EX-12.1 9 d364039dex121.htm STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement Regarding Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

SCHOOL SPECIALTY, INC.

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

 

     Fiscal Year  
     2012     2011     2010     2009     2008  

(Loss) earnings

           

(Loss) income before income taxes -

           

Continuing operations

    $ (132,362 )    $ (428,367 )    $ 44,231      $ 45,100      $ 62,855   

Discontinued operations

      —          —          —          —          (10,230 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

      (132,362 )      (428,367 )      44,231        45,100        52,625   

Plus:

           

Fixed charges

      29,551        30,415        33,258        33,251        34,408   

Amortization of capitalized interest

      146        146        146        104        72   

Less interest capitalized during period

      (172 )      (172 )      (180 )      (70 )      (272 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ (102,837 )    $ (397,978 )    $ 77,455      $ 78,385      $ 86,833   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

           

Interest (expensed or capitalized)

    $ 24,343      $ 25,538      $ 27,773      $ 28,174      $ 29,243   

Estimated portion of rent expense representative of interest

      2,515        2,513        2,872        3,117        3,206   

Amortization of deferred financing fees

      2,569        2,364        2,613        1,960        1,959   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 29,427      $ 30,415      $ 33,258      $ 33,251      $ 34,408   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of earnings to fixed charges

      (3.5 ) (1)      (13.1 ) (2)      2.3        2.4        2.5   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Earnings for Fiscal 2012 were inadequate to cover fixed charges. The coverage deficiency was $132,000.
(2) Earnings for Fiscal 2011 were inadequate to cover fixed charges. The coverage deficiency was $428,000.