EX-7.1 2 ex71.htm EXHIBIT 7.1 - FIXED CHARGE COVERAGE RATIO Exhibit 7.1 - Fixed Charge Coverage Ratio

EXHIBIT 7.1
 
FIXED CHARGE COVERAGE RATIO

   
Year ended April 30
  
   
 
   
2004
  
2003 (1)
  
2002 (1)
  
2001 (1)
  
2000 (1)
  
   
 
 
 
 
Earnings (2)
  
$
42.3
  
$
61.0
  
$
55.5
  
$
28.3
  
$
21.9
  
Fixed charges
                                
Interest expense
    
35.4
    
34.1
    
47.9
    
56.6
    
51.2
  
Portion of rent expense representative of interest factor
    
17.2
    
18.6
    
17.7
    
19.2
    
13.5
  
   
 
 
 
 
Earnings as adjusted
  
$
94.9
  
$
113.7
   $
121.1
  
$
104.1
  
$
86.6
  
   
 
 
 
 
Fixed charges
                                
Interest expense
  
$
35.4
  
$
34.1
  
$
47.9
  
$
56.6
  
$
51.2
  
Portion of rent expense representative of interest factor
    
17.2
    
18.6
    
17.7
    
19.2
    
13.5
  
   
 
 
 
 
Fixed charges, as adjusted
  
$
52.6
  
$
52.7
  
$
65.6
  
$
75.8
  
$
64.7
  
   
 
 
 
 
Fixed charge coverage ratio
    
1.8x
    
2.2x
    
1.8x
    
1.4x
    
1.3x
  
   
 
 
 
 
 
(1) Restated - See Notes 4(a) and 5 to our audited consolidated financial statements included elsewhere in this Annual Report.
   
(2) For the purpose of this calculation, earnings is defined as earnings before income taxes and undistributed earnings from equity investees.