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                                                                    EXHIBIT 12.1


                              AVONDALE INCORPORATED
              STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS
                                TO FIXED CHARGES
                      (AMOUNTS IN MILLIONS, EXCEPT RATIOS)



<TABLE>
<CAPTION>
                                                             Fiscal Years Ended
                                              1995        1996        1997        1998        1999
                                           ---------   ---------   ---------   ---------   ---------
 <S>                                       <C>         <C>         <C>         <C>         <C>
 Fixed Charges:
   Interest expense                        $    14.3   $    18.5   $    26.2   $    23.3   $    23.0
   Discount and expenses on sale of
      accounts receivable                         --         3.7         6.6         7.3         5.6
   Amortization of debt issuance costs            --          .9         1.1         1.1         1.1
                                           ---------   ---------   ---------   ---------   ---------
     Fixed Charges                         $    14.3   $    23.1   $    33.9   $    31.7   $    29.7
                                           =========   =========   =========   =========   =========

 Earnings
   Pretax income before
       extraordinary item                  $    34.0   $    22.7   $    37.9   $    55.4   $    16.3
   Fixed charges                                14.3        23.1        33.9        31.7        29.7
                                           ---------   ---------   ---------   ---------   ---------
       Earnings                            $    48.3   $    45.8   $    71.8        87.1        46.0
                                           =========   =========   =========   =========   =========

 Ratio of Earnings to Fixed Charges              3.4x        2.0x        2.1x        2.8x        1.5x
</TABLE>



<PAGE>   2


                                                                   SCHEDULE  II

                              AVONDALE INCORPORATED

                    CONSOLIDATED FINANCIAL STATEMENT SCHEDULE
                VALUATION AND QUALIFYING ACCOUNTS (in thousands)


<TABLE>
<CAPTION>
                                                                         CHARGED                      (B)
                                                           BALANCE AT   TO COSTS                     BALANCE
                                                            BEGINNING     AND          (A)          AT END OF
                                   DESCRIPTION               PERIOD     EARNINGS    DEDUCTIONS        PERIOD
                                   -----------               ------     --------    ----------        ------
<S>                             <C>                        <C>          <C>         <C>             <C>
Year Ended August 29, 1997      Allowance for doubtful      $ 11,160     $ 3,473     $ (1,550)       $ 13,083
                                accounts
Year Ended August 28, 1998      Allowance for doubtful        13,083       1,532       (7,572)          7,043
                                accounts
Year Ended August 27, 1999      Allowance for doubtful         7,043       1,464         (857)          7,650
                                accounts
</TABLE>




------------------------------------------

(A) Deductions represent customer account balances written off during the
period.

(B) At August 29, 1997, August 28, 1998, and August 27, 1999, the Balance at end
of period includes $7,565, $4,510, and $5,035 respectively, related to accounts
receivable sold. These amounts are included in other accrued expenses in the
Consolidated Balance Sheets.