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EXHIBIT 12
STUART ENTERTAINMENT, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(amounts in thousands, except for ratio data)
Year Ended December 31, Nine Months Ended September 30,
-------------------------------------------------- -------------------------------------- Pro Forma Latest
Pro Forma Pro Forma Pro Forma Twelve Months Ended
1991 1992 1993 1994 1995 1995 1995 1995 1996 1996 September 30, 1996
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(A) Earnings:
Income (loss)
before income
taxes $2,883 $2,757 $ 759 $(2,273) $2,563 $(1,096) $1,893 $ (300) $3,757 $ 1,674 $ 878
Add:
Fixed charges per
Item (B) below 395 646 775 1,045 4,448 11,178 3,365 8,491 3,286 8,371 11,058
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$3,278 $3,403 $1,534 $(1,228) $7,011 $10,082 $5,258 $8,191 $7,043 $10,045 $11,936
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(B) Fixed charges
Interest on
indebtedness, the
portion of rentals
considered to be
interest and
amortization of
deferred financing
and bank fees 395 646 775 1,045 4,448 11,178 3,365 8,491 3,286 8,371 11,058
------ ------ ------ ------- ------ ------- ------ ------ ------ ------- -------
$ 395 $ 646 $ 775 $ 1,045 $4,448 $11,178 $3,365 $8,491 $3,286 $ 8,371 $11,058
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Ratios of earnings
in fixed charges(1) 8.30 5.27 1.98 (1.18) 1.58 0.90 1.56 0.96 2.14 1.20 1.08
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Earnings available for fixed charges were insufficient to cover fixed
charges by $2.3 million for the year ended December 31, 1994 and $1.1 million
and $.3 million for the pro forma year ended December 31, 1995 and the pro
forma nine months ended September 30, 1995, respectively.