EXHIBIT 12.1

STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)


	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	March 31,			March 31,			March 31,			March 31,			March 31,
	2007			2006			2005			2004			2003
Consolidated pretax income (loss) from continuing operations	$	(21,202	)		(17,946	)		(27,352	)		(16,944	)		2,223

Net amortization of debt issuance expense		3,537			3,001			2,487			2,191			1,626

Interest expense		36,868			34,623			31,600			31,984			27,048

Interest portion of rental expense		1,212			1,059			1,423			1,442			1,507


Earnings	$	20,415			20,737			8,158			18,673			32,404


Interest expense	$	36,868			34,623			31,600			31,984			27,048

Net amortization of debt issuance expense		3,537			3,001			2,487			2,191			1,626

Interest portion of rental expense		1,212			1,059			1,423			1,442			1,507


Fixed Charges	$	41,617			38,683			35,510			35,617			30,181


Ratio of Earnings to Fixed Charges	$	(a	)		(a	)		(a	)		(a	)		1.07	x


(a)		The deficiency in earnings required to cover fixed charges for the fiscal years ended March 31, 2007, 2006, 2005 and 2004 was $21,202, $17,946, $27,352 and $16,944, respectively. The deficiency in earnings to cover fixed charges is computed by subtracting earnings before fixed charges, income taxes and discontinued operations from fixed charges. Fixed charges consist of interest expense, net amortization of debt issuance expense (recorded as a component of interest expense in the consolidated financial statements), and that portion of operating lease rental expense which we deem to be representative of interest. The deficiency in earnings required to cover fixed charges includes depreciation of property, plant and equipment and amortization of other assets and non-cash charges which are reflected in cost of sales, selling, general and administrative expenses and other expense, in the following amounts (in thousands):

100

AMERICAN COLOR GRAPHICS INC 10-K