EXHIBIT 12.1
AKI, INC AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
PREDECESSOR
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NINE MONTHS JULY 1,
FISCAL YEAR ENDED JUNE 30, ENDED 1997 TO
----------------------------------- MARCH 31, DECEMBER 15,
1995 1996 1997 1997 1997
----------- ----------- ----------- ------------- --------------
Income (loss) before
income taxes ............ 7,247 4,279 7,117 6,676 3,234
Add:
Interest on all
indebtedness which
includes amortization
of deferred financing
costs ................... 6,170 6,762 6,203 4,694 2,646
----- ----- ----- ----- -----
Earnings available for
fixed charges ........... 13,417 11,041 13,320 11,370 5,880
Fixed charges ............ 6,170 6,762 6,203 4,694 2,646
------ ------ ------ ------ -----
Ratio of earnings to
fixed charges .......... 2.2 1.6 2.1 2.4 2.2
THE COMPANY
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PRO FORMA
--------------------------
DECEMBER 16, FISCAL YEAR NINE MONTHS
1997 TO ENDED ENDED
MARCH 31, JUNE 30, MARCH 31,
1998 1997 1998
-------------- ------------- ------------
Income (loss) before
income taxes ............ (1,325) 2,137 1,881
Add:
Interest on all
indebtedness which
includes amortization
of deferred financing
costs ................... 5,163 12,961 9,642
------ ------ -----
Earnings available for
fixed charges ........... 3,838 15,098 11,523
Fixed charges ............ 5,163 12,961 9,642
------ ------ ------
Ratio of earnings to
fixed charges .......... -- 1.2 1.2
Earnings were not sufficient to cover fixed charges by $1,325 for the period
from December 16, 1997 to March 31, 1998.