1
USA NETWORKS, INC. AND SUBSIDIARIES
EXHIBIT 12.1
USA NETWORKS, INC. AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
ACTUAL
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FOUR MONTHS YEARS ENDED
YEARS ENDED AUGUST 31, ENDED DECEMBER 31,
------------------------------- DECEMBER 31, -------------------
1993 1994 1995 1995 1996 1997
------- ------- ------- ------------ ------- --------
(In thousands)
EARNINGS:
Net income (loss)
before income
taxes................ $(6,080) $ 606 $ 1,253 $(3,255) $(4,667) $ 54,112
Equity in (earnings)
losses of
unconsolidated
affiliates........... -- -- -- -- 367 12,007
Adjustment for
partially owned
subsidiaries and 50%
owned companies...... -- -- -- -- (280) 2,389
Interest expense....... 12,817 12,178(c) 10,963(b) 3,463 11,841 31,579
Portion of rents
representative of an
interest factor(a)... 1,186 1,061 881 264 957 6,322
------- ------- ------- ------- ------- --------
Total earnings....... $ 7,923 $13,845 $13,097 $ 472 $ 8,218 $106,409
======= ======= ======= ======= ======= ========
FIXED CHARGES:
Interest expense....... $12,817 $12,178 $10,963 $ 3,463 $11,841 $ 31,579
Portion of rents
representative of an
interest factor...... 1,186 1,061 881 264 957 6,322
------- ------- ------- ------- ------- --------
Total fixed
charges............ $14,003 $13,239 $11,844 $ 3,727 $12,798 $ 37,901
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RATIO OF EARNINGS TO
FIXED CHARGES.......... 0.57x 1.05x 1.11x 0.13x 0.64x 2.81x
ACTUAL PRO FORMA
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NINE MONTHS NINE MONTHS
ENDED ENDED
SEPTEMBER 30, SEPTEMBER 30,
1998 1998
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(In thousands)
EARNINGS:
Net income (loss)
before income
taxes................ $ 98,833(e) $ 94,691(g)
Equity in (earnings)
losses of
unconsolidated
affiliates........... 16,104(h) 16,104
Adjustment for
partially owned
subsidiaries and 50%
owned companies...... 42,996 42,996
Interest expense....... 94,704 98,846
Portion of rents
representative of an
interest factor(a)... 7,014 7,014
-------- --------
Total earnings....... $259,651 $259,651
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FIXED CHARGES:
Interest expense....... $ 94,704 $ 98,846
Portion of rents
representative of an
interest factor...... 7,014 7,014
-------- --------
Total fixed
charges............ $101,718 $105,860
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RATIO OF EARNINGS TO
FIXED CHARGES.......... 2.55x 2.45x