EXHIBIT 12.01
PORTOLA PACKAGING, INC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
THREE MONTHS ENDED
YEAR ENDED AUGUST 31, NOVEMBER 30,
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1992 1993 1994 1995 1996 1995 1996
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(IN THOUSANDS)
Fixed Charges:
Interest expense................... $ 3,200 $ 3,128 $ 3,996 $ 8,658 $ 13,084 $ 3,166 $ 3,063
Debt financing costs............... 969 479 1,058 447 492 126 198
Rent expense....................... 284 295 465 499 635 185 150
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Total interest................... 4,453 3,902 5,519 9,604 14,211 3,477 3,411
Total fixed charges.................. 4,453 3,902 5,519 9,604 14,211 3,477 3,411
Less:Capitalized interest............ -- -- -- -- -- -- --
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Net fixed charges................ $ 4,453 $ 3,902 $ 5,519 $ 9,604 $ 14,211 $ 3,477 $ 3,411
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Earnings:
Net income (loss).................. $ 663 $ 309 $ 225 $ 140 $ (9,442) $ (469) $ (926)
Income tax benefit from
extraordinary item............... -- (592) (539) -- (845) (845) --
Cumulative effect of adopting SFAS
No. 109.......................... -- -- 85 -- -- -- --
Provision for taxes................ 1,287 1,521 1,095 1,294 865 147 (618)
Net fixed charges.................. 4,453 3,902 5,519 9,604 14,211 3,477 3,411
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Total earnings................... $ 6,403 $ 5,140 $ 6,385 $ 11,038 $ 4,789 $ 2,310 $ 1,867
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Calcuation of ratio of earnings to
fixed charges:
Total earnings..................... $ 6,403 $ 5,140 $ 6,385 $ 11,038 $ 4,789 $ 2,310 $ 1,867
Total fixed charges................ 4,453 3,902 5,519 9,604 14,211 3,477 3,411
Ratio of earnings to fixed
charges.......................... 1.44 1.32 1.16 1.15
Deficiency of earnings to fixed
charges.......................... $ (9,422) $ (1,167) $ (1,544)
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