EXHIBIT 11.1
Weighted number of shares and earnings per share calculations:
YEAR ENDED 30 JUNE 1997
1. Basic earnings per share
A CLASS ORDINARY SHARES 2,200,000
In issue at July 1, 1996 120,000
Conversion of B Class ordinary shares 536,127
Weighted average number of shares issued to acquire subsidiary companies 536,127
Weighted average number of shares related to conversion of warrants 5,367
Weighted average number of shares related to conversion of options 123,282
----------
2,984,776
B CLASS ORDINARY SHARES
In issue at July 1, 1996 1,942,500
Conversion of B Class ordinary shares to A Class shares (120,000)
Weighted average number of shares issued to acquire subsidiary companies 332,579
----------
2,155,079
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 5,139,855
==========
Net income 6,683,165
Earnings per share $ 1.30
-1-
YEAR ENDED JUNE 30, 1997
2. Fully diluted earnings per share
A CLASS ORDINARY SHARES
In issue at July 1, 1996 2,200,000
Conversion of B Class ordinary shares 120,000
Weighted average number of shares issued to acquire subsidiary companies 536,127
Weighted average number of shares related to conversion of warrants 144,074
Weighted average number of shares related to conversion of options 161,093
Weighted average number of shares related to conversion of debentures 278,539
3,439,833
B CLASS ORDINARY SHARES
In issue at July 1, 1996 1,942,500
Conversion of B Class ordinary shares to A Class shares (120,000)
Weighted average number of shares issued to acquire subsidiary companies 332,579
----------
2,155,079
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 5,594,912
==========
Net income 6,683,165
Interest cost related to debentures 124,761
6,807,926
Earnings per share $1.22
-2-
YEAR ENDED JUNE 30, 1996
1. Basic earnings per share
A CLASS ORDINARY SHARES
Issued during the period 940,437
Weighted average number of shares related to conversion of warrants --
Weighted average number of shares related to conversion of options --
----------
940,437
B CLASS ORDINARY SHARES
Issued during the period 842,500
Weighted average number of shares issued to acquire subsidiary companies 110,526
----------
953,526
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 1,893,463
==========
Net loss (5,737,560)
Earnings per share ($3,03)
Note:Warrants and options are not taken into account for the calculation of
earnings per share as they would be antidilutive.
-3-
YEAR ENDED JUNE 30, 1996
2. Fully diluted earnings per share
A CLASS ORDINARY SHARES
Issued during the period 940,437
Weighted average number of shares related to conversion of warrants --
Weighted average number of shares related to conversion of options --
----------
940,437
B CLASS ORDINARY SHARES
Issued during the period 842,500
Weighted average number of shares issued to acquire subsidiary companies 110,526
----------
953,026
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 1,893,463
==========
Net loss (5,737,560)
Earnings per share ($3,03)
Note:Warrants and options are not taken into account for the calculation of
earnings per shares as they would be antidilutive.
-4-
PERIOD MARCH 1, TO JUNE 30, 1995
1. Basic earnings per share
B CLASS ORDINARY SHARES
Issued to acquire predecessor companies 547,890
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 547,890
=======
Net Income 213,829
Earnings per share $0.39
PERIOD MARCH 1, TO JUNE 30, 1995
B CLASS ORDINARY SHARES
Issued to acquire predecessor companies 547,890
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 547,890
=======
Net loss 213,829
Earnings per share $0.39
YEAR ENDED FEBRUARY 28, 1995
1. Basic earnings per share
B CLASS ORDINARY SHARES
Issued to acquire predecessor companies 547,890
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 547,890
=======
Net loss 313,882
Earnings per share $0.57
2. Fully diluted earnings per share
B CLASS ORDINARY SHARES
Issued to acquire predecessor companies 547,890
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 547,890
=======
Net loss 313,882
Earnings per share $0.57
-5-