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EXHIBIT 11.1
COMPUTATION OF EARNINGS PER SHARE
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THREE MONTHS ENDED SIX MONTHS ENDED
APRIL 30, APRIL 30,
1999 2000 1999 2000
Numerator:
<S> <C> <C> <C> <C>
Net (loss) income (45,586) 240,744 (593,259) 401,446
Preferred stock accretion - (529,411) - (529,411)
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Net loss available to common shareholders (45,586) (288,667) (593,259) (127,965)
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Denominator:
Denominator for basic earnings per share-
weighted-average shares 8,941,493 9,574,409 8,941,493 9,497,400
Effect of dilutive securities: -
Employee stock options - - - -
Warrants - - - -
Dilutive potential common shares - - - -
Denominator for diluted earnings per share adjusted
weighted-average shares
and assumed conversions 8,941,493 9,574,409 8,941,493 9,497,400
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Basic and diluted earnings per share (.01) (.03) (.07) (.01)
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