EXHIBIT 11


                          ULTICOM, INC. AND SUBSIDIARY
                 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
                                                                       THREE MONTHS ENDED
                                                              OCTOBER 31, 1999    OCTOBER 31, 2000
<S>                                                                <C>                   <C>
Basic earnings per share:

     Net income                                                    $   410               $ 2,306
                                                                   =======               =======

Weighted average number of outstanding common shares                32,727                38,071
                                                                   =======               =======

Basic earnings per share                                           $   .01               $   .06
                                                                   =======               =======


Diluted earnings per share:

     Net income                                                    $   410               $ 2,306
                                                                   =======               =======


Weighted average number of outstanding common shares                32,727                38,071
Additional shares assuming exercise of stock options                 1,185                 3,307
                                                                   -------               -------

Weighted average number of outstanding common shares
     assuming full dilution                                         33,912                41,378
                                                                   =======               =======

Diluted earnings per share                                         $   .01               $   .06
                                                                   =======               =======

</TABLE>


                            Page 15 of 16 Total Pages
<PAGE>

                                                                      EXHIBIT 11


                          ULTICOM, INC. AND SUBSIDIARY
                 STATEMENT RE COMPUTATION OF PER SHARE EARNINGS
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
                                                                       THREE MONTHS ENDED
                                                              OCTOBER 31, 1999    OCTOBER 31, 2000
<S>                                                                <C>                   <C>
Basic earnings per share:

     Net income                                                    $ 1,022               $ 4,983
                                                                   =======               =======

Weighted average number of outstanding common shares                32,727                36,622
                                                                   =======               =======

Basic earnings per share                                           $   .03               $   .14
                                                                   =======               =======


Diluted earnings per share:

     Net income                                                    $ 1,022               $ 4,983
                                                                   =======               =======


Weighted average number of outstanding common shares                32,727                36,622
Additional shares assuming exercise of stock options                   976                 3,078
                                                                   -------               -------

Weighted average number of outstanding common shares
     assuming full dilution                                         33,703                39,700
                                                                   =======               =======

Diluted earnings per share                                         $   .03               $   .13
                                                                   =======               =======

</TABLE>

                            Page 16 of 16 Total Pages