<ARTICLE>                                 5
     <MULTIPLIER>                          1,000
            
                                                
     <PERIOD-TYPE>                                 3-MOS
     <FISCAL-YEAR-END>                             DEC-31-1996
     <PERIOD-END>                                  MAR-31-1996
     <CASH>                                                     8,804
     <SECURITIES>                                              42,390
     <RECEIVABLES>                                             94,471
     <ALLOWANCES>                                             (31,283)
     <INVENTORY>                                              162,455
     <CURRENT-ASSETS>                                               0
     <PP&E>                                                   182,384
     <DEPRECIATION>                                                 0
     <TOTAL-ASSETS>                                           478,850
     <CURRENT-LIABILITIES>                                          0
     <BONDS>                                                  183,276
     <COMMON>                                                  12,715
     <PREFERRED-MANDATORY>                                          0
     <PREFERRED>                                                    0
     <OTHER-SE>                                               144,621
     <TOTAL-LIABILITY-AND-EQUITY>                             478,850
     <SALES>                                                   17,321
     <TOTAL-REVENUES>                                          28,899
     <CGS>                                                      7,674
     <TOTAL-COSTS>                                             13,815
     <OTHER-EXPENSES>                                           5,388
     <LOSS-PROVISION>                                               0
     <INTEREST-EXPENSE>                                         2,926
     <INCOME-PRETAX>                                           (1,076)
     <INCOME-TAX>                                                   0
     <INCOME-CONTINUING>                                       (1,076)
     <DISCONTINUED>                                                 0
     <EXTRAORDINARY>                                                0         
     <CHANGES>                                                      0
     <NET-INCOME>                                              (1,076)
     <EPS-PRIMARY>                                              (0.12)
     <EPS-DILUTED>                                              (0.12)
     <FN>
     NOTE: Total Current Assets and Total Current Liabilities
           are not applicable because Registrant does not present
           a classified balance sheet.
     </TABLE >
   
                                            18