EXHIBIT 11 - STATMENT RE: COMPUTATION OF PER SHARE EARNINGS
YEAR ENDED JULY 31,
1996 1995 1994
(AMOUNTS IN THOUSANDS,
EXCEPT PER SHARE DATA)
PRIMARY
AVERAGE SHARES OUTSTANDING 10,736 10,736 10,797
INCOME FROM CONTINUING
OPERATIONS $4,631 $6,738 $8,243
NET (LOSS)/INCOME $(1,536) $4,863 $7,884
PER SHARE AMOUNTS:
INCOME FROM CONTINUING
OPERATIONS $.43 $.63 $0.76
NET (LOSS)/INCOME $(.14) $.45 $0.73
FULLY DILUTED
AVERAGE SHARES OUTSTANDING 10,736 10,736 10,797
ASSUMED CONVERSION OF
CONVERTIBLE DEBENTURES 11,821 11,821 11,822
TOTAL 22,557 22,557 22,619
INCOME FROM CONTINUING
OPERATIONS $4,631 $6,738 $8,243
ADD CONVERTIBLE DEBENTURES
INTEREST AND AMORTIZATION
OF DEFERRED CHARGES, NET
OF INCOME TAXES 4,386 4,670 4,373
TOTAL $9,017 $11,408 $12,616
NET (LOSS)/INCOME $(1,536) $4,863 $7,884
ADD CONVERTIBLE DEBENTURES
INTEREST AND AMORTIZATION
OF DEFERRED CHARGES, NET
OF INCOME TAXES 4,452 4,670 4,373
TOTAL $2,916 $9,533 $12,257
PER SHARE AMOUNTS:
INCOME FROM CONTINUING
OPERATIONS $.40 $.51 $.56
NET INCOME $.13 $.42 $.54