EXHIBIT 12.1
Computation of Ratios of Earnings to Fixed Charges
and Combined Fixed Charges and Preferred Stock Dividends
(dollars in thousands)
PRO FORMA
-----------------------
FISCAL YEAR ENDED NINE MONTHS ENDED NINE MONTHS
------------------------------------------------------ -------------------------- FISCAL YEAR ENDED
SEPTEMBER 27, OCTOBER 3, ENDED OCTOBER 3,
1992 1993 1994 1995 1996 1996 1997 1996 1997
------ ------ ------ ------ ------ ------------- ---------- -------- ----------
Interest expense . . . $2,862 $2,909 $2,836 $3,039 $2,771 $2,066 $ 2,947 $2,066 $ 2,947
Incremental interest
expense . . . . . . . -- -- -- -- -- -- -- 8,332 5,625
Estimated interest
portion of rent
expense . . . . . . . 257 283 174 335 381 252 282 381 282
------ ------ ------ ------ ------ ------ ------- ------- -------
Fixed charges. . . . . $3,119 $3,192 $3,010 $3,374 $3,152 $2,318 $ 3,229 $10,779 $ 8,854
------ ------ ------ ------ ------ ------ ------- ------- -------
------ ------ ------ ------ ------ ------ ------- ------- -------
Income (loss) before
income taxes. . . . . ($1,977) ($1,036) $3,408 $5,966 $8,499 $6,395 $(7,096) $ (41) $ 2,837
Fixed charges. . . . . 3,119 3,192 3,010 3,374 3,152 2,318 3,229 10,779 8,854
Less: interest
charges capitalized . (27) (12) (11) (30) (19) (9) (24) (19) (24)
------ ------ ------ ------ ------ ------ ------- ------- -------
Earnings (loss). . . . $1,115 $2,144 $6,407 $9,310 $11,632 $8,704 $(3,891) $10,719 $11,667
------ ------ ------ ------ ------ ------ ------- ------- -------
------ ------ ------ ------ ------ ------ ------- ------- -------
Ratio of earnings to
fixed charges - (A) . -- -- 2.1x 2.8x 3.7x 3.8x -- -- 1.3x
------ ------ ------ ------ ------ ------ ------- ------- -------
------ ------ ------ ------ ------ ------ ------- ------- -------
Fixed charges. . . . . $10,779 $ 8,854
Preferred stock
dividend
requirements . . . . 3,234 2,426
Accretion of
carrying value of
preferred stock . . . 391 292
------ -------
Combined fixed
charges & preferred
stock dividends . . . $14,404 $11,572
------- -------
------- -------
Ratio of earnings to combined fixed charges and preferred stock dividends - (A) -- --
-------
-------
(A) Earnings were insufficient to cover fixed charges by $2,004 and $1,048 in
fiscal years 1992 and 1993, respectively.
Earnings were insufficient to cover fixed charges by $7,120 for the nine
months ended October 3, 1997.
Earnings were insufficient to cover pro forma fixed charges by $60 for
fiscal 1996.
Earnings were insufficient to cover pro forma combined fixed charges and
preferred stock dividends by $3,685 for fiscal year 1996 and $95 for the
nine months ended October 3, 1997.