Exhibit 12.1
STATEMENT OF COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES
($ IN MILLIONS)
Fiscal Q1
1999 2000 2001 2002 2003 2004
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Earnings:
Pretax income from continuing
operations $117.0 $116.3 $28.7 $162.9 $163.3 $(114.6)
Interest expense 79.1 93.9 87.7 76.3 69.2 11.9
Interest factor on rents 6.1 5.9 7.3 11.1 13.5 2.0
Amortization of Capitalized
Interest 0.1 0.2 0.4 0.5 0.6 -
Losses incurred by majority-
owned subsidiaries not
recorded 0.2 0.4 0.4 0.2 -
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$202.1 $215.9 $123.7 $250.8 $246.4 $(100.7)
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Fixed charges:
Interest expense $79.1 $93.9 $ 87.7 $ 76.3 $ 69.2 $ 11.9
Interest capitalized 1.0 2.1 3.1 1.1 1.4 -
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Interest incurred 80.1 96.0 90.8 77.4 70.6 11.9
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Rent expense 18.5 17.9 22.0 33.6 40.8 6.1
Estimated interest factor 33% 33% 33% 33% 33% 33%
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Interest factor on rents 6.1 5.9 7.3 11.1 13.5 2.0
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Total fixed charges $86.2 $101.9 $98.1 $ 88.5 $ 84.1 $ 13.9
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Ratio of earnings to fixed charges 2.3 2.1 1.3 2.8 2.9 (A)
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(A) Due to the Company's net loss in the first fiscal quarter of 2004, the
ratio coverage was less than 1:1. The Company must generate additional
earnings of $114.6 million to achieve a coverage of 1:1.