EX-12 4 j4926_ex12.htm EX-12

 

Exhibit 12

 

Paper Warehouse, Inc. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

For the Six Months Ended August 2, 2002 and August 3, 2001

and for the Five Years Ended February 1, 2002

 

 

 

 

($’s in thousands)

 

Six Months Ended

 

Fiscal Year Ended

 

Ratio of Earnings to Fixed Charges:

 

August 2,
2001

 

August 3,
2000

 

February 1,
2002

 

February 2,
2001

 

January 28,
2000

 

January 29,
1999

 

January 30,
1998

 

Earnings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net (loss) earnings

 

$

(122

)

$

(689

)

$

(9,801

)

$

(434

)

$

(4,448

)

$

(521

)

$

(207

)

Extraordinary charge, net

 

—

 

—

 

—

 

—

 

—

 

—

 

110

 

Cumulative effect of accounting change, net

 

—

 

—

 

—

 

—

 

108

 

—

 

—

 

Income taxes

 

—

 

(456

)

3,733

 

(295

)

(2,970

)

(323

)

22

 

Total loss before extraordinary charge and cumulative effect of accounting change

 

(122

)

(1,145

)

(6,068

)

(729

)

(7,310

)

(844

)

(75

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

680

 

676

 

1,433

 

1,670

 

1,182

 

279

 

860

 

Interest portion of rental expense

 

1,582

 

1,694

 

3,435

 

3,386

 

3,281

 

2,378

 

1,779

 

Total fixed charges

 

2,262

 

2,370

 

4,868

 

5,056

 

4,463

 

2,657

 

2,639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings available for fixed charges

 

$

2,140

 

$

1,225

 

$

(1,200

)

$

4,327

 

$

(2,847

)

$

1,813

 

$

2,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings before extraordinary charge and cumulative effect of accounting change to fixed charges (1)

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

 

(1) For the six months ended August 2, 2002 and August 3, 2001, earnings were not adequate to cover fixed charges by approximately $122,000 and $1.1 million, respectively.

For the fiscal years ended February 1, 2002, February 2, 2001, January 28, 2000,  January 29, 1999, and January 30, 1998 earnings were not adequate to cover fixed charges by approximately $6.1 million, $729,000, $7.3 million, $844,000 and $75,000, respectively.