EXHIBIT 12.1

STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

Cadmus Communications Corporation

Ratio of Earnings to Fixed Charges

	Fiscal Year Ended June 30,
Dollars in Thousands	2004		2003		2002		2001		2000
Earnings:
Pretax income (loss) from continuing operations (1)	$	10,776	$	5,077	$	9,882	$	(7,177)	$	(18,201)
Fixed Charges:
Interest expensed and amortized deferred financing costs (2)		14,192		14,602		16,093		19,666		23,002
Securitization costs		296		634		1,110		2,748		1,489
Interest capitalized		86		82		49		220		167
Estimate of interest within rental expense		2,860		2,555		2,376		2,807		2,807
Preference security dividend requirements of consolidated subsidiaries		—		—		—		—		—
Total Fixed Charges		17,434		17,873		19,628		25,441		27,465
Amortization/depreciation of capitalized interest		221		308		341		348		317
Distributed income of equity investees		—		—		—		—		—
Pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		—		—		—		—		—
Less:
Interest capitalized		(86)		(82)		(49)		(220)		(167)
Preference security dividend requirements of consolidated subsidiaries		—		—		—		—		—
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges		—		—		—		—		—
Total Earnings, as defined		28,345		23,176		29,802		18,392		9,414
Fixed Charges:
Interest expensed and amortized deferred financing costs (2)		14,192		14,602		16,093		19,666		23,002
Securitization costs		296		634		1,110		2,748		1,489
Interest capitalized		86		82		49		220		167
Estimate of interest within rental expense		2,860		2,555		2,376		2,807		2,807
Preference security dividend requirements of consolidated subsidiaries		—		—		—		—		—
Total Fixed Charges, as defined	$	17,434	$	17,873	$	19,628	$	25,441	$	27,465
Ratio of Earnings to Fixed Charges		1.63		1.30		1.52		- (3)		- (4)

(1) Excludes discontinued operations and cumulative effect of a change in accounting principle.

(2) Amortized premiums, discounts and capitalized expenses related to indebtedness included in interest expense.

(3) Earnings were inadequate to cover fixed charges with a deficiency of $7.0 million, primarily due to the impact of restructuring and other charges on earnings in fiscal 2001.

(4) Earnings were inadequate to cover fixed charges with a deficiency of $18.1 million, primarily due to the impact of restructuring and other charges on earnings in fiscal 2000.