EXHIBIT 12.01
PORTOLA PACKAGING, INC
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS ENDED
YEAR ENDED AUGUST 31, --------------------
----------------------------------------------------- FEB. 29, FEB. 28,
1992 1993 1994 1995 1996 1996 1997
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(IN THOUSANDS)
Fixed Charges:
Interest expense....................... $ 3,200 $ 3,128 $ 3,996 $ 8,658 $ 13,084 $ 6,380 $ 6,539
Debt financing costs................... 969 479 1,058 447 492 261 313
Rent expense........................... 284 295 465 499 635 344 329
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Total interest....................... 4,453 3,902 5,519 9,604 14,211 6,985 7,181
Total fixed charges...................... 4,453 3,902 5,519 9,604 14,211 6,985 7,181
Less:Capitalized interest................ -- -- -- -- -- -- --
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Net fixed charges.................... $ 4,453 $ 3,902 $ 5,519 $ 9,604 $ 14,211 $ 6,985 $ 7,181
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Earnings:
Net income (loss)...................... $ 663 $ 309 $ 225 $ 140 $ (9,442) $ (1,465) $ (5,235)
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 1,294 865 755 (1,650)
Net fixed charges...................... 4,453 3,902 5,519 9,604 14,211 6,985 7,181
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Total earnings....................... $ 6,403 $ 5,140 $ 6,385 $ 11,038 $ 4,789 $ 5,430 $ 296
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Calcuation of ratio of earnings to fixed
charges:
Total earnings......................... $ 6,403 $ 5,140 $ 6,385 $ 11,038 $ 4,789 $ 5,430 $ 296
Total fixed charges.................... 4,453 3,902 5,519 9,604 14,211 6,985 7,181
Ratio of earnings to fixed charges..... 1.44 1.32 1.16 1.15
Deficiency of earnings to fixed
charges.............................. $ (9,422) $ (1,555) $ (6,885)
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