STATEMENT RE COMPUTATION OF RATIOS
Published on September 10, 2003
Exhibit 12 |
|||||||||
Statement re computation of ratios |
|||||||||
Six Months Ended |
Fiscal Years Ended |
||||||||
7/31/2003 |
7/31/2002 |
2003 |
2002 |
2001 |
2000 |
1999 |
|||
| Income before income taxes | 6,454 |
5,664 |
|
12,368 |
10,396 |
9,783 |
9,110 |
7,020 |
|
| Capitalized interest | (62) |
(65) |
(124) |
(130) |
(93) |
(57) |
(41) |
||
| Minority interest | (83) |
(86) |
(193) |
(183) |
(129) |
(170) |
(153) |
||
| Adjusted profit before tax | 6,309 |
5,513 |
12,051 |
10,083 |
9,561 |
8,883* |
6,826 |
||
| Fixed Charges | |||||||||
| Debt interest | 361 |
414 |
799 |
1,080 |
1,103 |
777 |
517 |
||
| Capital lease interest | 139 |
129 |
260 |
274 |
279 |
266 |
268 |
||
| Capitalized interest | 62 |
65 |
124 |
130 |
93 |
57 |
41 |
||
| Interest component of rent | 43 |
43 |
81 |
77 |
47 |
43 |
52 |
||
| Total fixed expense | 605 |
651 |
1,264 |
1,561 |
1,522 |
1,143 |
878 |
||
| Profit before taxes and fixed expenses | 6,914 |
6,164 |
13,315 |
11,644 |
11,083 |
10,026 |
7,704 |
||
| Fixed charge coverage | 11.43 |
9.47 |
10.53 |
7.46 |
7.28 |
8.77 |
8.77 |
||
| * Does not
include the cumulative effect of accounting change recorded by the Company in Fiscal 2000 |
|||||||||
| Certain reclassifications have been made to prior periods to conform to current presentations. In addition, the impacts of McLane as a discontinued operation have been removed effective for all periods presented. | |||||||||