EX-12 3 h38088exv12.htm RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
METROMEDIA INTERNATIONAL GROUP, INC.
Ratio of Earnings to Fixed Charges
(in thousands)
                                         
    Years ended December 31,  
    2004     2003     2002     2001     2000  
          (Restated)     (Restated)     (Restated)     (Restated)  
EARNINGS:
                                        
Pretax loss from continuing operations before minority interests and equity in income (losses) of unconsolidated investees attributable to common stockholders
   $ (50,452 )   $ (15,301 )   $ (59,290 )   $ (66,151 )   $ 9,458  
 
                                        
Income distributions from less than fifty-percent-owned business ventures
     19,055       1,361       —       —       100  
 
                                        
 
                              
 
                                        
Adjusted (loss) income
   $ (31,397 )   $ (13,940 )   $ (59,290 )   $ (66,151 )   $ 9,558  
 
                                        
FIXED CHARGES:
                                        
Interest expense, including amortization of debt discount
   $ 16,190     $ 17,864     $ 21,050     $ 18,265     $ 14,171  
Portion of rent expense representative of the interest factor
     427       282       320       234       1,258  
Preferred stock divided requirement
     18,790       17,487       16,274       15,008       15,008  
 
                                        
 
                              
 
                                        
Total fixed charges
   $ 35,407     $ 35,633     $ 37,644     $ 33,507     $ 30,437  
 
                                        
Ratio of earnings to fixed charges
     (A )     (A )     (A )     (A )     (A )
 
(A)   For purposes of this computation, earnings are defined as pre-tax earnings or loss from continuing operations of the Company before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees attributable to common stockholders plus (i) fixed charges and (ii) distributed income of equity investees. Fixed charges are the sum of (i) interest expensed and capitalized, (ii) amortization of deferred financing costs, premium and debt discounts, (iii) the portion of operating lease rental expense that is representative of the interest factor (deemed to be one-third) and (iv) dividends on preferred stock. The ratio of earnings to fixed charges of the Company was less than 1.00 for each of the years ended December 31, 2004, 2003, 2002, 2001 and 2000; thus, earnings available for fixed charges were inadequate to cover fixed charges for such periods. The deficiency in earnings to fixed charges for each of the years ended December 31, 2004, 2003, 2002, 2001 and 2000 were $66.8 million, $49.6 million, $96.9 million, $99.7 million and $20.9 million, respectively.
 
    In addition, the Company had guaranteed the debt of certain of its business ventures. The interest expense associated with the debt that had been guaranteed by the Company was $0.4 million, $2.0 million and $1.7 million for the years ended December 31, 2002, 2001 and 2000.