EX-12.01 2 l23798aexv12w01.htm EX-12.01 EX-12.01
 

Exhibit 12.01
Portola Packaging, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(in thousands, except ratios)
For the years ended August 31, 2006, 2005, 2004, 2003 and 2002
                                         
    Year ended August 31,
    2006   2005   2004   2003   2002
Fixed Charges:
                                        
 
                                        
Interest expense
   $ 17,101     $ 16,439     $ 15,843     $ 12,544     $ 13,251  
Debt issuance costs
     1,614       1,609       2,545       777       756  
Rent expense
     4,058       4,436       4,469       3,377       3,443  
Total fixed costs
     22,773       22,484       22,857       16,698       17,450  
Add: Capitalized interest
     —       —       176       —       —  
 
                                        
Net fixed charges
     22,773       22,484       23,033       16,698       17,450  
 
                                        
Earnings:
                                        
Net income (loss)
     (28,766 )     (11,553 )     (20,791 )     (1,819 )     4,436  
Income tax provision
     3,523       3,729       1,193       2,071       2,242  
Net fixed charges
     22,773       22,484       23,033       16,698       17,450  
 
                                        
Total pre-tax earnings less fixed charges
     (2,470 )     14,660       3,435       16,950       23,928  
 
                                        
Ratio of pre-tax earnings to fixed charges (1)
     (0.11 )     0.65       0.15       1.02       1.37  
 
(1)   The amounts of the deficiency in pre-tax earnings available to cover fixed charges from a ratio of 1.0x (in thousands) are $25,243, $7,824 and $19,598 for the years ended August 31, 2006, 2005 and 2004.