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EXHIBIT 12.1
INTERSTATE BAKERIES CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
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12 Weeks
Ended 53 Weeks 52 Weeks 52 Weeks 52 Weeks 52 Weeks
August 26, Ended Ended Ended Ended Ended
2000 June 3, 2000 May 29, 1999 May 30, 1998 May 31, 1997 June 1, 1996(2)
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Fixed charges:
Interest expense $ 6,721 $ 27,809 $ 23,113 $ 18,624 $ 22,592 $ 29,310
Capitalized interest 244 1,200 3,084 1,707 555 --
Rent expense 1,100 4,149 3,559 3,354 3,169 3,080
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Total $ 8,065 $ 33,158 $ 29,756 $ 23,685 $ 26,316 $ 32,390
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Earnings available for fixed charges:
Income before income taxes $ 43,574 $ 143,020 $ 201,848 $ 213,562 $ 169,298 $ 50,335
Add fixed charges before
capitalized interest 7,821 31,958 26,672 21,978 25,761 32,390
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Total $ 51,395 $ 174,978 $ 228,520 $ 235,540 $ 195,059 $ 82,725
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Ratio of earnings to fixed charges(1) 6.37x 5.28x 7.68x 9.94x 7.41x 2.55x
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(1) The ratio of earnings to fixed charges has been computed by dividing
total earnings available for fixed charges, excluding capitalized
interest, by total fixed charges. Fixed charges include interest
expense, capitalized interest and that portion of rental expense that
is estimated to be the interest portion of rentals based upon the
Company's incremental borrowing rate. The Company did not pay any
preferred stock dividends during the periods presented and, therefore,
such dividends are not included in the ratio computations.
(2) Fiscal 1996 includes the operations of Continental Baking Company for
45 weeks from its acquisition on July 22, 1995. Fiscal 1996 also
includes a pre-tax charge of $9.5 million resulting from a payment due
on a union-administered, multi-employer pension plan which failed.
