PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges
Excluding Dividends on Preferenced Securities
Exhibit 12.1
| | Three months ended March 31 | Years Ended December 31, | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||
| | (dollars in thousands) | |||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Loss from continuing operations before income taxes | $ | (21,700 | ) | $ | (17,375 | ) | $ | (79,572 | ) | $ | (257,696 | ) | $ | (950,265 | ) | $ | (342,773 | ) | $ | (151,361 | ) | |||
Adjustments: | ||||||||||||||||||||||||
| Add: Interest expense and amortization of deferred financing costs | 29,680 | 34,194 | 127,990 | 143,347 | 156,875 | 147,769 | 168,153 | |||||||||||||||||
| Add: Interest on Shares Subject to Mandatory Redemption | 10,945 | — | 21,889 | |||||||||||||||||||||
| Add: Equity losses in subsidiaries | 0 | 879 | 4,256 | 6,146 | 39,761 | 10,137 | 691 | |||||||||||||||||
| Add: Interest in rent expense | 3,237 | 3,068 | 11,963 | 10,519 | 14,206 | 12,394 | 11,188 | |||||||||||||||||
| Total Adjustments: | 43,862 | 38,141 | 166,098 | 160,012 | 210,842 | 170,300 | 180,032 | |||||||||||||||||
| Total Earnings: | $ | 22,162 | $ | 20,766 | $ | 86,526 | $ | (97,684 | ) | $ | (739,423 | ) | $ | (172,473 | ) | $ | 28,671 | |||||||
Fixed Charges: | ||||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs | $ | 29,680 | $ | 34,194 | $ | 127,990 | $ | 143,347 | $ | 156,875 | $ | 147,769 | $ | 168,153 | ||||||||||
| Interest on Shares Subject to Mandatory Redemption | $ | 10,945 | $ | — | $ | 21,889 | ||||||||||||||||||
| Interest in rent expense | 3,237 | 3,068 | 11,963 | 10,519 | 14,206 | 12,394 | 11,188 | |||||||||||||||||
| $ | 43,862 | $ | 37,262 | $ | 161,842 | $ | 153,866 | $ | 171,081 | $ | 160,163 | $ | 179,341 | |||||||||||
Deficiency of earnings to fixed charges excluding dividends on preferenced securities | $ | (21,700 | ) | $ | (16,496 | ) | $ | (75,316 | ) | $ | (251,550 | ) | $ | (910,504 | ) | $ | (332,636 | ) | $ | (150,670 | ) | |||
PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges
| | Three months ended March 31 | Years Ended December 31, | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||
| | (dollars in thousands) | |||||||||||||||||||||||
| Earnings: | ||||||||||||||||||||||||
| Loss from continuing operations before income taxes | $ | (21,700 | ) | $ | (17,375 | ) | $ | (79,572 | ) | $ | (257,696 | ) | $ | (950,265 | ) | $ | (342,773 | ) | $ | (151,361 | ) | |||
Adjustments: | ||||||||||||||||||||||||
| Add: Interest expense and amortization of deferred financing costs | 29,680 | 34,194 | 127,990 | 143,347 | 156,875 | 147,769 | 168,153 | |||||||||||||||||
| Add: Interest on Shares Subject to Mandatory Redemption | 10,945 | — | 21,889 | |||||||||||||||||||||
| Add: Dividends on Preferenced Securities | 5,153 | 16,433 | 41,853 | 47,656 | 62,236 | 53,063 | 53,062 | |||||||||||||||||
| Add: Equity losses in subsidiaries | — | 879 | 4,256 | 6,146 | 39,761 | 10,137 | 691 | |||||||||||||||||
| Add: Interest in rent expense | 3,237 | 3,068 | 11,963 | 10,519 | 14,206 | 12,394 | 11,188 | |||||||||||||||||
| Less: Dividends on Preferenced Securities | (5,153 | ) | (16,433 | ) | (41,853 | ) | (47,656 | ) | (62,236 | ) | (53,063 | ) | (53,062 | ) | ||||||||||
| Total Adjustments: | 43,862 | 38,141 | 166,098 | 160,012 | 210,842 | 170,300 | 180,032 | |||||||||||||||||
| Earnings | $ | 22,162 | $ | 20,766 | $ | 86,526 | $ | (97,684 | ) | $ | (739,423 | ) | $ | (172,473 | ) | $ | 28,671 | |||||||
| Fixed Charges and Preferred Stock Dividends and Related Accretion: | ||||||||||||||||||||||||
| Interest expense and amortization of deferred financing costs | $ | 29,680 | $ | 34,194 | $ | 127,990 | $ | 143,347 | $ | 156,875 | $ | 147,769 | $ | 168,153 | ||||||||||
| Interest on Shares Subject to Mandatory Redemption | 10,945 | 0 | 21,889 | |||||||||||||||||||||
| Interest in rent expense | 3,237 | 3,068 | 11,963 | 10,519 | 14,206 | 12,394 | 11,188 | |||||||||||||||||
| Preferred stock dividends and related accretion | 5,153 | 16,433 | 41,853 | 47,656 | 62,236 | 53,063 | 53,062 | |||||||||||||||||
| $ | 49,015 | $ | 53,695 | $ | 203,695 | $ | 201,522 | $ | 233,317 | $ | 213,226 | $ | 232,403 | |||||||||||
Deficiency of earnings to fixed charges | $ | (26,853 | ) | $ | (32,929 | ) | $ | (117,169 | ) | $ | (299,206 | ) | $ | (972,740 | ) | $ | (385,699 | ) | $ | (203,732 | ) | |||
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