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                        COMPUTATION OF PER SHARE EARNINGS
                        ---------------------------------

         The net Income (Loss) Per Share is computed based on the total number
of shares of Class A Common Stock issued and outstanding as of November 30,
1998. As of that date, there was a total of 9,573,487 shares of Class A Common
Stock outstanding. In October, 1998, the United States Bankruptcy Court approved
a Plan of Reorganization. Pursuant to that Plan, all Class A Stock issued
subsequently to May 3, 1996, was deemed to have been rescinded and voided,
except as to shareholders who filed a valid proof of interest on or before
November 10, 1997. In addition, the Plan of Reorganization reinstated all
shareholders of record as of May 3, 1996.

         As of May 3, 1996, a total of 8,808,487 shares of Class A Common Stock
were issued and outstanding. Shareholders filed valid proofs of interest for an
additional 2,483,008 shares of Class A Common Stock, but as of November 30,
1998, these shares had not been reissued.

         Pursuant to the Plan of Reorganization, the Company has issued a total
of 500,000 shares of Class A Common Stock to the shareholders owning Series B
Preferred Stock in exchange for 100% of the issued and outstanding Series B
Preferred Stock. In addition, 265,000 shares of Class A Common Stock had been
issued to directors for services rendered prior to and after confirmation of the
Plan of Reorganization.

         The total number of shares of Class A. Common Stock deemed to be issued
and outstanding as of November 30, 1998 was as follows:

                             Shares
                           ----------
                            8,808,487       May 3, 1996 ledger
                              265,000       Director shares
                              500,000       Purchase of Series B Stock
                           ----------       
                            9,573,487

         The computation set forth above does not include the 2,483,008 shares
of Class A Common Stock to be issued to shareholders who file a valid proof of
interest because such shares had not been issued as of November 30, 1998.

         As of November 30, 1998, a total of 12,568,495 shares of Class B Stock
were issued and outstanding. Pursuant to the Plan of Reorganization, these
shares are to be converted into Class A. Common Stock in an amount equal to
50.0% of the issued and outstanding Class A Common Stock subsequent to
implementation of the Plan of Reorganization. This conversion had not occurred
as of November 30, 1998.

         The loss set forth in the unaudited Consolidated Statement of
Operations is $338,946. The loss was divided by the total number of shares of
Class A Common Stock issued and outstanding as of November 30, 1998 (9,573,487
shares) which results in a loss per share of $.04.