EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
Three months Six months
ended June 30 ended June 30
1995 1994 1995 1994
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Calculation of common and
common equivalent shares:
Shares outstanding at beginning
of the period 1,051,000 1,051,000 1,051,000 1,046,000
Weighted average number of shares
issued during the period:
Issuance of shares 3,000
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Weighted average shares
outstanding 1,051,000 1,051,000 1,051,000 1,049,000
Common equivalent shares if
stock options were exercised
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Average number of common and common
equivalent shares outstanding 1,051,000 1,051,000 1,051,000 1,049,000
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Calculation of earnings per share:
Net loss ($137,000) ($856,000) ($118,000) ($789,000)
Average number of common and common
equivalent shares outstanding 1,051,000 1,051,000 1,051,000 1,049,000
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Loss per common and common
equivalent share ($.13) ($.81) ($.11) ($.75)
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<FN>
Fully diluted earnings per share is equivalent to primary earnings per share as the
period-end market price of common stock does not result in greater dilution.