EX-12.1 25 0025.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 Computation of Ratio of Earnings to Fixed Charges Jostens, Inc. and subsidiaries
Six months ended Years ended ---------------------- ---------------------------------------------------------------- (Unaudited) July 1 July 3 January 1 January 2 January 3 December 28 Dollars in thousands 2000 1999 2000 1999 1998 1996 -------------------- ------- ------- --------- --------- --------- ----------- Earnings Income from continuing operations before income taxes............... $33,286 $79,142 $74,659 $83,520 $93,383 $62,953 Interest expense (excluding capitalized interest).. 15,134 2,693 7,312 7,014 6,854 9,343 Portion of rent expense under long-term operating leases representative of an interest factor............................ 601 777 1,483 1,233 2,133 2,100 Amortization of debt expense...... 158 6 174 12 12 62 ------- ------- ------- ------- -------- ------- Total earnings.................... $49,179 $82,618 $83,628 $91,779 $102,382 $74,458 ======= ======= ======= ======= ======== ======= Fixed charges Preferred stock divided requirement....................... 2,072 Interest expense (including capitalized interest).. 15,134 2,949 7,713 7,717 6,854 9,343 Portion of rent expense under long-term operating leases representative of an interest factor............................ 601 777 1,483 1,233 2,133 2,100 Amortization of debt expense...... 158 6 174 12 12 62 ------- ------- ------- ------- ------- ------- Total fixed charges............... $17,965 $ 3,732 $ 9,370 $ 8,962 $ 8,999 $11,505 ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges..................... 2.7 22.1 8.9 10.2 11.4 6.5 Pro Forma Six months ended Years ended Year Ended ---------------- ----------------------------- ----------- (Unaudited) December 28 June 30 June 30 June 30 January 1 Dollars in thousands 1996 1996 1995 1994 2000 ---------------- ------- -------- -------- ----------- Earnings Income from continuing operations before income taxes............... $ 26 $87,479 $ 93,893 $48,494 $ (7,400) Interest expense (excluding capitalized interest).. 4,324 9,296 5,350 6,701 82,500 Portion of rent expense under long-term operating leases representative of an interest factor............................ 1,070 2,103 2,100 2,000 1,483 Amortization of debt expense...... 6 107 102 102 5,100 -------- ------- -------- ------- -------- Total earnings.................... $ 5,426 $98,985 $101,445 $57,297 $81,683 ======== ======= ======== ======= ======= Fixed charges Preferred stock divided requirement....................... 16,000 Interest expense (including capitalized interest).. 4,324 9,296 5,350 6,701 82,500 Portion of rent expense under long-term operating leases representative of an interest factor............................ 1,070 2,103 2,100 2,000 1,483 Amortization of debt expense...... 6 107 102 102 5,100 -------- ------- -------- ------- -------- Total fixed charges............... $ 5,400 $11,506 $ 7,552 $ 8,803 $105,083 ======== ======= ======== ======= ======== Ratio of earnings to fixed charges..................... 1.0 8.6 13.4 6.5 0.8