Exhibit 12.1
Quiksilver Inc.
Calculation of Ratio of Earnings to Fixed Charges
| Year Ended October 31, | Six Months Ended |
|||||||||||||||||||||||
| (In thousands, except ratios) |
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | ||||||||||||||||||
| Earnings: |
||||||||||||||||||||||||
| Pretax income (loss) from continuing operations |
$ | 98,571 | $ | (6,548 | ) | $ | 11,919 | $ | (35,573 | ) | $ | (3,199 | ) | $ | (53,153 | ) | ||||||||
| Income from Minority interest / equity investees |
690 | 2,926 | 3,414 | 3,388 | 1,013 | 682 | ||||||||||||||||||
| Fixed charges |
68,615 | 73,557 | 124,989 | 83,680 | 71,282 | 35,706 | ||||||||||||||||||
| Distributed Income of Equity Investees |
727 | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total “Earnings” |
$ | 168,603 | $ | 69,935 | $ | 140,322 | $ | 51,495 | $ | 69,096 | $ | (16,765 | ) | |||||||||||
| Fixed Charges: |
||||||||||||||||||||||||
| Interest expense* |
$ | 59,263 | $ | 64,323 | $ | 115,157 | $ | 73,808 | $ | 60,823 | $ | 30,796 | ||||||||||||
| Estimate of interest within rental expense |
9,352 | 9,234 | 9,832 | 9,872 | 10,459 | 4,910 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total “Fixed Charges” |
$ | 68,615 | $ | 73,557 | $ | 124,989 | $ | 83,680 | $ | 71,282 | $ | 35,706 | ||||||||||||
| Ratio of earnings to fixed charges |
2.5 | 0.95 | 1.1 | 0.6 | 0.97 | (0.5 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Rent |
120,677 | 119,150 | 126,867 | 127,384 | 134,956 | 63,357 | ||||||||||||||||||
| Deficiency** |
N/A | 3,622 | N/A | 32,185 | 2,186 | 52,471 | ||||||||||||||||||
| * | Interest expense includes interest from both continuing and discontinued operations as well as amortization of capitalized expenses related to indebtedness. |
| ** | For the six months ended April 30, 2009, 2011, 2012 and 2013, earnings were insufficient to cover fixed charges by $3,622,000, $32,185,000, $2,186,000 and $52,471,000, respectively. |