EXHIBIT 12
PERRY-JUDD'S INCORPORATED
FIXED CHARGE RATIO COMPUTATION
PREDECESSOR PERRY PRINTING PERRY-JUDD'S INCORPORATED
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YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER
117 DAYS 248 DAYS ENDED 31,
------------------------------- ENDED APRIL DECEMBER 31, --------------------
1992 1993 1994 27, 1995 1995 1996 1997
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INCOME (LOSS) BEFORE TAXES.............. $ 4,937 $ 4,897 $ 4,456 $ 1,744 $ 364 $ (82) $ (1,613)
FIXED CHARGES REFLECTED IN INCOME (LOSS)
BEFORE TAXES
Interest Expense...................... 247 433 980 470 4,503 5,946 6,431
Amortization of Deferred Financing.... -- -- -- -- 400 600 904
One-third of Rental Expenses.......... 31 30 48 15 825 1,416 1,683
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278 463 1,028 485 5,728 7,962 9,018
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--------- --------- --------- ----------- ------ --------- ---------
INCOME (LOSS) BEFORE TAXES PLUS FIXED
CHARGES ABOVE......................... 5,215 5,360 5,484 2,229 6,092 7,880 7,405
OTHER FIXED CHARGES
Cash Dividends on Preferred Stock..... -- -- -- -- 825 835 862
Tax Gross Up on Preferred Dividends... -- -- -- -- 550 557 575
TOTAL FIXED CHARGES..................... 278 463 1,028 485 7,103 9,354 10,455
FIXED CHARGE RATIO...................... 18.8x 11.6x 5.3x 4.6x 0.9x 0.8x 0.7x
Deficiency............................ -- -- -- -- $ 1,011 $ 1,474 $ 3,050
THREE MONTHS ENDED
MARCH 31,
--------------------
1997 1998
--------- ---------
INCOME (LOSS) BEFORE TAXES.............. $ (859) $ (92)
FIXED CHARGES REFLECTED IN INCOME (LOSS)
BEFORE TAXES
Interest Expense...................... 1,430 3,864
Amortization of Deferred Financing.... 150 397
One-third of Rental Expenses.......... 427 981
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2,007 5,242
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--------- ---------
INCOME (LOSS) BEFORE TAXES PLUS FIXED
CHARGES ABOVE......................... 1,148 5,150
OTHER FIXED CHARGES
Cash Dividends on Preferred Stock..... 220 215
Tax Gross Up on Preferred Dividends... 147 143
TOTAL FIXED CHARGES..................... 2,374 5,600
FIXED CHARGE RATIO...................... 0.5x 0.9x
Deficiency............................ $ (1,226) $ (450)
EXHIBIT 12 (CONTINUED)
JUDD'S, INCORPORATED
FIXED CHARGE RATIO COMPUTATION
349 DAYS
YEAR ENDED DECEMBER 31, ENDED
----------------------------------------------------- DECEMBER 15,
1992 1993 1994 1995 1996 1997
--------- --------- --------- --------- --------- -------------
INCOME (LOSS) BEFORE TAXES........................ $ 3,985 $ 2,795 $ (538) $ 3,314 $ 3,452 $ 2,600
FIXED CHARGES REFLECTED IN INCOME (LOSS) BEFORE
TAXES
Interest Expense................................ 901 1,131 2,817 3,327 3,066 3,384
Amortization of Deferred Financing.............. 1 4 23 23 78 35
One-third of Rental Expenses.................... 898 895 970 939 945 1,165
--------- --------- --------- --------- --------- ------
1,800 2,030 3,810 4,289 4,089 4,584
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--------- --------- --------- --------- --------- ------
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INCOME (LOSS) BEFORE TAXES PLUS FIXED CHARGES
ABOVE........................................... 5,785 4,825 3,272 7,603 7,541 7,184
OTHER FIXED CHARGES
Cash Dividends in Preferred Stock............... 17 15 15 14 12 20
Tax Gross Up on Preferred Dividends............. 11 10 10 9 8 13
Capitalized Interest............................ -- 263 369 -- 267 --
TOTAL FIXED CHARGES............................... 1,828 2,318 4,204 4,312 4,376 4,617
FIXED CHARGE RATIO................................ 3.2x 2.1x 0.8x 1.8x 1.7x 1.6x
Deficiency...................................... -- -- $ 932 -- -- --
EXHIBIT 12 (CONTINUED)
PERRY-JUDD'S INCORPORATED
PRO FORMA RESULTS
FIXED CHARGE RATIO COMPUTATION
YEAR ENDED
DECEMBER 31,
1997
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LOSS BEFORE TAXES................................................................................... $ (5,139)
FIXED CHARGES REFLECTED IN LOSS BEFORE TAXES
Interest Expense.................................................................................. 15,238
Amortization of deferred Financing................................................................ 1,655
One-third of Rental Expenses...................................................................... 3,541
------------
------------
20,434
LOSS BEFORE TAXES PLUS FIXED CHARGES ABOVE.......................................................... 15,295
OTHER FIXED CHARGES
Cash Dividends on Preferred Stock................................................................. 882
Tax Gross Up on Preferred Dividends............................................................... 588
Capitalized Interest.............................................................................. --
TOTAL FIXED CHARGES................................................................................. 21,904
FIXED CHARGE RATIO.................................................................................. 0.7x
Deficiency........................................................................................ $ 6,609