EXHIBIT 12.01
PORTOLA PACKAGING, INC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS)
YEAR ENDED AUGUST 31,
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1992 1993 1994 1995 1996
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Fixed Charges:
Interest expense $3,200 $3,128 $3,996 $8,658 $13,084
Debt financing costs 969 479 1,058 447 492
Rent expense 284 295 465 499 635
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Total interest 4,453 3,902 5,519 9,604 14,211
Total fixed charges 4,453 3,902 5,519 9,604 14,211
Less: Capitalized interest -- -- -- -- --
------- ------- ------- ------- --------
Total fixed charges $4,453 $3,902 $5,519 $9,604 $14,211
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Earnings:
Net income (loss) $663 $309 $225 $140 ($9,442)
Income tax benefit from
extraordinary item -- (592) (539) -- (845)
Cumulative effect of
adopting SFAS No. 109 -- -- 85 -- --
Provision for income taxes 1,287 1,521 1,095 1,294 865
Net fixed charges 4,453 3,902 5,519 9,604 14,211
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Total earnings $6,403 $5,140 $6,385 $11,038 $4,789
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Calculation of ratio of
earnings to fixed charges:
Total earnings $6,403 $5,140 $6,385 $11,038 $4,789
Total fixed charges $4,453 $3,902 $5,519 $9,604 $14,211
Ratio of earnings to
fixed charges 1.44 1.32 1.16 1.15 --
Deficiency of earnings
to fixed charges $(9,422)