1
Exhibit 12
Paragon Corporate Holdings Inc.
Computation of Ratio of Earnings to Fixed Charges
(In thousands, except for ratios)
THE
A.B. DICK (THE PREDECESSOR COMPANY) COMPANY
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4/1/96 1/17/97
FISCAL YEARS ENDED MARCH 31, THROUGH THROUGH
1994 1995 1996 1/16/97 12/31/97
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Computation of Earnings:
Income (loss) before income taxes 2,132 2,677 (5,463) (455) 9,329
Add:
Interest expense(1) 0 134 162 205 2,598
Portion of rent expense representative
of an interest factor 1,778 1,103 728 765 742
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Earnings (deficiency) 3,910 3,914 (4,573) 515 12,669
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Computation of Fixed Charges:
Interest expense(1) 0 134 162 205 2,598
Portion of rent expense representative
of an interest factor 1,778 1,103 728 765 742
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Fixed Charges 1,778 1,237 890 970 3,340
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Ratio of Earnings to Fixed Charges(2) 2.20 3.16 -- -- 3.79
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<FN>
(1) Amortization of deferred financing cost is included in interest expense.
(2) Earnings were inadequate to cover fixed charges in the fiscal year ended
March 31, 1996 and in the period from April 1, 1996 through January 16,
1997 by $5,463 and $455, respectively.