EX-12.01 2 l29287aexv12w01.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, 2007, 2006, 2005, 2004 and 2003
                                         
    Year ended August 31,
    2007   2006   2005   2004   2003
Fixed Charges:
                                        
 
                                        
Interest expense
   $ 17,966     $ 17,101     $ 16,439     $ 15,843     $ 12,544  
Debt issuance costs
     1,666       1,614       1,609       2,545       777  
Rent expense
     5,693       5,370       4,436       4,469       3,377  
Total fixed costs
     25,325       24,085       22,484       22,857       16,698  
Add: Capitalized interest
     —       —       —       176       —  
 
                                        
Net fixed charges
     25,325       24,085       22,484       23,033       16,698  
 
                                        
Earnings:
                                        
Net income (loss)
     (12,015 )     (28,766 )     (11,553 )     (20,791 )     (1,819 )
Income tax provision
     2,153       3,523       3,729       1,193       2,071  
Net fixed charges
     25,325       24,085       22,484       23,033       16,698  
 
                                        
Total pre-tax earnings less fixed charges
     15,463       (1,158 )     14,660       3,435       16,950  
 
                                        
Ratio of pre-tax earnings to fixed charges (1)
     0.61       (0.05 )     0.65       0.15       1.02  
 
(1)   The amounts of the deficiency in pre-tax earnings available to cover fixed charges from a ratio of 1.0x (in thousands) are $9,862, $25,243, $7,824 and $19,598 for the years ended August 31, 2007, 2006, 2005 and 2004.