EX-12.1 10 a2134173zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1


PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges Excluding Dividends on Preferenced Securities

 
   
  Three months ended
March 31

  Years Ended December 31,
 
 
   
  2004
  2003
  2003
  2002
  2001
  2000
  1999
 
 
   
  (dollars in thousands)

 
Earnings:                                            
  Loss from continuing operations before income taxes   $ (21,700 ) $ (17,375 ) $ (79,572 ) $ (257,696 ) $ (950,265 ) $ (342,773 ) $ (151,361 )
Adjustments:                                            
  Add:   Interest expense and amortization of deferred financing costs     29,680     34,194     127,990     143,347     156,875     147,769     168,153  
  Add:   Interest on Shares Subject to Mandatory Redemption     10,945         21,889                          
  Add:   Equity losses in subsidiaries     0     879     4,256     6,146     39,761     10,137     691  
  Add:   Interest in rent expense     3,237     3,068     11,963     10,519     14,206     12,394     11,188  
       
 
 
 
 
 
 
 
Total Adjustments:     43,862     38,141     166,098     160,012     210,842     170,300     180,032  
       
 
 
 
 
 
 
 
Total Earnings:   $ 22,162   $ 20,766   $ 86,526   $ (97,684 ) $ (739,423 ) $ (172,473 ) $ 28,671  
       
 
 
 
 
 
 
 
Fixed Charges:                                            
      Interest expense and amortization of deferred financing costs   $ 29,680   $ 34,194   $ 127,990   $ 143,347   $ 156,875   $ 147,769   $ 168,153  
      Interest on Shares Subject to Mandatory Redemption   $ 10,945   $   $ 21,889                          
      Interest in rent expense     3,237     3,068     11,963     10,519     14,206     12,394     11,188  
       
 
 
 
 
 
 
 
        $ 43,862   $ 37,262   $ 161,842   $ 153,866   $ 171,081   $ 160,163   $ 179,341  
       
 
 
 
 
 
 
 
Deficiency of earnings to fixed charges excluding dividends on preferenced securities   $ (21,700 ) $ (16,496 ) $ (75,316 ) $ (251,550 ) $ (910,504 ) $ (332,636 ) $ (150,670 )
       
 
 
 
 
 
 
 


PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges

 
   
  Three months ended
March 31,

  Years Ended December
December 31,

 
 
   
  2004
  2003
  2003
  2002
  2001
  2000
  1999
 
 
   
  (dollars in thousands)

 
Earnings:                                            
  Loss from continuing operations before income taxes   $ (21,700 ) $ (17,375 ) $ (79,572 ) $ (257,696 ) $ (950,265 ) $ (342,773 ) $ (151,361 )
  Adjustments:                                            
  Add:   Interest expense and amortization of deferred financing costs     29,680     34,194     127,990     143,347     156,875     147,769     168,153  
  Add:   Interest on Shares Subject to Mandatory Redemption     10,945         21,889                          
  Add:   Dividends on Preferenced Securities     5,153     16,433     41,853     47,656     62,236     53,063     53,062  
  Add:   Equity losses in subsidiaries         879     4,256     6,146     39,761     10,137     691  
  Add:   Interest in rent expense     3,237     3,068     11,963     10,519     14,206     12,394     11,188  
  Less:   Dividends on Preferenced Securities     (5,153 )   (16,433 )   (41,853 )   (47,656 )   (62,236 )   (53,063 )   (53,062 )
       
 
 
 
 
 
 
 
Total Adjustments:     43,862     38,141     166,098     160,012     210,842     170,300     180,032  
       
 
 
 
 
 
 
 
Earnings   $ 22,162   $ 20,766   $ 86,526   $ (97,684 ) $ (739,423 ) $ (172,473 ) $ 28,671  
       
 
 
 
 
 
 
 
Fixed Charges and Preferred Stock Dividends and Related Accretion:                                            
             Interest expense and amortization of deferred financing costs   $ 29,680   $ 34,194   $ 127,990   $ 143,347   $ 156,875   $ 147,769   $ 168,153  
             Interest on Shares Subject to Mandatory Redemption     10,945     0     21,889                          
             Interest in rent expense     3,237     3,068     11,963     10,519     14,206     12,394     11,188  
             Preferred stock dividends and related accretion     5,153     16,433     41,853     47,656     62,236     53,063     53,062  
       
 
 
 
 
 
 
 
        $ 49,015   $ 53,695   $ 203,695   $ 201,522   $ 233,317   $ 213,226   $ 232,403  
       
 
 
 
 
 
 
 
Deficiency of earnings to fixed charges   $ (26,853 ) $ (32,929 ) $ (117,169 ) $ (299,206 ) $ (972,740 ) $ (385,699 ) $ (203,732 )
       
 
 
 
 
 
 
 



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PRIMEDIA Inc. Computation of Deficiency of Earnings to Fixed Charges Excluding Dividends on Preferenced Securities
PRIMEDIA Inc. Computation of Deficiency of Earnings to Fixed Charges