EXHIBIT 12.1
IKON OFFICE SOLUTIONS, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
Fiscal Year Ended September 30
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1997 1996 1995 1994 1993
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Earnings
Income from continuing operations $ 122,362 $ 164,893 $ 115,011 $ 1,996 $ 61,276
Add:
Loss from unconsolidated affiliate 117,158 2,538
Provision for income taxes 90,751 107,984 75,501 41,315 40,093
Fixed charges 192,021 127,970 82,672 60,481 49,524
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Earnings, as adjusted (A) $ 405,134 $ 400,847 $ 273,184 $ 220,950 $ 153,431
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Fixed charges
Other interest expense, including
interest on capital leases $ 146,117 $ 105,222 $ 61,888 $ 44,096 $ 39,044
Estimated interest component of
rental expense 27,203 22,748 20,784 16,385 10,480
Prepayment penalties on early
extinguishment of debt 18,701
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Total fixed charges (B) $ 192,021 $ 127,970 $ 82,672 $ 60,481 $ 49,524
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Ratio of earnings to fixed charges
(A) divided by (B) 2.1(1) 3.1(2) 3.3 3.7 3.1
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(1) Excluding the effect of transformation costs, the ratio of earnings to
fixed charges for the fiscal year ended September 30, 1997 is 2.8.
(2) Excluding the effect of transformation costs, the ratio of earnings to
fixed charges for the fiscal year ended September 30, 1996 is 3.3.