EXHIBIT 11 - STATMENT RE: COMPUTATION OF PER SHARE EARNINGS

					YEAR ENDED JULY 31,
				1995              1994               1993
					(AMOUNTS IN THOUSANDS,
					EXCEPT PER SHARE DATA)
PRIMARY    
AVERAGE SHARES OUTSTANDING     10,736            10,797             10,884 
INCOME FROM CONTINUING    
OPERATIONS                     $4,863            $7,884             $1,062
NET INCOME/(LOSS)              $4,863            $7,884            $(1,006)
PER SHARE AMOUNTS:    
INCOME FROM CONTINUING     
OPERATIONS                       $.45             $0.73              $0.10
NET INCOME/(LOSS)                $.45             $0.73             $(0.09)
FULLY DILUTED         
AVERAGE SHARES OUTSTANDING     10,736            10,797             10,884
ASSUMED CONVERSION OF     
CONVERTIBLE DEBENTURES         11,821            11,822             11,542 
  TOTAL                        22,557            22,619             22,426
INCOME FROM CONTINUING     
OPERATIONS                     $4,863            $7,884             $1,062
ADD CONVERTIBLE DEBENTURES     
INTEREST AND AMORTIZATION     
OF DEFERRED CHARGES, NET     
OF INCOME TAXES                 4,670             4,373              4,796 
  TOTAL                        $9,533           $12,257             $5,858 
NET INCOME/(LOSS)              $4,863            $7,884            $(1,006) 
ADD CONVERTIBLE DEBENTURES    
INTEREST AND AMORTIZATION    
OF DEFERRED CHARGES, NET    
OF INCOME TAXES                 4,670             4,373              4,796 
  TOTAL                        $9,533           $12,257             $3,790
PER SHARE AMOUNTS:    
INCOME FROM CONTINUING     
OPERATIONS                       $.42              $.54               $.26
NET INCOME                       $.42              $.54               $.17