1
EXHIBIT 11.1
COMPUTATION OF INCOME (LOSS) PER SHARE
FOR THE NINE MONTHS FOR THE YEAR
ENDED JUNE 30, 1989 ENDED JUNE 30, 1990
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PRIMARY FULLY DILUTED PRIMARY FULLY DILUTED
LOSS LOSS PER LOSS LOSS PER
PER SHARE SHARE(3) PER SHARE SHARE(3)
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Net income (loss) before extraordinary
item.................................... $(8,658,000) $(8,658,000) $(20,589,000) $ (20,589,000)
Extraordinary loss........................ 0 0 0 0
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Net income (loss):........................ $(8,658,000) $(8,658,000) $(20,589,000) $ (20,589,000)
Weighted Average Shares:
Common shares outstanding............... 529,640 529,640 500,000 500,000
Exercise of stock options(1)............ 40,588 40,588
Exercise of warrants(2)................. 100,000 100,000
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Common and equivalent shares
outstanding........................... 529,640 670,228 500,000 640,588
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Per Common and Equivalent Share:
Net income (loss) before extraordinary
item.................................. $ (16.35) $ (12.92) $ (41.18) $ (32.14)
Extraordinary loss...................... 0 0 0 0
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Net income (loss)....................... $ (16.35) $ (12.92) $ (41.18) $ (32.14)
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FOR THE YEAR FOR THE YEAR
ENDED JUNE 30, 1991 ENDED JUNE 30, 1992
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FULLY
PRIMARY FULLY DILUTED PRIMARY DILUTED
LOSS LOSS PER LOSS LOSS PER
PER SHARE SHARE(3) PER SHARE SHARE(3)
------------ ------------- ------------ ------------
Net income (loss) before extraordinary
item.................................... $(33,169,000) $ (33,169,000) $(17,130,000) $(17,130,000)
Extraordinary loss........................ 0 0 (5,100,000) (5,100,000)
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Net income (loss):........................ $(33,169,000) $ (33,169,000) $(22,230,000) $(22,230,000)
Weighted Average Shares:
Common shares outstanding............... 499,803 499,803 841,464 841,464
Exercise of stock options(1)............ 40,588 47,949
Exercise of warrants(2)................. 100,000 100,000
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Common and equivalent shares
outstanding........................... 499,803 640,391 841,464 989,413
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Per Common and Equivalent Share:
Net income (loss) before extraordinary
item.................................. $ (66.36) $ (51.80) $ (20.36) $ (17.31)
Extraordinary loss...................... 0 0 (6.06) (5.15)
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Net income (loss)....................... $ (66.36) $ (51.80) $ (26.42) $ (22.46)
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FOR THE YEAR FOR THE TWELVE MONTHS
ENDED JUNE 30, 1993 ENDED DECEMBER 31, 1993
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PRIMARY FULLY DILUTED PRIMARY FULLY DILUTED
INCOME INCOME PER LOSS LOSS PER
PER SHARE SHARE PER SHARE SHARE(3)
----------- ------------- ------------ -------------
Net income (loss) before extraordinary
item.................................... $10,114,000 $10,114,000 $ (2,147,000) $ (2,147,000)
Extraordinary loss........................ 0 0 (11,684,000) (11,684,000)
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Net income (loss)......................... $10,114,000 $10,114,000 $(13,831,000) $ (13,831,000)
Weighted Average Shares:
Common shares outstanding............... 1,065,659 1,065,659 1,075,758 1,075,758
Exercise of stock options(1)............ 47,949 47,949 84,890
Exercise of warrants(2)................. 100,000 100,000 100,000
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Common and equivalent shares
outstanding........................... 1,213,608 1,213,608 1,075,758 1,260,648
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Per Common and Equivalent Share:
Net income (loss) before extraordinary
item.................................. $ 8.33 $ 8.33 $ (2.00) $ (1.70)
Extraordinary loss...................... 0 0 (10.86) (9.27)
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Net income (loss)....................... $ 8.33 $ 8.33 $ (12.86) $ (10.97)
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FOR THE SIX MONTHS FOR THE SIX MONTHS
ENDED JANUARY 2, 1993 ENDED DECEMBER 31, 1993
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FULLY
PRIMARY FULLY DILUTED PRIMARY DILUTED
LOSS LOSS PER LOSS LOSS PER
PER SHARE SHARE(3) PER SHARE SHARE(3)
------------ ------------- ------------ ------------
Net income (loss) before extraordinary
item.................................... $(10,771,000) $ (10,771,000) $(23,032,000) $(23,032,000)
Extraordinary loss........................ 0 0 (11,684,000) (11,684,000)
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Net income (loss)......................... $(10,771,000) $ (10,771,000) $(34,716,000) $(34,716,000)
Weighted Average Shares:
Common shares outstanding............... 1,055,660 1,055,660 1,075,758 1,075,758
Exercise of stock options(1)............ 47,921 84,890
Exercise of warrants(2)................. 100,000 100,000
------------ ------------- ------------ ------------
Common and equivalent shares
outstanding........................... 1,055,660 1,203,581 1,075,758 1,260,648
------------ ------------- ------------ ------------
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Per Common and Equivalent Share:
Net income (loss) before extraordinary
item.................................. $ (10.20) $ (8.95) $ (21.41) $ (18.27)
Extraordinary loss...................... 0 0 (10.86) (9.27)
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Net income (loss)....................... $ (10.20) $ (8.95) $ (32.27) $ (27.54)
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(1) Amount represents the number of shares issued assuming exercise of stock
options, reduced by the number of shares which could have been purchased
with the proceeds from the exercise of such options.
(2) Amount represents the number of common shares issued assuming exercise of
warrants outstanding.
(3) This calculation is submitted in accordance with Regulation S-K item
601(b)(11) although not required by footnote 2 to paragraph 14 of the APB
Opinion No. 15 because of the antidilutive effect on net loss per share.