EXHIBIT 12
PAGE 1 OF 2
PRIMEDIA INC. AND SUBSIDIARIES
DEFICIENCY OF EARNINGS TO FIXED CHARGES AND
DEFICIENCY OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996, 1995, 1994 AND 1993
(DOLLARS IN THOUSANDS)
YEARS ENDED DECEMBER 31,
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1997 1997 1996 1995 1994 1993
PRO FORMA ACTUAL ACTUAL ACTUAL ACTUAL ACTUAL
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Earnings before fixed charges:
Net income (loss)............................... $(140,159) $(172,840) $ 8,044 $ (75,435) $ (41,403) $ (86,496)
Income tax benefit.............................. (1,685) (1,685) (53,300) (59,600) (42,100) --
Extraordinary charge............................ -- 15,401 9,553 -- 11,874 --
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Loss from continuing operations before income tax
benefit and extraordinary charge................ (141,844) (159,124) (35,703) (135,035) (71,629) (86,496)
Interest expense and amortization of deferred
financing and organizational costs.............. 122,416 139,696 128,263 108,972 81,431 77,856
Interest portion of rental expenses............... 12,281 12,281 10,510 8,129 7,991 5,838
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Earnings (loss) before fixed charges.............. (7,147) (7,147) 103,070 (17,934) 17,793 (2,802)
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Fixed charges:
Interest expense and amortization of deferred
financing and organizational costs............ 122,416 139,696 128,263 108,972 81,431 77,856
Interest portion of rental expenses............. 12,281 12,281 10,510 8,129 7,991 5,838
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Total fixed charges......................... 134,697 151,977 138,773 117,101 89,422 83,694
Deficiency of earnings to fixed charges........... (141,844) (159,124) (35,703) (135,035) (71,629) (86,496)
Preferred stock dividends......................... (59,591) (65,073) (43,526) (28,978) (25,959) (22,290)
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Deficiency of earnings to fixed charges and
preferred stock dividends....................... $(201,435) $(224,197) $ (79,229) $(164,013) $ (97,588) $(108,786)
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EXHIBIT 12
PAGE 2 OF 2
PRIMEDIA INC. AND SUBSIDIARIES
RATIO OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AMORTIZATION AND
PROVISION FOR ONE-TIME CHARGES TO INTEREST EXPENSE AND RATIO OF EARNINGS BEFORE
INTEREST, TAXES, DEPRECIATION, AMORTIZATION AND PROVISION FOR ONE-TIME CHARGES
TO INTEREST EXPENSE AND DIVIDENDS ON PREFERRED STOCK
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
(DOLLARS IN THOUSANDS)
YEARS ENDED DECEMBER 31,
--------------------------------------------
1997 1997 1996 1995
PRO FORMA ACTUAL ACTUAL ACTUAL
----------- --------- --------- ---------
Earnings before interest, taxes, depreciation, amortization and
provision for one-time charges....................................... $ 302,012 $ 302,012 $ 276,603 $ 216,115
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Interest expense....................................................... $ 118,767 $ 136,625 $ 124,601 $ 105,837
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Ratio of earnings before interest, taxes, depreciation, amortization
and provision for one-time charges to interest expense............... 2.5x 2.2x 2.2x 2.0x
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Earnings before interest, taxes, depreciation, amortization and
provision for one-time charges....................................... $ 302,012 $ 302,012 $ 276,603 $ 216,115
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Interest expense....................................................... 118,767 136,625 124,601 105,837
Dividends on preferred stock........................................... 59,591 65,073 43,526 28,978
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Interest expense plus dividends on preferred stock..................... $ 178,358 $ 201,698 $ 168,127 $ 134,815
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Ratio of earnings before interest, taxes, depreciation, amortization
and provision for one-time charges to interest expense and dividends
on preferred stock................................................... 1.7x 1.5x 1.6x 1.6x
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