EX-12.1 9 a2134365zex-12_1.htm EXHBIT 12.1
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PRIMEDIA Inc.
Computation of Deficiency of Earnings to Fixed Charges
Excluding Dividends on Preferenced Securities

Exhibit 12.1

 
   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 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
)
   
 
 
 
 
 
 
 

2



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