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Exhibit 12.1
PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges
Excluding Dividends on Preferenced Securities
| | | Six months ended June 30 | Years Ended December 31, | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
| | | | | (dollars in thousands) | ||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
Loss from continuing operations before income taxes | $ | (19,600 | ) | $ | (27,878 | ) | $ | (79,796 | ) | $ | (253,556 | ) | $ | (940,753 | ) | $ | (340,477 | ) | $ | (149,041 | ) | ||||
Adjustments: | |||||||||||||||||||||||||
Add: | Interest expense and amortization of deferred financing costs | 61,061 | 66,447 | 127,566 | 143,326 | 156,513 | 146,554 | 166,749 | |||||||||||||||||
Add: | Interest on Shares Subject to Mandatory Redemption | 21,890 | — | 21,889 | — | — | — | — | |||||||||||||||||
Add: | Equity losses in subsidiaries | 56 | 1,857 | 4,256 | 6,146 | 39,761 | 10,137 | 691 | |||||||||||||||||
Add: | Interest in rent expense | 6,005 | 6,553 | 11,849 | 8,203 | 14,098 | 12,394 | 11,188 | |||||||||||||||||
Total Adjustments: | $ | 89,012 | $ | 74,857 | $ | 165,560 | $ | 157,675 | $ | 210,372 | $ | 169,085 | $ | 178,628 | |||||||||||
Total Earnings: | $ | 69,412 | $ | 46,979 | $ | 85,764 | $ | (95,881 | ) | $ | (730,381 | ) | $ | (171,392 | ) | $ | 29,587 | ||||||||
Fixed Charges: | |||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | $ | 61,061 | $ | 66,447 | $ | 127,566 | $ | 143,326 | $ | 156,513 | $ | 146,554 | $ | 166,749 | |||||||||||
Interest on Shares Subject to Mandatory Redemption | 21,890 | — | 21,889 | — | — | — | — | ||||||||||||||||||
Interest in rent expense | 6,005 | 6,553 | 11,849 | 8,203 | 14,098 | 12,394 | 11,188 | ||||||||||||||||||
$ | 88,956 | $ | 73,000 | $ | 161,304 | $ | 151,529 | $ | 170,611 | $ | 158,948 | $ | 177,937 | ||||||||||||
Deficiency of earnings to fixed charges (excluding dividends on preferenced securities) | $ | (19,544 | ) | $ | (26,021 | ) | $ | (75,540 | ) | $ | (247,410 | ) | $ | (900,992 | ) | $ | (330,340 | ) | $ | (148,350 | ) | ||||
PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges
| | | Six months ended June 30 | Years Ended December 31, | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| | | 2004 | 2003 | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||||||
| | | | | (dollars in thousands) | ||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||
Loss from continuing operations before income taxes | $ | (19,600 | ) | $ | (27,878 | ) | $ | (79,796 | ) | $ | (253,556 | ) | $ | (940,753 | ) | $ | (340,477 | ) | $ | (149,041 | ) | ||||
Adjustments: | |||||||||||||||||||||||||
Add: | Interest expense and amortization of deferred financing costs | 61,061 | 66,447 | 127,566 | 143,326 | 156,513 | 146,554 | 168,749 | |||||||||||||||||
Add: | Interest on Shares Subject to Mandatory Redemption | 21,890 | — | 21,889 | — | — | — | — | |||||||||||||||||
Add: | Dividends on Preferenced Securities | 10,954 | 32,011 | 41,853 | 47,656 | 62,236 | 53,063 | 53,062 | |||||||||||||||||
Add: | Equity losses in subsidiaries | 56 | 1,857 | 4,256 | 6,146 | 39,761 | 10,137 | 691 | |||||||||||||||||
Add: | Interest in rent expense | 6,005 | 6,553 | 11,849 | 8,203 | 14,098 | 12,394 | 11,188 | |||||||||||||||||
Less: | Dividends on Preferenced Securities | (10,954 | ) | (32,011 | ) | (41,853 | ) | (47,656 | ) | (62,236 | ) | (53,063 | ) | (53,062 | ) | ||||||||||
Total Adjustments: | $ | 89,012 | $ | 74,857 | $ | 166,560 | $ | 157,675 | $ | 210,372 | $ | 169,085 | $ | 178,628 | |||||||||||
Earnings | $ | 69,412 | $ | 46,979 | $ | 86,764 | $ | (95,881 | ) | $ | (730,381 | ) | $ | (171,392 | ) | $ | 29,587 | ||||||||
Fixed Charges and Preferred Stock Dividends and Related Accretion: | |||||||||||||||||||||||||
Interest expense and amortization of deferred financing costs | $ | 61,061 | $ | 66,447 | $ | 127,566 | $ | 143,326 | $ | 156,513 | $ | 146,554 | $ | 166,749 | |||||||||||
Interest on Shares Subject to Mandatory Redemption | 21,890 | — | 21,889 | — | — | — | — | ||||||||||||||||||
Interest in rent expense | 6,005 | 6,553 | 11,849 | 8,203 | 14,098 | 12,394 | 11,188 | ||||||||||||||||||
Preferred stock dividends and related accretion | 10,954 | 32,011 | 41,853 | 47,656 | 62,236 | 53,063 | 53,062 | ||||||||||||||||||
$ | 99,910 | $ | 105,011 | $ | 203,157 | $ | 199,185 | $ | 232,847 | $ | 212,011 | $ | 230,999 | ||||||||||||
Deficiency of earnings to fixed charge | $ | (30,498 | ) | $ | (58,032 | ) | $ | (117,393 | ) | $ | (295,066 | ) | $ | (963,228 | ) | $ | (383,403 | ) | $ | (201,412 | ) | ||||
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PRIMEDIA Inc. Computation of Deficiency of Earnings to Fixed Charges Excluding Dividends on Preferenced Securities
PRIMEDIA Inc. Computation of Deficiency of Earnings to Fixed Charges