Exhibit (11.1) - Earnings Per Share Calculation
Year Ended June 30
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2000(A) 1999(B) 1998(B)
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Fully diluted:
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Average shares outstanding dis- regarding dilutive outstanding stock options and
warrants and conversion of debentures
during each year . . . . . . . . . . 20,863,271
Dilutive stock options and warrants
based on the treasury stock
method using the average
market price . . . . . . . . . . . . 2,168,747
Assumed conversion of:
Floating Convertible
Debenture. . . . . . . . . . . . . . 1,565,574
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Shares outstanding . . . . . . . . . . . 24,597,592
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Net loss . . . . . . . . . . . . . . . . (4,701,285)
Interest on Floating Convertible
Debenture, net of taxes . . . . . . . 113,613
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Net loss for fully diluted
calculation . . . . . . . . . . . . . $(4,587,672) $
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Per share amount . . . . . . . . . . . . $ (.19)
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Note A: This calculation is submitted in accordance with Regulation S-K Item
601(b)(11) although it is contrary to paragraph 13 of Statement of
Financial Accounting Standards No. 128
Note B: The calculation is not presented because the exercise price of
outstanding options was greater than the average market price,
therefore, exercise of the options is not assumed.
Year Ended June 30
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2000 1999 1998
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Primary
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Average shares outstanding . . . . . 20,863,271 19,317,382 18,813,545
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Net loss applicable to
Common Shares . . . . . . . . . $(4,701,285) $(1,886,399) $(4,402,014)
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Per share amount . . . . . . . . . . $ (.23) $ (.10) $ (.23)
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