EX-12 3 dex12.htm RATIO OF EARNINGS TO FIXED CHARGES FOR THE YEARS ENDED 03,02,01,00,99 Ratio of Earnings to Fixed Charges for the years ended 03,02,01,00,99

EXHIBIT 12

PILGRIM’S PRIDE CORPORATION

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended

    

September 27,

2003


  

September 28,

2002


   

September 29,

2001


  

September 30,

2000


  

October 2,

1999


     (amounts in thousands, except ratio)

EARNINGS:

                                   

Income before income taxes

   $ 63,235    $ 1,910     $ 61,861    $ 62,786    $ 90,904

Add: Total fixed charges

(see below)

     50,690      49,801       48,406      29,168      26,706

Less: Interest Capitalized

     1,535      6,014       7,153      3,313      2,032
    

  


 

  

  

Total Earnings

   $ 112,390    $ 45,697     $ 103,114    $ 88,641    $ 115,578
    

  


 

  

  

FIXED CHARGES:

                                   

Interest (1)

   $ 41,835    $ 40,444     $ 38,852    $ 21,712    $ 20,889

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

     9,291      9,357       9,554      7,456      5,817
    

  


 

  

  

Total fixed charges

   $ 51,126    $ 49,801     $ 48,406    $ 29,168    $ 26,706
    

  


 

  

  

Ratio of earnings to fixed charges

     2.20      (3 )     2.13      3.04      4.33

 

(1) Interest includes amortization of capitalized financing fees.
(2) One-third of rental expenses is assumed to be representative of the interest factor.
(3) Earnings were insufficient to cover fixed charges by $4,104.

 

 

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