio of Earnings to Fixed Charges
FISCAL YEAR ENDED (1)
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1998 1997 1996 1995 1994
Income (loss) before income taxes $ 23,245 $ 24,270 $ 25,699 $ 25,221 $ 24,386
Fixed Charges:
Interest expense 39,947 37,479 30,379 33,091 31,385
Interest inherent in
rental expense (2) 7,226 5,120 10,565 9,654 8,413
Piedmont fixed
charges (3) 7,771 7,219 6,717 6,230 5,388
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Fixed charges,
as Defined 54,944 49,818 47,661 48,975 45,185
Earnings, as Defined $ 78,189 $ 74,088 $ 73,360 $ 74,196 $ 69,571
RATIO OF EARNINGS TO FIXED CHARGES 1.42 1.49 1.54 1.51 1.54
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EXCESS (DEFICIENCY) OF EARNINGS
AS DEFINED, TO FIXED CHARGES $ 23,245 $ 24,270 $ 25,699 $ 25,221 $ 24,386
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(1) The Company's fiscal year ends on the Sunday nearest December 31st.
(2) The Company imputes the interest inherent in rental expense based on
estimates of the cost of debt having a term to maturity substantially
the same as the rental period. In estimates made prior to 1997, the
Company based this estimate on the cost of debt having a term
substantially longer than the rental period. This factor, in
combination with generally falling interest rates since 1993, resulted
in lower imputed interest inherent in rental expense beginning in 1997.
(3) Fixed charges for the Company's fifty percent (50%) owned affiliate,
Piedmont Coca-Cola Bottling Partnership, are calculated as follows:
Interest expense $ 13,402 $ 12,704 $ 11,568 $ 11,294 $ 9,865
Interest inherent in
rental expense 2,140 1,733 1,867 1,167 910
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Subtotal 15,542 14,437 13,435 12,461 10,775
Proprotionate share 50.0% 50.0% 50.0% 50.0% 50.0%
Applicable $ 7,771 $ 7,219 $ 6,717 $ 6,230 $ 5,388
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