EXHIBIT (11) -- STATEMENT RE: COMPUTATION OF NET LOSS PER SHARE
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
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1996 1995 1996 1995
Net Loss $ (786,184) $ (800,574) $(1,597,803) $(2,311,277)
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Weighted average shares of
Common Stock outstanding 2,795,059 1,734,165 2,778,290 836,692
Shares related to staff accounting
bulletin topic 4D:
Stock Options 38,008
Conversion of payable to parent 235,038
Escrow Shares (363,760) (300,901) (363,760) (252,202)
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Shares used in calculating net loss per share 2,431,299 1,433,264 2,414,530 857,536
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Net loss per share $ (0.32) $ (0.56) $ (0.66) $ (2.70)
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Pro forma net loss per share information:
Shares used in calculating net loss per share 1,433,264 857,536
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Adjusted to reflect the effect of the assumed
conversion of Preferred Stock 220,008 428,437
Escrow Shares (62,859) (122,410)
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Shares used in computing pro forma
net loss per share 1,590,413 1,163,562
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Pro forma net loss per share $ (0.50) $ (1.99)
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