<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from the Form 10Q for the period ending March 31, 1996 and is qualified in its entirety by reference to such 10Q. </LEGEND> <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 9,139 <SECURITIES> 70,597 <RECEIVABLES> 0<F1> <ALLOWANCES> 0<F1> <INVENTORY> 0 <CURRENT-ASSETS> 123,454 <PP&E> 0<F1> <DEPRECIATION> 0<F1> <TOTAL-ASSETS> 233,359 <CURRENT-LIABILITIES> 18,512 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 7,500 <OTHER-SE> 177,372 <TOTAL-LIABILITY-AND-EQUITY> 233,359 <SALES> 0 <TOTAL-REVENUES> 26,635 <CGS> 0 <TOTAL-COSTS> 27,225 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0<F1> <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 415 <INCOME-TAX> 155 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (114) <EPS-PRIMARY> (.02) <EPS-DILUTED> 0<F2> <FN> <F1>Disclosure not required on interim financial statements. <F2>Computation not applicable. </FN>