EXHIBIT 12.1
AMC ENTERTAINMENT INC. AND SUBSIDIARES
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
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Actual |
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Actual |
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Actual |
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Actual |
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From Inception |
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Actual |
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53 Weeks |
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52 Weeks |
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52 Weeks |
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July 16, 2004 |
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April 2, 2004 |
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Actual Year |
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Ended |
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Ended |
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Ended |
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through |
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through |
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52 weeks ended |
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April 3, |
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March 29, |
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March 30, |
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March 31, |
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December 23, |
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April 1, |
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(Successor) |
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(Successor) |
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(Successor) |
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(Successor) |
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(Predecessor) |
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(Predecessor) |
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EARNINGS |
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Earnings (loss) before income taxes from continuing operations |
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$ |
62,845 |
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$ |
173,931 |
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$ |
(96,185 |
) |
$ |
(41,510 |
) |
$ |
(17,568 |
) |
$ |
8,183 |
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Add:Fixed charges (below) |
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303,346 |
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357,053 |
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232,406 |
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68,245 |
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147,935 |
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174,426 |
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Depreciation on capitalized interest |
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1,493 |
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2,395 |
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1,190 |
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360 |
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1,046 |
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1,422 |
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Less:Interest capitalized (below) |
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(1,114 |
) |
(1,760 |
) |
(2,239 |
) |
(203 |
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(658 |
) |
(2,658 |
) |
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Undistributed (income) loss-Joint Ventures |
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— |
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2,556 |
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7,801 |
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(164 |
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— |
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— |
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Earnings for ratio |
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366,570 |
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534,175 |
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142,973 |
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26,728 |
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130,755 |
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181,373 |
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FIXED CHARGES: |
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Interest on borrowings |
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142,439 |
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201,067 |
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116,140 |
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39,668 |
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66,851 |
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66,963 |
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Interest on capital and financing lease obligations |
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7,150 |
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5,585 |
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4,068 |
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1,449 |
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5,848 |
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8,698 |
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Interest capitalized |
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1,114 |
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1,760 |
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2,239 |
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203 |
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658 |
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2,658 |
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Estimated interest portion of rental expense (1) |
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152,643 |
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148,641 |
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109,959 |
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26,925 |
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74,578 |
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96,107 |
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Fixed Charges |
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303,346 |
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357,053 |
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232,406 |
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68,245 |
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147,935 |
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174,426 |
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FIXED CHARGES IN EXCESS OF EARNINGS |
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$ |
— |
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$ |
— |
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$ |
89,433 |
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$ |
41,517 |
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$ |
17,180 |
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$ |
— |
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RATIO OF EARNINGS TO FIXED CHARGES |
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1.2 |
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1.5 |
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— |
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— |
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— |
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1.0 |
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The ratio of earnings to fixed charges represents the number of times fixed charges are covered by earnings. For purposes of computing this ratio, earnings consist of earnings (loss) from continuing operations before income taxes, plus fixed charges (excluding capitalized interest), amortization of capitalized interest, and undistributed equity in losses of joint ventures. Fixed charges consist of interest expense, interest capitalized and one-third of rent expense on operating leases, estimated by the Company to be representative of the interest factor attributable to such rent expense.
(1) Used one-third of rent expense on operating leases.