EXHIBIT 11

                                AQUA ALLIANCE INC.

                        COMPUTATION OF PER SHARE EARNINGS

        FOR THE THREE AND SIX MONTHS PERIODS ENDED APRIL 30, 1999 AND 1998

                       (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

<TABLE>
<CAPTION>
                                               THREE MONTHS ENDED        SIX MONTHS ENDED
                                                    APRIL 30                 APRIL 30
                                             -----------------------   ---------------------
                                                  1999        1998         1999       1998
                                               ---------   ---------   ---------   ---------
<S>                                            <C>         <C>         <C>         <C>
BASIC EARNINGS (LOSS) PER SHARE:
  1.  Loss from continuing operations.......   $ (4,514)   $(10,950)   $(12,928)   $(21,711)
  2.  Cumulative effect on prior years
        (to October 31, 1997) of change
        in the method of accounting
        for start-up costs..................        --         --           --      (11,082)
  3.  Loss from discontinued operations.....        --       (6,000)        --       (6,000)
                                               --------    --------    --------    --------
  4.  Net loss applicable to common
        stockholders........................   $ (4,514)   $(16,950)   $(12,928)   $(38,793)
                                               ========    ========    ========    ========
  5.  Weighted average shares outstanding...    185,177     140,490     185,177      87,753
                                               ========    ========    ========    ========
  6.  Loss per share from continuing
      operations (1 / 5)....................   $   (.02)   $   (.08)   $   (.07)   $   (.25)
  7.  Loss per share from cumulative
        effect on prior years (to
        October 31, 1997) of change
        in the method of accounting for
        start-up costs (2 / 5)..............        --         --           --         (.12)
  8.  Loss per share from discontinued
        operations (3 / 5)..................        --         (.04)        --         (.07)
                                               --------    --------    --------    --------
  9.  Net (loss) per share (4 / 5)..........   $   (.02)   $   (.12)   $   (.07)   $   (.44)
                                               ========    ========    ========    ========

DILUTED EARNINGS (LOSS) PER SHARE (1):
  10. Line 1 above..........................   $ (4,514)   $(10,950)   $(12,928)   $(21,711)
  11. Add back interest, on assumed
        conversion of the Company's
        8% Convertible Debentures...........      2,300       2,300       4,600       4,600
                                               --------    --------    --------    --------
  12. Loss from continuing operations.......     (2,214)     (8,650)     (8,328)    (17,111)
  13. Cumulative effect on prior years
         (to October 31, 1997) of change
         in the method of accounting for
         start-up costs.....................        --         --           --      (11,082)
  14. Loss from discontinued operations.....        --       (6,000)        --       (6,000)
                                               --------    --------    --------    --------
  15. Net income (loss).....................   $ (2,214)   $(14,650)   $ (8,328)   $(34,193)
                                               ========    ========    ========    ========
  16. Weighted average shares outstanding
        (Line 5)............................    185,177     140,490     185,177      87,753
  17. Add additional shares issuable
         upon assumed conversion of
         the Company's 8% Convertible
         Debentures.........................      3,833       3,833       3,833       3,833
                                               --------    --------    --------    --------
  18. Adjusted weighted average shares
        outstanding.........................    189,010     144,323     189,010      91,586
                                               ========    ========    ========    ========
  19. Loss per share from continuing
        operations (12 / 18)................   $ (.01)     $   (.06)   $   (.04)   $   (.18)
  20. Loss per share from cumulative
        effect on prior years (to
        October 31, 1997) of change
        in the method of accounting
        for start-up costs (13 / 18)........        --         --           --         (.12)
  21. Loss per share from discontinued
        operations (14 / 18)................        --         (.04)        --         (.07)
                                               --------    --------    --------    --------
  22. Net (loss) per share (15 / 18)........   $  (.01)    $   (.10)   $   (.04)   $   (.37)
                                               ========    ========    ========    ========
</TABLE>
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(1)  Diluted earnings (loss) per share are not presented as the Company's
     common stock equivalents and the assumed conversion of the Company's
     8% Convertible Debentures are anti-dilutive.