Exhibit 12.1
Quiksilver Inc.
Calculation of Ratio of Earnings to Fixed Charges
| Year Ended October 31, | Nine Months Ended | |||||||||||||||||||||||
(In thousands, except ratios) | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Pretax income (loss) from continuing operations | $ | 98,571 | $ | (6,548 | ) | $ | 11,919 | $ | (35,573 | ) | $ | (3,199 | ) | $ | (51,131 | ) | ||||||||
Income from Minority interest / equity investees | 690 | 2,926 | 3,414 | 3,388 | 1,013 | 435 | ||||||||||||||||||
Fixed charges | 68,615 | 73,557 | 124,989 | 83,680 | 71,282 | 58,259 | ||||||||||||||||||
Distributed Income of Equity Investees | 727 | — | — | — | — | — | ||||||||||||||||||
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Total “Earnings” | $ | 168,603 | $ | 69,935 | $ | 140,322 | $ | 51,495 | $ | 69,096 | $ | 7,563 | ||||||||||||
Fixed Charges: | ||||||||||||||||||||||||
Interest expense* | $ | 59,263 | $ | 64,323 | $ | 115,157 | $ | 73,808 | $ | 60,823 | $ | 50,991 | ||||||||||||
Estimate of interest within rental expense | 9,352 | 9,234 | 9,832 | 9,872 | 10,459 | 7,268 | ||||||||||||||||||
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Total “Fixed Charges” | $ | 68,615 | $ | 73,557 | $ | 124,989 | $ | 83,680 | $ | 71,282 | $ | 58,259 | ||||||||||||
Ratio of earnings to fixed charges | 2.5 | 0.95 | 1.1 | 0.6 | 0.97 | 0.1 | ||||||||||||||||||
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Rent | 120,677 | 119,150 | 126,867 | 127,384 | 134,956 | 93,777 | ||||||||||||||||||
Deficiency** | N/A | 3,622 | N/A | 32,185 | 2,186 | 50,696 | ||||||||||||||||||
| * | Interest expense includes interest from both continuing and discontinued operations as well as amortization of capitalized expenses related to indebtedness. |
| ** | For the year ended 2009, 2011 and 2012 and the nine months ended July 31, 2013, earnings were insufficient to cover fixed charges by $3,622,000, $32,185,000, $2,186,000 and $50,696,000, respectively. |