EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings (loss) per
share as calculated in accordance with FASB 128.
Three months Ended July 31,
-----------------------------
(Unaudited)
2000 1999
----------------------------- -----------------------------
Basic Diluted Basic Diluted
NUMERATOR:
Net loss from continuing operations $ (965,071) $ (965,071) $ (922,231) $ (922,231)
Net income from discontinued operations -- -- 1,378,525 1,378,525
----------- ----------- ----------- -----------
Net income (loss) $ (965,071) $ (965,071) $ 456,294 $ 456,294
=========== =========== =========== ===========
DENOMINATOR:
Weighted average shares outstanding 8,616,383 8,616,383 6,861,005 6,861,005
Stock options and warrants -- -- -- --
----------- ---------- ----------- ----------
Weighted average shares outstanding 8,616,383 8,616,383 6,861,005 6,861,005
=========== ========== =========== ==========
Earnings (loss) per share -
continuing operations $ (0.11) $ (0.11) $ (0.13) $ (0.13)
Earnings (loss) per share -
discontinued operations -- -- 0.20 0.20
----------- ----------- ----------- -----------
Earnings (loss) per share $ (0.11) $ (0.11) $ 0.07 $ 0.07
=========== =========== =========== ===========
Nine months Ended July 31,
----------------------------
(Unaudited)
2000 1999
----------------------------- -----------------------------
Basic Diluted Basic Diluted
NUMERATOR:
Net loss from continuing operations $(5,770,797) $(5,770,797) $(2,121,486) $(2,121,486)
Net income from discontinued operations -- -- 4,978,913 4,978,913
----------- ----------- ----------- -----------
Net income (loss) $(5,770,797) $(5,770,797) $ 2,857,427 $ 2,857,427
=========== =========== =========== ===========
DENOMINATOR:
Weighted average shares outstanding 8,289,012 8,289,012 6,782,250 6,782,250
Stock options and warrants -- -- -- --
----------- ----------- ----------- -----------
Weighted average shares outstanding 8,289,012 8,289,012 6,782,250 6,782,250
=========== =========== =========== ===========
Earnings (loss) per share -
continuing operations $ (0.70) $ (0.70) $ (0.31) $ (0.31)
Earnings (loss) per share -
discontinued operations -- -- 0.73 0.73
----------- ----------- ----------- -----------
Earnings (loss) per share $ (0.70) $ (0.70) $ 0.42 $ 0.42
=========== =========== =========== ===========