EXHIBIT 11
INTERCELL CORPORATION AND SUBSIDIRIES
COMPUTATION OF NET LOSS PER SHARE
<TABLE>
<CAPTION>
Years ended
September 30,
-------------------
2000 1999
---- ----
(As restated)
<S> <C> <C>
Income (loss) before extraordinary item $ 2,912,000 (3,057,000)
Extraordinary item 283,000 -
--------- ---------
Net income (loss) 3,195,000 (3,057,000)
Deemed dividends on Series B,C, and D preferred stock
relating to in-the-money conversion terms ( 57,000) ( 57,000)
Accrued dividends on Series D and E preferred stock ( 153,000) ( 150,000)
Accretion on Series B and C preferred stock ( 23,000) ( 101,000)
--------- ---------
Net income (loss) applicable to common shareholders $ 2,962,000 (3,365,000)
========= =========
Weighted average number of common shares outstanding 94,737,158 45,274,227
Common equivalent shares representing shares issuable
issuable upon exercise of outstanding options and
warrants and convertible stock 62,422,279 -
----------- ----------
157,159,437 45,274,227
=========== ==========
Basic income (loss) per share applicable
to common shareholders:
Income (loss) from continuing operations $ 0.01 ( 0.07)
Income (loss) from discontinued operations 0.02
Extraordinary gain 0.00 ( 0.00)
--------- ---------
Basic income (loss) per common share $ 0.03 ( 0.07)
========= =========
Diluted income (loss) per share applicable
to common shareholders:
Income (loss) from continuing operations $ 0.01 ( 0.07)
Income (loss) from discontinued operations 0.01
Extraordinary gain 0.00 ( 0.00)
--------- ---------
Diluted income (loss) per common share $ 0.02 ( 0.07)
========= =========
</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 108,778,000 shares at September 30, 1999)
would be to decrease net loss per share.
<PAGE>
