EXHIBIT 12.1
Michael Foods, Inc.
Computation of ratio of earnings to fixed charges
For the Periods Ended
(in thousands)
Company Predecessor 2001 Predecessor
------------ ---------------------------------------- ----------------------------------
One month Eleven months Year Nine Months Three Months
ended ended ended ended ended Years ended
December 31, November 30, December 31, December 31, March 31, December 31,
2003 2003 2002 2001 2001 2000 1999
------------ ---------------------------------------- ----------------------------------
Earnings:
Income (loss) before income taxes $ (7,365) $ (29,547) $ 48,204 $ 21,815 $ (5,653) $ 73,600 $ 74,666
Add:
Fixed charges 5,103 43,530 52,355 46,045 3,692 15,315 14,514
Amortization of capitalized interest 48 524 572 429 143 572 572
Subtract:
Interest capitalized - (32) - (196) - (224) (1,054)
----------- --------------------------------------- ----------------------------------
Adjusted Earnings $ (2,214) $ 14,475 $ 101,131 $ 68,093 $ (1,818) $ 89,263 $ 88,698
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Fixed Charges:
Interest expensed and capitalized $ 4,782 $ 38,057 $ 46,737 $ 40,172 $ 3,292 $ 13,715 $ 12,972
Interest portion of rentals 151 1,657 1,400 1,155 375 1,500 1,442
Amortization of capitalized debt expense 170 3,816 4,218 2,359 25 100 100
----------- --------------------------------------- ----------------------------------
$ 5,103 $ 43,530 $ 52,355 $ 43,686 $ 3,692 $ 15,315 $ 14,514
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Ratio of earnings to fixed charges (1) - - 1.93 1.56 - 5.83 6.11
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(1) Due to the Company's loss for the one month ended December 31, 2003, the
Predecessor's loss for the eleven months ended November 30, 2003, and the 2001
Predecessor's loss for the three months ended March 31, 2001, the ratio coverage
in the respective periods was less than 1:1. The Company, the Predecessor and
the 2001 Predecessor needed to generate additional earnings of $7,317,000,
$29,056,000 and $5,510,000 for the one month ended December 31, 2003, the eleven
months ended November 30, 2003, and the three months ended March 31, 2001,
respectively, to achieve a coverage ratio of 1:1.