Exhibit 12
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GFSI HOLDINGS, INC.
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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FISCAL YEARS ENDED
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June 30, June 27, July 3, July 2, June 30,
1996 1997 1998 1999 2000
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Registrant's pretax income from
continuing operations.................... $ 30,226 $ 26,940 $ 13,408 $ 6,038 $ 6,613
Interest................................. 2,608 8,704 23,018 23,837 23,640
Amortization of debt expense and
discount on premium.................. 9 394 1,185 1,182 1,182
Total fixed charges...................... 2,617 9,098 24,203 25,019 24,822
Total earnings and fixed charges......... 32,843 36,038 37,611 31,057 31,435
Preferred stock dividends................ 1,080 1,336 425 421
Total fixed charges and preferred
stock dividends..................... 2,617 10,178 25,539 25,444 25,243
Ratio.................................... 12.5x 3.5x 1.5x 1.2x 1.2x
PRO FORMA
Pretax income from continuing
operations............................... 11,106
Interest................................. 25,015
Total earnings and fixed charges......... 36,121
Preferred stock dividends................ 228
Total fixed charges...................... 25,243
Pro forma ratio.......................... 1.4x
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