EXHIBIT 11
 
           STATEMENT RE COMPUTATION OF PRO FORMA NET INCOME PER SHARE
 
   
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<CAPTION>
                                                                                        SIX MONTHS
                                                                      YEAR ENDED           ENDED
                                                                     SEPTEMBER 30,       MARCH 31,
                                                                         1996              1997
                                                                             (IN THOUSANDS,
                                                                         EXCEPT PER SHARE DATA)
<S>                                                      <C>         <C>               <C>
Pro forma net income...................................                 $ 7,106           $ 4,735
                                                                        =======           =======
Shares used in computing pro forma net income per
  share:
Weighted average shares outstanding for period.........                  11,418            11,339
Effect of options granted in January 1997:
  Options granted......................................      404
  Option price.........................................  $  1.46
                                                         -------
  Assumed proceeds.....................................      590
  Estimated net IPO proceeds per share.................  $ 12.70
                                                         -------
  Shares assumed repurchased...........................       46
                                                         -------
  Shares deemed outstanding............................      358            358               358
Effect on distribution to stockholders:
  S Corporation Dividend...............................   20,500
  Less: Net income for period from April 1, 1996 to
     March 31, 1997....................................   14,523
                                                         -------
  Dividend in excess of income.........................    5,977
  Estimated net IPO proceeds per share.................  $ 12.70
                                                         -------
     Shares deemed outstanding.........................      470            470               470
                                                                        -------           -------
Shares used in computing pro forma net income per
  share:...............................................                  12,246            12,167
                                                                        =======           =======
Pro forma net income per share.........................                 $  0.58           $  0.39
                                                                        =======           =======
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