School Specialty (SCOO) 10-Q2013 Q3 Quarterly report

Filed: 7 Mar 13, 12:00am

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Legalese
Litigous
Readability	H.S. senior Avg

New words: Absent, accumulated, Ad, added, adhere, administered, advantage, advice, Agent, al, alter, altered, appointed, appointment, arrangement, Arranger, attention, attrition, authorized, automatically, avoidance, bankruptcy, Bayside, bore, canceled, cancelled, caption, case, caution, Chapter, classification, classified, code, committee, commonly, confidence, confirmation, confirmed, considerable, consume, consumed, consummation, contemplate, contested, contingent, counter, Court, creditor, culminated, declare, deficit, Delaware, delisted, delisting, delivery, devote, DIP, dispose, distraction, distribution, diversion, earliest, Electric, Eleven, eligible, emerge, emergence, entry, environment, escrow, eventual, exhaustion, experience, extinguished, extreme, face, failure, Fargo, filed, filing, forbearance, formal, fundamental, GE, goal, governance, Guaranty, heard, Hoc, honor, ii, iii, incur, incurred, institutional, intellectual, investor, iv, Joint, jointly, jurisdiction, KJC, leave, lien, listed, long, merge, morale, motivate, NASDAQ, national, official, ordinary, OTC, outcome, overview, payable, pendency, penny, persistent, personnel, pertaining, petition, Pledge, predict, prepayment, Prepetition, proposed, protection, protracted, quotation, quoted, real, recovery, relationship, relief, relist, reorganization, reorganized, retain, retained, retention, Runner, SCHSQ, section, specific, speculative, stage, stayed, strategic, submission, super, suspend, suspended, symbol, Syndication, team, thereunder, transaction, treatment, trustee, UCC, ultimate, uncertainty, unencumbered, urge, vi, vii, viii, Visual, voluntary, week

Removed: adjustment, closely, delaying, deliver, demand, difficulty, evidence, existed, history, issue, lesser, lower, obtaining, October, organization, par, provision, refinancing, reviewed, schedule, September, variability, work

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Exhibit 12.1

School Specialty, Inc.

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)


	Nine Months Ended January 26,			Fiscal Year
	2013			2012			2011			2010			2009			2008
Earnings
Income/(loss) before income taxes -
Continuing operations	$	(76,572	)	$	(132,362	)	$	(428,367	)	$	44,231		$	45,100		$	62,855
Discontinued operations		—			—			—			—			—			(10,230	)

Subtotal		(76,572	)		(132,362	)		(428,367	)		44,231			45,100			52,625
Plus:
Fixed charges		28,992			29,551			30,415			33,258			33,251			34,408
Amortization of capitalized interest		109			146			146			146			104			72
Less interest capitalized during period		—			(172	)		(172	)		(180	)		(70	)		(272	)

	$	(47,471	)	$	(102,837	)	$	(397,978	)	$	77,455		$	78,385		$	86,833


Fixed Charges
Interest (expensed or capitalized)	$	18,302		$	24,343		$	25,538		$	27,773		$	28,174		$	29,243
Estimated portion of rent expense representative of interest		1,792			2,515			2,513			2,872			3,117			3,206
Amortization of deferred financing fees		8,898			2,569			2,364			2,613			1,960			1,959

	$	28,992		$	29,427		$	30,415		$	33,258		$	33,251		$	34,408


Ratio of earnings to fixed charges		(1.6	)⁽¹⁾		(3.5	)⁽²⁾		(13.1	)⁽³⁾		2.3			2.4			2.5

(1)	Earnings for fiscal 2013 were inadequate to cover fixed charges. The coverage deficiency was $77,000.

(2)	Earnings for fiscal 2012 were inadequate to cover fixed charges. The coverage deficiency was $132,000.

(3)	Earnings for fiscal 2011 were inadequate to cover fixed charges. The coverage deficiency was $428,000.

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