EXHIBIT 11

                STATEMENT RE: COMPUTATION OF EARNINGS PER SHARE

 
 
                                                      Three Months Ended
                                                           October 31
                                                       1997         1996
                                                     ----------  ----------
 
Primary:
  Average shares outstanding                         3,656,258    3,545,147
 
Net effect of dilutive common stock
 equivalents - based on treasury             
 stock method                                              ---          ---
                                                    ----------   ---------- 
 
Total weighted average number of common
 and common equivalent shares outstanding            3,656,258    3,545,147
                                                    ==========   ==========
 
Net income (loss)                                   $ (506,432)  $  267,994
                                                    ==========   ==========
 
Per share amount                                    $    (0.14)  $     0.08
                                                    ==========   ==========