EX-12.1 10 dex121.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 BWAY CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
FISCAL YEAR ENDED ------------------------------------------------------------ 1998 1999 2000 2001 2002 --------- --------- --------- --------- --------- (DOLLARS IN THOUSANDS) SELECTED HISTORICAL DATA: EARNINGS WERE CALCULATED AS FOLLOWS: Income (loss) before income taxes, extraordinary item and cumulative effect of change in accounting 5,469 10,917 (3,252) (22,223) 21,812 Add: Fixed charges 14,154 16,233 18,724 17,092 14,909 --------- --------- --------- --------- --------- Earnings 19,623 27,150 15,472 (5,131) 36,721 ========= ========= ========= ========= ========= FIXED CHARGES WERE CALCULATED AS FOLLOWS: Interest expense(a) 13,021 14,733 16,657 15,325 13,109 Portion of rentals attributable to interest(b) 1,133 1,500 2,067 1,767 1,800 --------- --------- --------- --------- --------- Fixed charges 14,154 16,233 18,724 17,092 14,909 ========= ========= ========= ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 1.39 1.67 0.83 - 2.46 ========= ========= ========= ========= ========= THREE MONTHS ENDED --------------------- DECEMBER DECEMBER 30, 2001 29, 2002 --------- -------- SELECTED HISTORICAL DATA: EARNINGS WERE CALCULATED AS FOLLOWS: Income (loss) before income taxes, extraordinary item and cumulative effect of change in accounting 1,777 4,666 Add: Fixed charges 3,717 3,401 --------- --------- Earnings 5,494 8,067 ========= ========= FIXED CHARGES WERE CALCULATED AS FOLLOWS: Interest expense(a) 3,267 2,982 Portion of rentals attributable to interest(b) 450 419 --------- --------- Fixed charges 3,717 3,401 ========= ========= RATIO OF EARNINGS TO FIXED CHARGES 1.48 2.37 ========= ========= PRO FORMA ---------------------- THREE MONTHS ENDED YEAR ENDED DECEMBER 2002 29,2002 ---------- --------- (DOLLARS IN THOUSANDS) EARNINGS WERE CALCULATED AS FOLLOWS: Income (loss) before income taxes, extraordinary item and cumulative effect of change in accounting (930) (1,287) Add: Fixed charges 26,770 6,634 ---------- --------- Earnings 25,840 5,347 ========== ========= FIXED CHARGES WERE CALCULATED AS FOLLOWS: Interest expense(a) 24,970 6,215 Portion of rentals attributable to interest(b) 1,800 419 ---------- --------- Fixed charges 26,770 6,634 ========== ========= RATIO OF EARNINGS TO FIXED CHARGES 0.97 0.81 ========== =========
(a) Interest expense includes amortization of deferred financing costs. (b) The portion of rentals attributable to interest is deemed to be one-third of operating lease rental expense for the period.