EX-12.1 4 dex121.htm PILGRIMS PRIDE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Pilgrims Pride Corporation Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

Pilgrim’s Pride Corporation

Computation of Ratio of Earnings

To Fixed Changes

 

    

LTM Period Ended

June 28, 2003 (3)


   Nine Months Ended

          As
Adjusted (4)


   Pro
Forma (5)


  

      June 28,      

2003


  

June 29,

2002


               (In thousands)

EARNINGS:

                           

Income before income taxes and extraordinary charge

   $ 38,163    $ 25,342    $ 46,309    $ 10,056

Add: Total fixed charges (see below)

   $ 54,167    $ 83,532      38,424      38,209

Less: Interest Capitalized

   $ 3,003    $ 3,003    $ 1,226    $ 4,237
    

  

  

  

Total Earnings

   $ 89,327    $ 105,871    $ 83,507    $ 44,028
    

  

  

  

FIXED CHARGES:

                           

Interest (1)

   $ 45,375    $ 68,006    $ 31,842    $ 31,062

Portion of rental expense representative of the Interest factor (2)

     8,792      15,526      6,582      7,147
    

  

  

  

Total fixed charges

   $ 54,167    $ 83,532    $ 38,424    $ 38,209
    

  

  

  

Ratio of earnings to fixed charges

     1.65      1.27      2.17      1.15

(1)   Interest includes amortization of capitalized financing fees.

 

(2)   One-third of rental expenses is assumed to be representative of the interest factor.

 

(3)   The “LTM Period” sets forth information for the last twelve months ended June 28, 2003.

 

(4)   The table sets forth information on a pro forma basis to reflect the completion of the Company’s proposed offering of its senior unsecured notes due 2011 in the aggregate principal amount of $100,000,000.

 

(5)   The table sets forth information on a pro forma as adjusted basis to reflect (i) the completion of the Company’s proposed offering of its senior unsecured notes due 2011 in the aggregate principal amount of $100,000,000, (ii) the proposed acquisition of the chicken division of ConAgra Foods, Inc. pursuant to a Stock Purchase Agreement dated June 7, 2003 between ConAgra Foods, Inc. and the Company, as amended, and (iii) the application of the net proceeds of that offering as described in the prospectus supplement relating thereto and attached to this Form 8-K.