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                                                                   Exhibit 11(b)

                            Blue Wave Systems Inc.
 
                    Computation of Per Share Income (Loss)
                   (in thousands, except per share amounts)
 
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<CAPTION>
                                                                                          Six Months Ended 
                                                                                             December 31,   
                                                                                         1998          1997
                                                                                      ----------    ----------
<S>                                                                                   <C>           <C>       
Basic Income (Loss) Per Share:
  Net income (loss) applicable to common stock                                        $     (741)   $     (724)
                                                                                      ==========    ==========
                                                                                         
  Weighted average shares outstanding                                                     13,021        10,479
                                                                                                       
Basic income (loss) per share                                                         $    (0.06)   $    (0.07)
                                                                                      ==========    ==========
                                                                                                       
                                                                                                       
Diluted Income (Loss) Per Share:                                                                       
  Weighted average shares outstanding                                                     13,021        10,479
                                                                                                       
  Effect of common stock equivalents:                                                                  
     Options granted                                                                         N/A           N/A
     Weighted average exercised options outstanding for portion of period,                             
        net of equivalent shares purchased at average fair market value                      N/A           N/A
     Effect of using option proceeds to repurchase common stock at                                     
        average fair market value                                                            N/A           N/A
                                                                                      ----------    ----------
             Total common stock equivalents                                                    -             -
                                                                                      ----------    ----------
                                                                                          13,021        10,479
                                                                                      ----------    ----------
                                                                                                       
Diluted income (loss) per share                                                       $    (0.06)   $    (0.07)
                                                                                      ==========    ==========
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