EX-12 2 a04-6198_2ex12.htm EX-12

EXHIBIT 12

 

JOSTENS HOLDING CORP. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)

 

 

 

 

 

 

 

For the Periods

 

 

 

Three Months Ended

 

Post-Merger

 

Pre-Merger

 

Dollars in thousands

 

Post-Merger
April 3, 2004

 

Pre-Merger
March 29, 2003

 

Five Months
2003

 

Seven Months
2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from continuing operations before income taxes

 

$

(22,169

)

$

(14,619

)

$

(51,357

)

$

11,750

 

$

64,483

 

$

45,115

 

$

5,532

 

$

75,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense
(excluding capitalized interest)

 

15,868

 

13,989

 

28,621

 

32,528

 

68,435

 

79,035

 

60,252

 

7,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portion of rent expense under long-term operating leases representative of an interest factor

 

391

 

1,053

 

576

 

799

 

1,312

 

1,164

 

1,121

 

1,483

 

Total earnings

 

$

(5,910

)

$

423

 

$

(22,160

)

$

45,077

 

$

134,230

 

$

125,314

 

$

66,905

 

$

84,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense
(including capitalized interest)

 

$

15,868

 

$

13,989

 

$

28,621

 

$

32,528

 

$

68,435

 

$

79,035

 

$

60,252

 

$

7,887

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portion of rent expense under long-term operating leases representative of an interest factor

 

391

 

1,053

 

576

 

799

 

1,312

 

1,164

 

1,121

 

1,483

 

Total fixed charges

 

$

16,259

 

$

15,042

 

$

29,197

 

$

33,327

 

$

69,747

 

$

80,199

 

$

61,373

 

$

9,370

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

—

(3)

—

(2)

—

(1)

1.4

 

1.9

 

1.6

 

1.1

 

9.0

 

 

(1)          For the five month period in 2003, earnings did not cover fixed charges by $55.5 million.

(2)          For the three months ended March 29, 2003, earnings did not cover fixed charges by $14.6 million.

(3)          For the three months ended April 3, 2004, earnings did not cover fixed charges by $19.9 million.