Exhibit 12.3
ALCO STANDARD CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(dollars in thousands)
Fiscal Year Ended September 30
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1994 1993 1992 1991 1990
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Earnings
Income from continuing operations $ 70,609 $ 7,615 $ 104,217 $ 76,642 $ 64,300
Add:
Loss from unconsolidated affiliate 117,158 2,538
Provision for income taxes 86,203 16,984 68,303 49,160 47,160
Fixed charges 101,779 86,615 70,168 68,748 66,361
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Earnings, as adjusted (A) $ 375,749 $ 113,752 $ 242,688 $ 194,550 $ 177,821
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Fixed charges and preferred stock
dividends
Other interest expense, including
interest on capital leases $ 71,780 $ 63,851 $ 51,203 $ 53,173 $ 52,942
Estimated interest component of
rental expense 29,999 22,764 18,965 15,575 13,419
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Total fixed charges 101,779 86,615 70,168 68,748 66,361
Preferred stock dividends, as adjusted 19,002 15,846 129 228 407
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Total fixed charges and preferred
stock dividends (B) $ 120,781 $ 102,461 $ 70,297 $ 68,976 $ 66,768
========= ========= ========= ========= =========
Ratio of earnings to fixed charges
and preferred stock dividends
(A) divided by (B) 3.1 1.1* 3.5 2.8 2.7
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* Excluding the effect of the restructuring costs, the ratio of earnings to
fixed charges and preferred stock dividends for fiscal 1993 is 2.8.