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Exhibit 12.1
STATEMENT REGARDING COMPUTATION OF RATIOS OF EARNINGS TO FIXED
CHARGES OF AMERICAN ACHIEVEMENT CORPORATION
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CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
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<Caption>
Fiscal Years Ended- Three Months
------------------------------------------------------------ Ended
August 30, August 29, August 28, August 26, August 25, November 24,
1997 1998 1999 2000 2001 2001
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Net income before income taxes $ (8,967) $ (4,637) $ (4,072) $ 106 $ (3,207) $ 3,293
Fixed charges: (1)
Interest charges 9,797 14,829 14,594 15,691 22,846 5,930
Interest portion of lease expense 348 225 272 309 735 236
-------- -------- -------- -------- -------- --------
Total fixed charges 10,145 15,084 14,866 16,000 23,581 6,166
Net income from operations
before income taxes and fixed charges $ 1,278 $ 10,447 $ 10,794 $ 16,106 $ 20,374 $ 9,459
======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges (2) - - - 1.0x - 1.5x
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(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 preference 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. For the fiscal years ended August 30,
1997, August 29, 1998, August 28, 1999 and August 25, 2001, earnings before
fixed charges were insufficient to cover fixed charges by approximately $8.9
million, $4.6 million, $4.1 million and $3.2 million, respectively.
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CALCULATION FOR PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
(UNAUDITED)
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<Caption>
Pro Forma
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For the Year Ended For the Three Months
August 25, 2001 Ended November 24,
2001
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Net income before income taxes $ (1,639) $ 2,088
Fixed charges: (1)
Interest charges 28,071 7,135
Interest portion of lease expense
735 236
--- ---
Total fixed charges 28,806 7,371
Net income from operations before
income taxes and fixed charges $ 27,167 $ 9,459
=============== ==============
Ratio of earnings to fixed charges (2) - 1.3x
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(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 preference 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. For the proforma fiscal year ended
August 25, 2001, earnings before fixed charges were insufficient to cover fixed
charges by approximately $1.6 million.
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
(DOLLARS IN THOUSANDS)
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<Caption>
Additions Deduction
--------- ---------
Balance at Charged to Charged to Balance at
Beginning of Costs and Other End of
Description Period Expenses Accounts(1) Write-offs(2) Period
----------- ------ -------- ----------- ------------- ------
Reserve on Sales
Representative Advances
For the Year Ended
August 28, 1999 1,041 292 (88) 1,245
August 26, 2000 1,245 412 3,449 (828) 4,278
August 25, 2001 4,278 1,473 (2,747) 3,004
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(1) Amounts charged to other accounts represents the reserve acquired from
Taylor Publishing Company as of the acquisition date of July 27, 2000.
(2) Represents principally write-offs of terminated sales representative amounts
and forgiveness of amounts by the Company.