Exhibit 12.1
Interep National Radio Sales, Inc.
Calculation of Earnings to Fixed Charges
(Thousands of dollars)
Years Ended December 31,
------------------------------------
1993 1994 1995 1996 1997
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Earnings:
Operating income ....................... $1,565 $ 9,232 $7,182 $7,869 $ 9,052
Fixed charges........................... 1,456 1,359 1,401 1,455 1,511
------ ------- ------ ------ -------
Earnings as adjusted...................... $3,021 $10,591 $8,583 $9,324 $10,563
Fixed Charges:
Interest on debt........................ $3,191 $ 3,379 $3,494 $4,049 $ 3,888
Amortization of debt issuance costs..... 94 94 55 73 89
Imputed interest portion of rent........ 1,362 1,265 1,346 1,382 1,422
------ ------- ------ ------ -------
Total fixed charges....................... $4,647 $ 4,738 $4,895 $5,504 $ 5,399
Deficiency of earnings to fixed charges... $1,626 $ -- $ -- $ -- $ --
Ratio of earnings to fixed charges........ -- 2.24 1.75 1.69 1.96
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Proforma(1)
--------------------------
Nine Months
Ended Nine Months
September 30, Year Ended Ended
-------------- December 31, September 30,
1997 1998 1997 1998
------ ------- ------------ -------------
Earnings:
Operating income.................. $6,550 $ 9,961 $ 8,867 $10,466
Fixed charges..................... 1,182 1,182 1,822 1,383
------ ------- ------- -------
Earnings as adjusted................ $7,732 $11,143 $10,689 $11,849
Fixed Charges:
Interest on debt.................. $2,746 $ 4,895 $10,000 $ 7,052
Amortization of debt issuance
costs............................ 72 99 400 300
Imputed interest portion of rent.. 1,110 1,083 1,422 1,083
------ ------- ------- -------
Total fixed charges................. $3,928 $ 6,077 $11,822 $ 8,435
Deficiency of earnings to fixed
charges............................ $ -- $ -- $ 1,133 $ --
Ratio of earnings to fixed charges.. 1.97 1.83 -- 1.40
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(1) Refer to the unaudited pro forma consolidated financial data for further
detail.