Exhibit 12.1
Merrill Corporation
Computation of Ratio of Earnings to Fix Charges
(dollars in thousands)
Pro Forma
Year Ended
For the Year Ended January 31, January 31,
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1996 1997 1998 1999 2000 2000
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Income (loss) before provision
for income taxes ........... $ 18,706 $ 32,484 $ 46,466 $ 47,671 $ (8,801) $ 8,986
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Fixed charges
Cash interest expense ...... 1,099 4,124 4,321 3,961 12,771 40,953
Amortization of deferred
financing costs .......... - 30 74 64 253 253
1/3 rent expense from
operating leases ......... 1,708 2,003 2,673 3,010 3,722 3,799
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Total fixed charges 2,807 6,157 7,068 7,035 16,746 45,005
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Earnings + fixed charges $ 21,513 $ 38,641 $ 53,534 $ 54,706 $ 7,945 $ 53,991
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Earnings to fix charges ...... 7.7x 6.3x 7.6x 7.8x 0.5x 1.2x