QuickLinks -- Click here to rapidly navigate through this document
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
| | Pro Forma | Combined JIHC | Jostens | | | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | Fiscal Year Ended 2003 | Fiscal Year Ended | ||||||||||||||||
| | | | | | Predecessor | ||||||||||||||||
| | Nine Months Ended | | Successor Five Months Ended January 3, 2004 | Seven Months Ended July 29, 2003 | | | |||||||||||||||
| | October 2, 2004 | September 27, 2003 | Fiscal Year 2003 | | | ||||||||||||||||
| | 2003 | 2003 | 2002 | 2001 | |||||||||||||||||
| | Dollars in thousands | ||||||||||||||||||||
| Earnings | |||||||||||||||||||||
| (Loss) income from continuing operations before income taxes | $ | 48,632 | $ | 38,824 | $ | 11,752 | $ | (71,266 | ) | $ | 11,750 | $ | 64,483 | $ | 45,115 | ||||||
| Interest expense (excluding capitalized interest) | 70,617 | 71,228 | 95,002 | 67,121 | 32,528 | 68,435 | 79,035 | ||||||||||||||
| Portion of rent expense under long-term operating leases representative of an interest factor | 2,342 | 2,443 | 3,290 | 1,127 | 799 | 1,312 | 1,164 | ||||||||||||||
| Total (loss) earnings | $ | 121,591 | $ | 112,495 | $ | 110,044 | $ | (3,018 | ) | $ | 45,077 | $ | 134,230 | $ | 125,314 | ||||||
| Fixed charges | |||||||||||||||||||||
| Interest expense (including capitalized interest) | $ | 70,617 | $ | 71,228 | $ | 95,002 | $ | 67,121 | $ | 32,528 | $ | 68,435 | $ | 79,035 | |||||||
| Portion of rent expense under long-term operating leases representative of an interest factor | 2,342 | 2,443 | 3,290 | 1,127 | 799 | 1,312 | 1,164 | ||||||||||||||
| Total fixed charges | $ | 72,959 | $ | 73,671 | $ | 98,292 | $ | 68,248 | $ | 33,327 | $ | 69,747 | $ | 80,199 | |||||||
| Ratio of earnings to fixed charges | 1.7 | 1.5 | 1.1 | (0.0) | (1) | 1.4 | 1.9 | 1.6 | |||||||||||||
- (1)
- Earnings did not cover fixed charges by $71.3 million.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
| | | | | Historical | |||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | Supplemental | | | | Jostens | ||||||||||||||||||||||||||||
| | Combined JIHC | Jostens and JIHC | Fiscal Year | | |||||||||||||||||||||||||||||
| Dollars in thousands | Successor Nine Months Ended October 2, 2004 | Successor Two Months Ended September 27, 2004 | Successor Five Months Ended January 2, 2004 | Successor Nine Months Ended October 2, 2004 | Successor Two Months Ended September 27, 2003 | Successor Five Months Ended January 2, 2004 | Predecessor Seven Months Ended July 29, 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||||||||
| Earnings | |||||||||||||||||||||||||||||||||
| (Loss) income from continuing operations before income taxes | $ | (31,351 | ) | $ | (44,603 | ) | $ | (69,052 | ) | $ | (24,382 | ) | $ | (45,366 | ) | $ | (54,117 | ) | $ | 11,750 | $ | 64,483 | $ | 45,115 | $ | 5,532 | $ | 75,704 | |||||
| Interest expense (excluding capitalized interest) | 117,770 | 24,653 | 66,691 | 48,419 | 11,141 | 31,441 | 32,528 | 68,435 | 79,035 | 60,252 | 7,486 | ||||||||||||||||||||||
| Portion of rent expense under long-term operating leases representative of an interest factor | 2,342 | 405 | 1,127 | 1,067 | 229 | 576 | 799 | 1,312 | 1,164 | 1,121 | 1,483 | ||||||||||||||||||||||
| Total (loss) earnings | $ | 88,761 | $ | 19,545 | $ | (1,234 | ) | $ | 25,104 | $ | (33,996 | ) | $ | (22,100 | ) | $ | 45,077 | $ | 134,230 | $ | 125,314 | $ | 66,905 | $ | 84,673 | ||||||||
| Fixed charges | |||||||||||||||||||||||||||||||||
| Interest expense (including capitalized interest) | $ | 117,770 | $ | 24,653 | $ | 66,691 | $ | 48,419 | $ | 11,141 | $ | 31,441 | $ | 32,528 | $ | 68,435 | $ | 79,035 | $ | 60,252 | $ | 7,887 | |||||||||||
| Portion of rent expense under long-term operating leases representative of an interest factor | 2,342 | 405 | 1,127 | 1,067 | 229 | 576 | 799 | 1,312 | 1,164 | 1,121 | 1,483 | ||||||||||||||||||||||
| Total fixed charges | $ | 120,112 | $ | 25,058 | $ | 67,818 | $ | 49,486 | $ | 11,370 | $ | 32,017 | $ | 33,327 | $ | 69,747 | $ | 80,199 | $ | 61,373 | $ | 9,370 | |||||||||||
| Ratio of earnings to fixed charges | 0.7 | (1) | (0.08 | )(2) | (0.0) | (3) | 0.5 | (4) | (3.0) | (5) | (0.7) | (6) | 1.4 | 1.9 | 1.6 | 1.1 | 9.0 | ||||||||||||||||
- (1)
- Earnings did not cover fixed charges by $31.4 million.
- (2)
- Earnings did not cover fixed charges by $44.6 million.
- (3)
- Earnings did not cover fixed charges by $69.1 million.
- (4)
- Earnings did not cover fixed charges by $24.4 million.
- (5)
- Earnings did not cover fixed charges by $45.4 million.
- (6)
- Earnings did not cover fixed charges by $54.1 million.
2
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)