EXHIBIT 12.1
STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Cadmus Communications Corporation
Ratio of Earnings to Fixed Charges
Fiscal Year Ended June 30, | |||||||||||||||
Dollars in Thousands | 2004 | 2003 | 2002 | 2001 | 2000 | ||||||||||
Earnings: | |||||||||||||||
Pretax income (loss) from continuing operations (1) | $ | 10,776 | $ | 5,077 | $ | 9,882 | $ | (7,177) | $ | (18,201) | |||||
Fixed Charges: | |||||||||||||||
Interest expensed and amortized deferred financing costs (2) | 14,192 | 14,602 | 16,093 | 19,666 | 23,002 | ||||||||||
Securitization costs | 296 | 634 | 1,110 | 2,748 | 1,489 | ||||||||||
Interest capitalized | 86 | 82 | 49 | 220 | 167 | ||||||||||
Estimate of interest within rental expense | 2,860 | 2,555 | 2,376 | 2,807 | 2,807 | ||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | ||||||||||
Total Fixed Charges | 17,434 | 17,873 | 19,628 | 25,441 | 27,465 | ||||||||||
Amortization/depreciation of capitalized interest | 221 | 308 | 341 | 348 | 317 | ||||||||||
Distributed income of equity investees | — | — | — | — | — | ||||||||||
Pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges | — | — | — | — | — | ||||||||||
Less: | |||||||||||||||
Interest capitalized | (86) | (82) | (49) | (220) | (167) | ||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | ||||||||||
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges | — | — | — | — | — | ||||||||||
Total Earnings, as defined | 28,345 | 23,176 | 29,802 | 18,392 | 9,414 | ||||||||||
Fixed Charges: | |||||||||||||||
Interest expensed and amortized deferred financing costs (2) | 14,192 | 14,602 | 16,093 | 19,666 | 23,002 | ||||||||||
Securitization costs | 296 | 634 | 1,110 | 2,748 | 1,489 | ||||||||||
Interest capitalized | 86 | 82 | 49 | 220 | 167 | ||||||||||
Estimate of interest within rental expense | 2,860 | 2,555 | 2,376 | 2,807 | 2,807 | ||||||||||
Preference security dividend requirements of consolidated subsidiaries | — | — | — | — | — | ||||||||||
Total Fixed Charges, as defined | $ | 17,434 | $ | 17,873 | $ | 19,628 | $ | 25,441 | $ | 27,465 | |||||
Ratio of Earnings to Fixed Charges | 1.63 | 1.30 | 1.52 | - (3) | - (4) |
(1) | Excludes discontinued operations and cumulative effect of a change in accounting principle. |
(2) | Amortized premiums, discounts and capitalized expenses related to indebtedness included in interest expense. |
(3) | Earnings were inadequate to cover fixed charges with a deficiency of $7.0 million, primarily due to the impact of restructuring and other charges on earnings in fiscal 2001. |
(4) | Earnings were inadequate to cover fixed charges with a deficiency of $18.1 million, primarily due to the impact of restructuring and other charges on earnings in fiscal 2000. |