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EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
A reconciliation of basic to diluted earnings per share for the six months
ended September 30, 2000 and 1999 is as follows:
<TABLE>
<CAPTION>
2000 1999
-------------------------- --------------------------
BASIC DILUTED BASIC DILUTED
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net loss $ (975,073) $ (975,073) $ (559,011) $ (559,011)
=========== =========== =========== ===========
Weighted average number of common
shares outstanding during the
period 4,400,210 4,400,210 4,400,210 4,400,210
Net effect of dilutive stock options
based on the treasury stock
method at market prices -- -- -- --
----------- ----------- ----------- -----------
Shares used for computation 4,400,210 4,400,210 4,400,210 4,400,210
=========== =========== =========== ===========
Net loss per share $ (0.22) $ (0.22) $ (0.13) $ (0.13)
=========== =========== =========== ===========
</TABLE>
As the Company incurred a net loss for the six months ended September 30, 2000
and 1999, there were no adjustments for potentially dilutive securities as the
adjustments would have been antidilutive.
