EXHIBIT 11
STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
Year Ended May 31,
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1996 1995 1994
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PRIMARY EARNINGS (LOSS) PER SHARE:
Net Earnings (Loss)
Earnings (loss) from continuing operations.................... $(9,278,000) $(5,448,000) $ 437,000
Earnings (loss) from discontinued operations.................. -- (513,000) 325,000
Loss on sales of discontinued operations...................... -- (13,000) (1,081,000)
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Net loss.................................................. $(9,278,000) $(5,974,000) $ (319,000)
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Weighted Average Shares Outstanding:
Outstanding shares at beginning of period..................... 5,160,000 5,160,000 5,160,000
Assumed exercise of employee stock options,
net of shares repurchased with proceeds,
(also assumes exercise of warrants).......................... 1,000 -- 4,000
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5,161,000 5,160,000 5,164,000
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Net Earnings (Loss) Per Share:
Earnings (loss) from continuing operations.................... $ (1.80) $ (1.06) $ 0.09
Earnings (loss) from discontinued operations.................. -- (0.10) 0.06
Loss on sale of discontinued operations....................... -- (0.00) (0.21)
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Net loss.................................................... $ (1.80) $ (1.16) $ (0.06)
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FULLY DILUTED EARNINGS (LOSS) PER SHARE:
Net Earnings (Loss)
Earnings (loss) from continuing operations.................... $(9,278,000) $(5,448,000) $ 437,000
Earnings (loss) from discontinued operations.................. -- (513,000) 325,000
Loss on sale of discontinued operations....................... -- (13,000) (1,081,000)
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Net loss.................................................... $(9,278,000) $(5,974,000) $ (319,000)
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Weighted Average Shares Outstanding:
Outstanding shares at beginning of period..................... 5,160,000 5,160,000 5,160,000
Assumed exercise of employee stock options,
net of shares repurchased with proceeds...................... 71,000 -- 4,000
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5,231,000 5,160,000 5,164,000
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Net Loss Per Common Share
Earnings (loss) from continuing operations.................... $ (1.77) $ (1.06) $ 0.09
Earnings (loss) from discontinued operations.................. -- (.10) 0.06
Loss on sale of discontinued operations....................... -- (0.00) (0.21)
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Net loss.................................................... $ (1.77) $ (1.16) $ (0.06)
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