EXHIBIT 11
STATEMENT REGARDING COMPUTATION OF PER SHARE DATA
YEARS ENDED OCTOBER 31,
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1998 1997 1996
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Earnings (loss) from continuing operations............................. $ (2,621,071) $ -- $ --
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Gain (loss) from discontinued operations............................... (103,091) 87,331 142,614
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Net earnings (loss).................................................... $ (2,724,162) $ 87,331 $ 142,614
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Per share data:
Basic earnings per share
Continuing operations................................................ $ (0.37) $ -- $ --
Discontinued operations.............................................. (0.01) 0.01 0.03
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$ (0.38) $ 0.01 $ 0.03
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Dilutive earnings per share
Continuing operations................................................ $ (0.37) $ -- $ --
Discontinued operations.............................................. (0.01) 0.01 0.02
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Net earnings (loss).................................................. $ (0.38) $ 0.01 $ 0.02
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Shares used in the calculation of per share amounts:
Basic common shares.................................................. 7,095,937 5,827,262 4,983,011
Shares issued upon assumed exercise of dilutive stock options and
warrants........................................................... -- 1,181,590 2,448,269
Shares assumed repurchased........................................... -- (353,887) (580,132)
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Diluted common shares................................................ 7,095,937 6,654,965 6,851,148
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Diluted earnings per share of common stock includes the impact of
outstanding dilutive stock options for the years ended October 31, 1997 and
1996. There were no dilutive options during the year ended October 31, 1998.