EXHIBIT 12
COCA-COLA BOTTLING CO. CONSOLIDATED
RATIOS OF EARNINGS TO FIXED CHARGES
AND THE RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS)
The tables below set forth the ratios of earnings to fixed charges and the
ratios of earnings to combined fixed charges and preferred stock dividends of
the Company and its consolidated subsidiaries for the periods indicated. The
ratios have been computed using the amounts for the Company, its consolidated
subsidiaries and its proportionate share of losses incurred by its fifty percent
(50%) owned affiliate. Earnings available for fixed charges represent earnings
before income taxes, extraordinary items and fixed charges. Fixed charges
represent interest incurred plus that portion of rental expense deemed to be the
equivalent of interest. Preferred Stock dividends represent all such dividends
paid by the Company in respect of its Preferred Stock, increased to an amount
representing the pre-tax earnings which would be required to cover such dividend
requirements.
RATIOS OF EARNINGS TO FIXED CHARGES
6 MONTHS ENDED
JULY 3 JULY 4 FISCAL YEAR ENDED (1)
1994 1993 1993 1992 1991 1990 1989
Income (loss) before income taxes........................ 14,404 13,215 24,015 4,851 2,956 2,205 (2,474)
Fixed charges:
Interest expense (2)................................... 15,951 17,241 32,394 38,462 23,356 26,387 25,403
Interest inherent in rental expense.................... 3,338 2,884 5,767 5,933 4,333 3,400 2,667
Piedmont fixed charges (3)............................. 2,574 -- 2,260 -- -- -- --
Fixed charges, as Defined.............................. 21,863 20,125 40,421 44,395 27,689 29,787 28,070
Earnings, as Defined..................................... 36,267 33,340 64,436 49,246 30,645 31,992 25,596
Fixed Charges, as Defined................................ 21,863 20,125 40,421 44,395 27,689 29,787 28,070
Ratio of Earnings to Fixed Charges....................... 1.66 1.66 1.59 1.11 1.11 1.07 0.91(4)
Excess (deficiency) of Earnings, as Defined,
to Fixed Charges....................................... 14,404 13,215 24,015 4,851 2,956 2,205 (2,474)
(1) The Company's fiscal year ends on the Sunday nearest December 31.
(2) Discounts on sales of trade accounts receivable of $.6 million during the
six months ended July 3, 1994, $.7 million during the six months ended July
4, 1993, $1.4 million in 1993, $1.6 million in 1992, $1.8 million in 1991,
$2.3 million in 1990 and $.7 million in 1989 are included in the interest
expense line item.
(3) Piedmont's fixed charges for 1993 and the 6 months ended July 3, 1994 are
calculated as follows:
1993 6 MONTHS ENDED JULY 3, 1994
Interest expense.................................................. 4,276 4,630
Interest inherent in rental expense............................... 243 517
4,519 5,147
Proportionate share............................................... 50% 50%
2,260 2,574
(4) As a result of the loss incurred in 1989, the Company was unable to fully
cover the indicated fixed charges.
EXHIBIT 12
COCA-COLA BOTTLING CO. CONSOLIDATED
RATIOS OF EARNINGS TO FIXED CHARGES
AND THE RATIOS OF EARNINGS TO COMBINED
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(IN THOUSANDS)
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
6 MONTHS ENDED
JULY 3 JULY 4 FISCAL YEAR ENDED (1)
1994 1993 1993 1992 1991 1990 1989
Earnings, as Defined..................................... 36,267 33,340 64,436 49,246 30,645 31,992 25,596
Preferred Stock Dividends................................ -- -- -- 4,195 728 448 --
Ratio of pre-tax income to net income.................... -- -- -- 2.33 1.01 9.63 --
Preferred Dividend factor................................ -- -- -- 9,774 735 4,314
Fixed charges, as Defined................................ 21,863 20,125 40,421 44,395 27,689 29,787 28,070
Combined Fixed Charges and Preferred Stock Dividends..... 21,863 20,125 40,421 54,169 28,424 34,101 28,070
Ratio of Earnings to Combined Fixed Charges and Preferred
Stock Dividends........................................ 1.66 1.66 1.59 0.91(2) 1.08 0.94(3) (.091)(4)
Excess (deficiency) of Earnings, as Defined, to Combined
Fixed Charges and Preferred Stock Dividends............ 14,404 13,215 24,015 (4,923) 2,221 (2,109) (2,474)
(1) The Company's fiscal year ends on the Sunday nearest December 31.
(2) As a result of the Company's effective tax rate in 1992 of 57%, the Company
was unable to fully cover the indicated combined fixed charges and preferred
stock dividends.
(3) As a result of the Company's effective tax rate in 1990 of 90%, the company
was unable to fully cover the indicated combined fixed charges and preferred
stock dividends. Had the Company's effective rate been 38%, consistent with
the effective tax rate in 1993, the preferred stock dividend factor for 1990
would have been $722,000 resulting in a ratio of earnings to combined fixed
charges and preferred stock dividends of 1.05 for 1990.
(4) As a result of the loss incurred in 1989, the Company was unable to fully
cover the indicated combined fixed charges and preferred stock dividends.