EXHIBIT 11
STATEMENT RE COMPUTATION OF EARNINGS PER SHARE
Five
Year Months Year Year
Ended Ended Ended Ended
March 31, March 31, March 29, March 28,
1995 (1) 1995 (1) 1996 (1) 1997 (1)
--------- --------- --------- ---------
(Pro Forma)
Weighted average number of common and
common equivalent shares outstanding:
Weighted average number of shares of
common stock outstanding during the
period (2) 3,500,000 3,500,000 3,500,000 4,549,094
Incremental shares assumed to be
outstanding related to common stock
options granted and outstanding,
excluding options granted within
twelve months of initial public
offering -- -- 345,250 567,580
Incremental shares assumed to be
outstanding related to common
stock options granted within
twelve months of initial public
offering 89,000 89,000 89,000 --
Incremental shares assumed to be
outstanding related to common stock
warrants issued and outstanding -- -- 40,000 603,941
Shares of common stock assumed to be
purchased upon exercise of
outstanding options and warrants(3) (47,222) (47,222) (103,361) (940,352)
----------- ----------- ----------- -----------
Weighted average number of common
and common equivalent shares
outstanding - Primary earnings per 3,541,778 3,541,778 3,870,889 4,780,263
share
Adjustment of number of shares assumed
to be purchased upon exercise of options
and warrants based on the closing market -- -- -- --
price
----------- ----------- ----------- -----------
Weighted average number of common
and common equivalent shares
outstanding - Earnings per share
assuming full dilution 3,541,778 3,541,778 3,870,889 4,780,263
=========== =========== =========== ===========
Net income (loss) $(1,599,000) $(1,065,581) $ 1,177,371 $ 1,010,659
Adjustment of interest expense,
net of tax effect, related to
assumed repayment of debt
obligations due to 20% limitation
on purchase of shares upon exercise
of outstanding options and warrants -- -- -- 18,785
----------- ----------- ----------- -----------
Net income (loss) as adjusted $(1,599,000) $(1,065,581) $ 1,177,371 $ 1,029,444
=========== =========== =========== ===========
Net income (loss) per share:
Primary $ (0.45) $ (0.30) $ 0.30 $ 0.22
=========== =========== =========== ===========
Assuming full dilution $ (0.45) $ (0.30) $ 0.30 $ 0.22
=========== =========== =========== ===========
(1) Computations do not reflect exercise of outstanding options and warrants if
the effect thereof is anti-dilutive except for the year ended March 28,
1997 as required by Accounting Principles Board Opinion No. 15 (APB #15)
under the modified treasury stock method, and except as required by
Securities and Exchange Commission Accounting Bulletin Topic 4D, stock
options granted during the twelve months prior to the Company's initial
public offering at prices below the public offering price have been
included in the calculation of weighted average shares of common stock as
if they were outstanding as of the beginning of the periods presented.
(2) Except for the year ended March 28, 1997, the weighted average of number of
shares common stock outstanding represents the number of shares of common
stock issued pursuant to the terms of an Investment Agreement between the
Company, Wexford Partners Fund, L.P., Acor S.A., and Firlane Business Corp.
dated October 31, 1994.
(3) Shares of common stock assumed to be purchased with proceeds upon exercise
of outstanding options and warrants is based on the average market price of
the Company's common stock during the period and is limited to 20% of the
number of common shares outstanding at the end of the period, if applicable
in accordance with APB #15.
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