EXHIBIT 12.1
SFX ENTERTAINMENT, INC.
RATIO OF EARNINGS TO FIXED CHARGES
YEAR ENDED DECEMBER 31,
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PREDECESSOR
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PRO FORMA
1993 1994 1995 1996 1997 1997
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(DOLLARS IN THOUSANDS, EXCEPT RATIOS)
Earnings:
Net income (loss) before
provision for income
taxes ...................... $ 66 $ 1,417 $ 160 $ (409) $4,304 $ (49,837)
Equity income (loss) from
investments, net of
distributions .............. -- 73 2 16 (479) 5,489
Interest expense ............ 148 144 144 60 1,590 70,115
Portion of rents
representative of an
interest factor ............ 258 268 278 291 918 3,641
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Total earnings .............. $ 472 $ 1,902 $ 584 $ (42) $6,333 $ 29,408
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Fixed Charges:
Interest expense ............ $ 148 $ 144 $ 144 $ 60 $1,590 $ 70,115
Portion of rents
representative of an
interest factor ............ 258 268 278 291 918 3,641
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Total fixed charges ......... $ 406 $ 412 $ 422 $ 351 $2,508 $ 73,756
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Ratio of earnings to
combined fixed charges
and preferred stock
dividends (deficiency in
the coverage of
combined fixed charges
by earnings before fixed
charges)(a) ................ 1.2x 4.6x 1.4x $ (393) 2.5x $ (44,348)
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NINE MONTHS
ENDED SEPTEMBER 30,
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PRO FORMA
1997 1998 1998
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(DOLLARS IN THOUSANDS, EXCEPT RATIOS)
Earnings:
Net income (loss) before
provision for income
taxes ...................... $ 6,604 $ (26,870) $ (31,942)
Equity income (loss) from
investments, net of
distributions .............. 1,030 458 5,968
Interest expense ............ 956 31,709 52,587
Portion of rents
representative of an
interest factor ............ 2,731 2,317 2,731
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Total earnings .............. $ 11,321 $ 7,614 $ 29,344
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Fixed Charges:
Interest expense ............ $ 956 $ 31,709 $ 52,587
Portion of rents
representative of an
interest factor ............ 2,731 2,317 2,731
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Total fixed charges ......... $ 3,687 $ 34,026 $ 55,318
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Ratio of earnings to
combined fixed charges
and preferred stock
dividends (deficiency in
the coverage of
combined fixed charges
by earnings before fixed
charges)(a) ................ 3.1x $ (26,412) $ (25,974)
======== ========= =========
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(a) For the purposes of the ratio of earnings to combined fixed charges,
earnings were calculated by adding pretax income, interest expense,
amortization of debt issuance costs, and the portion of rents
representative of an interest factor. Combined fixed charges consist
of interest expense, and the portion of rents representative of an
interest factor. For the periods in which earnings were insufficient
to cover combined fixed charges, the dollar amount of coverage
deficiency, instead of the ratio is disclosed.