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Exhibit 12.1
Merrill Corporation
Computation of Ratio of Earnings to Fix Charges
(dollars in thousands)
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Pro Forma |
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For the Three Months Ended April 30, |
Three Months Ended April 30, 1999 |
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For the Year Ended January 31, |
Year Ended January 31, 2000 |
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1996 |
1997 |
1998 |
1999 |
2000 |
1999 |
2000 |
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| Income (loss) before provision for income taxes | $ | 18,706 | $ | 32,484 | $ | 46,466 | $ | 47,671 | $ | (8,801 | ) | $ | 8,235 | $ | (593 | ) | $ | 1,940 | $ | 8,986 | ||||||||
| Fixed charges | ||||||||||||||||||||||||||||
| Cash interest expense | 1,099 | 4,124 | 4,321 | 3,961 | 12,771 | 1,103 | 9,603 | 10,167 | 40,953 | |||||||||||||||||||
| Amortization of deferred financing costs | — | 30 | 74 | 64 | 253 | 17 | 336 | 64 | 253 | |||||||||||||||||||
| 1/3 rent expense from operating leases | 1,708 | 2,003 | 2,673 | 3,010 | 3,722 | 720 | 1,455 | 1,101 | 3,799 | |||||||||||||||||||
| Total fixed charges | 2,807 | 6,157 | 7,068 | 7,035 | 16,746 | 1,840 | 11,394 | 11,332 | 45,005 | |||||||||||||||||||
| Earnings + fixed charges | $ | 21,513 | $ | 38,641 | $ | 53,534 | $ | 54,706 | $ | 7,945 | $ | 10,075 | $ | 10,801 | $ | 13,272 | $ | 53,991 | ||||||||||
| Earnings to fixed charges(1) | 7.7 | x | 6.3 | x | 7.6 | x | 7.8 | x | — | 5.5 | x | — | 1.2 | x | 1.2 | x | ||||||||||||
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