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Exhibit 12.1
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EXHIBIT 12.1
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IKON OFFICE SOLUTIONS, INC.
RATIO OF EARNINGS TO FIXED CHARGES
(dollars in thousands)
<TABLE>
<CAPTION>
Fiscal Year Ended September 30
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2000 1999 1998 1997 1996
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<S> <C> <C> <C> <C> <C>
Earnings
Income (loss) from continuing operations 25,960 33,836 (83,050) 122,362 164,893
Add:
Provision for income taxes 55,873 45,555 8,863 90,751 107,984
Fixed charges 272,439 230,375 228,365 192,021 127,970
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Earnings, as adjusted (A) 354,272 309,766 154,178 405,134 400,847
========== ========== ========== ========== ==========
Fixed charges
Other interest expense including interest on
capital leases 237,521 197,901 199,816 146,117 105,222
Estimated interest component of rental expense 34,918 32,474 28,549 27,203 22,748
Prepayment penalties on early extiguishment of debt - - - 18,701 -
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Total fixed charges (B) 272,439 230,375 228,365 192,021 127,970
========== ========== ========== ========== ==========
Ratio of earnings to fixed charges
(A) divided by (B) 1.3 (1) 1.3 (2) 0.7 (3) 2.1 (4) 3.1 (5)
========== ========== ========== ========== ==========
</TABLE>
(1) Excluding the effect of the gain on sale of investment, extraordinary gain
from the early retirement of debt, shareholder litigation insurance
proceeds, restructuring and asset impairment charge, and benefit from
discontinued operations, the ratio of earnings to fixed charges for the
fiscal year ended September 30, 2000 is 1.6.
(2) Excluding the effect of the asset securitization gain and the shareholder
litigation settlement charge, the ratio of earnings to fixed charges for
the fiscal year ended September 30 1999 is 1.7.
(3) Excluding the effect of transformation costs and the loss from asset
impairment, the ratio of earnings to fixed charges for the fiscal year
ended September 30, 1998 is 1.1.
(4) Excluding the effect of transformation costs, the ratio of earnings to
fixed charges for the fiscal year ended September 30, 1997 is 2.8.
(5) Excluding the effect of transformation costs, the ratio of earnings to
fixed charges for the fiscal year ended September 30, 1996 is 3.3.
