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EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
The following table sets forth the computation of basic and diluted earnings per
share as calculated in accordance with FASB 128.
<TABLE>
<CAPTION>
Three months Ended April 30,
---------------------------------------------------
(Unaudited)
2000 1999
------------------------ -----------------------
<S> <C> <C> <C> <C>
Basic Diluted Basic Diluted
NUMERATOR:
Net loss from continuing operations $(2,722,356) $(2,722,356) $ (672,681) $ (672,681)
Net income from discontinued operations -- -- 1,366,518 1,366,518
----------- ----------- ---------- ----------
Net income (loss) $(2,722,356) $(2,722,356) $ 693,837 $ 693,837
=========== =========== ========== ==========
DENOMINATOR:
Weighted average shares outstanding 8,353,496 8,353,496 6,861,005 6,861,005
Stock options and warrants -- -- -- --
----------- ----------- ---------- ----------
Weighted average shares outstanding 8,353,496 8,353,496 6,861,005 6,861,005
=========== =========== ========== ==========
Earnings (loss) per share - continuing operations $ (0.33) $ (0.33) $ (0.10) $ (0.10)
Earnings (loss) per share - discontinued operations -- -- 0.20 0.20
----------- ----------- ----------- ----------
Earnings (loss) per share $ (0.33) $ (0.33) $ 0.10 $ 0.10
=========== =========== =========== ==========
<CAPTION>
Six months Ended April 30,
---------------------------------------------------
(Unaudited)
2000 1999
------------------------ -----------------------
<S> <C> <C> <C> <C>
Basic Diluted Basic Diluted
NUMERATOR:
Net loss from continuing operations $(4,805,726) $(4,805,726) $(1,199,255) $(1,199,255)
Net income from discontinued operations -- -- 3,600,388 3,600,388
----------- ----------- ----------- -----------
Net income (loss) $(4,805,726) $(4,805,726) $ 2,401,133 $ 2,401,133
=========== =========== =========== ===========
DENOMINATOR:
Weighted average shares outstanding 8,120,228 8,120,228 6,733,933 6,733,933
Stock options and warrants -- -- -- --
----------- ----------- ----------- -----------
Weighted average shares outstanding 8,120,228 8,120,228 6,733,933 6,733,933
=========== =========== =========== ===========
Earnings (loss) per share - continuing operations $ (0.59) $ (0.59) $ (0.18) $ (0.18)
Earnings (loss) per share - discontinued operations -- -- 0.54 0.54
----------- ----------- ----------- -----------
Earnings (loss) per share $ (0.59) $ (0.59) $ 0.36 $ 0.36
=========== =========== =========== ===========
</TABLE>