EXHIBIT 11.1
COMPUTATION OF EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings
per share as calculated in accordance with FASB 128.
Three months Ended January 31,
------------------------------
1999 1998
---------------------------- ------------------------
Basic Diluted Basic Diluted
NUMERATOR:
Net (loss) from continuing operations $ (526,574) $ (526,574) $ -- $ --
Net income (loss) from discontinued operations 2,233,870 2,233,870 (558,533) (558,533)
----------- ----------- ---------- ----------
Net income (loss) $ 1,707,296 $ 1,707,296 $ (558,533) $ (558,533)
=========== =========== =========== ===========
DENOMINATOR:
Weighted average shares outstanding 6,627,309 6,627,309 6,627,309 6,627,309
----------- ----------- ---------- ----------
Stock options and warrants -- -- -- --
----------- ----------- ---------- ----------
Weighted average shares outstanding 6,627,309 6,627,309 6,627,309 6,627,309
=========== =========== =========== ===========
Earnings (loss) per share - continuing operations $(0.08) $(0.08) $ -- $ --
Earnings (loss) per share - discontinued operations $ 0.34 $ 0.34 $(0.08) $(0.08)
----------- ----------- ---------- ----------
Earnings (loss) per share $ 0.26 $ 0.26 $(0.08) $(0.08)
=========== =========== =========== ===========