American Achievement Inactive 10-K2007 FY Annual report

Filed: 7 Dec 07, 12:00am

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EXHIBIT 12.1

CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES



	American Achievement Group Holding Corp.
($ in thousands)	Fiscal Year Ended
	August 25, 2007			August 26, 2006			August 27, 2005
Net income (loss) before income taxes	$	(47,978	)	$	3,192		$	3,550

Fixed charges: (1) Interest charges		59,790			39,799			31,472
Interest portion of lease expense		583			683			829
Total fixed charges		60,373			40,482			32,301
Net income from operations before income taxes and fixed charges	$	12,395		$	43,674		$	35,851

Ratio of earnings to fixed charges (2)		-			1.08	x		1.11	x

	AAC Group Holding Corp.
	Fiscal Year Ended
	August 25, 2007			August 26, 2006			August 27, 2005
Net income (loss) before income taxes	$	(22,225	)	$	8,277		$	3,550

Fixed charges: (1) Interest charges		34,037			34,714			31,472
Interest portion of lease expense		583			683			829
Total fixed charges		34,620			35,397			32,301
Net income from operations before income taxes and fixed charges	$	12,395		$	43,674		$	35,851

Ratio of earnings to fixed charges (2)		-			1.23	x		1.11	x

	American Achievement Corporation
	Fiscal Year Ended
	August 25, 2007			August 26, 2006			August 27, 2005
Net income (loss) before income taxes	$	(10,767	)	$	19,234		$	11,324

Fixed charges: (1) Interest charges		22,579			23,757			23,698
Interest portion of lease expense		583			683			829
Total fixed charges		23,162			24,440			24,527
Net income from operations before income taxes and fixed charges	$	12,395		$	43,674		$	35,851

Ratio of earnings to fixed charges:(2)		-			1.79	x		1.46	x


(1)		During the periods presented the Company had no preferred stock outstanding that required a cash payment. Therefore, the ratio of earnings to combined fixed charges and preferred dividends was the same as the ratio of earnings to fixed charges for each of the periods presented.

(2)		For purposes of computing this ratio, earnings consist of income (loss) before taxes on income and fixed charges. Fixed charges consist of interest expense, amortization of deferred debt issuance costs and the portion of rental expense that includes an interest factor. In fiscal year 2007 earnings before fixed charges were insufficient to cover fixed charges by approximately $48.0 million for Parent Holdings, $22.2 million for Intermediate Holdings and $10.8 million for AAC.

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