EXHIBIT 12
Statement re: Computation of Ratios
MARVEL ENTERPRISES, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDENDS
NINE MONTHS ENDED SEPTEMBER 30, 2000
Fixed Charges and Preference Dividends:
Interest Expense - Gross 23,882
Interest on Rent Expense 663
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Total Fixed Charges 24,545
Preference Stock Dividends 11,431
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Total Fixed Charges and Preference Dividends 35,976
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Earnings (Deficit):
Pretax Loss (34,316)
Fixed Charges 24,545
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Total Deficit before Preference Dividends (9,771)
Preference Dividends 11,431
--------
Total Deficit (21,202)
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Ratio of Earnings to Fixed Charges ---
========
Ratio of Earnings to Combined Fixed
Charges and Preference Dividends ---
========
For the purposes of the ratio of earnings to fixed charges and the ratio of
earnings to combined fixed charges and "preference dividends, earnings were
calculated by adding pretax loss, interest expense, the portion of rents"
"representative of an interest factor and, in the case of the latter ratio,
preference dividends. Fixed charges consist" of interest expense and the portion
of rents representative of an interest factor. During the six months ended
September 30, 2000, (i) earnings were insufficient to cover fixed charges and
the dollar amount of the coverage deficiency was $34.3 million and (ii) earnings
were insufficient to cover combined fixed charges and preference dividends and
the dollar amount of the coverage deficiency was $34.3 million.
