1
EXHIBIT 12.1
CORPORATE EXPRESS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
PRO FORMA PRO FORMA
AS AS
ADJUSTED ADJUSTED
SIX SIX TWELVE
MONTHS MONTHS MONTHS ELEVEN MONTHS
ENDED ENDED ENDED ENDED FISCAL YEARS
AUGUST 1, AUGUST 1, JANUARY 31, JANUARY 31, ----------------------------------------------
1998 1998 1998 1998 1996 1995 1994 1993 1992
--------- --------- ----------- ------------- -------- ------- ------- ------ ------
Earnings:
Pretax income from
continuing operations.... $ 41,593 $ 52,711 $ 60,099 $ 77,542 $ 73,785 $21,978 $24,600 $ 505 $ (913)
Add: Fixed charges......... 65,500 54,382 117,332 64,112 49,025 25,248 21,550 5,742 5,501
Deduct: Capitalized
interest................. 2,451 2,451 3,533 3,239 3,887 882 -- -- --
-------- -------- -------- -------- -------- ------- ------- ------ ------
Adjusted earnings.......... 104,642 104,642 173,898 138,415 118,923 46,344 46,150 6,247 4,588
Fixed charges:
Interest expense........... 46,554 35,436 88,972 38,115 26,949 17,968 16,915 5,014 4,972
Capitalized interest....... 2,451 2,451 3,533 3,239 3,887 882
Interest portion of rent
expense.................. 16,495 16,495 24,827 22,758 18,189 6,398 4,635 728 529
-------- -------- -------- -------- -------- ------- ------- ------ ------
Total fixed
charges.......... 65,500 $ 54,382 $117,332 $ 64,112 $ 49,025 $25,248 $21,550 $5,742 $5,501
Ratio of earnings to fixed
charges.................. 1.6 1.9 1.5 2.2 2.4 1.8 2.1 1.1 --(1)
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(1) The ratio of earnings to fixed charges is calculated by dividing earnings,
defined as income from continuing operations before income taxes and
minority interest plus fixed charges less capitalized interest, by fixed
charges, defined as interest expense plus capitalized interest and the
interest portion of rent expense. Fiscal 1992 earnings were lower than total
fixed charges resulting in a less than one-to-one ratio of earnings to fixed
charges, consequently, additional earnings of $913,000 would have been
required to attain a ratio of one-to-one.