EXHIBIT 11
INTERCELL CORPORATION AND SUBSIDIARIES
COMPUTATION OF NET INCOME (LOSS) PER SHARE
(Unaudited)
<TABLE>
<CAPTION>
Three months Nine months
ended June 30, ended June 30,
-------------- --------------
2000 1999 2000 1999
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net income (loss) before
extraordinary item $( 301,000) $( 2,011,000) $ 362,000 $( 2,847,000)
Extraordinary item 98,000 - 98,000 -
---------- ---------- --------- ----------
Net income ( 203,000) ( 2,011,000) 460,000 ( 2,847,000)
Deemed dividends on Series B,C, and
D preferred stock relating to
in-the-money conversion terms ( 14,000) ( 14,000) ( 43,000) ( 43,000)
Accrued dividends on Series D
preferred stock ( 39,000) ( 38,000) ( 114,000) ( 113,000)
Accretion on Series B and C
preferred stock ( 90,000) ( 27,000) ( 103,000) ( 85,000)
---------- ---------- --------- ----------
Net income (loss) applicable to
common shareholders $( 346,000) $( 2,090,000) $ 200,000 $( 3,088,000)
========== ========== ========= ==========
Weighted average number of common
shares outstanding 99,891,188 45,081,546 93,044,268 40,735,635
Common equivalent shares
representing shares issuable
upon exercise of outstanding
options and warrants and
convertible stock - - 108,778,563 -
---------- ---------- ----------- ----------
99,891,188 45,081,546 201,822,831 40,735,635
========== ========== =========== ==========
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Basic loss per share applicable
to common shareholders:
Income (loss) from
continuing operations $ 0.00 $( 0.05) $ 0.00 $( 0.08)
Loss from discontinued
operations ( 0.00) ( 0.00) ( 0.00) ( 0.00)
Extraordinary gain ( 0.00) ( 0.00) ( 0.00) ( 0.00)
---------- ---------- --------- ----------
Basic income (loss) per
common share $ 0.00 $( 0.05) $ 0.00 $( 0.08)
========== ========== ========= ==========
Diluted loss per share applicable
to common shareholders:
Income (loss) from
continuing operations $ 0.00 $( 0.05) $ 0.00 $( 0.08)
Loss from discontinued
operations ( 0.00) ( 0.00) ( 0.00) ( 0.00)
Extraordinary gain ( 0.00) ( 0.00) ( 0.00) ( 0.00)
---------- ---------- --------- ----------
Diluted income (loss) per
common share $ 0.00 $( 0.05) $ 0.00 $( 0.08)
========== ========== ========= ==========
</TABLE>
Stock options, warrants and convertible preferred stock are not considered in
the calculations for those periods with net losses as the impact of the
potential common shares (approximately 124,907,700 shares at June 30, 1999 and
108,778,563 at June 30, 2000) would be to decrease net loss per share.
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