<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> U.S. Dollars <PERIOD-TYPE> Year <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> DEC-31-1998 <EXCHANGE-RATE> 1 <CASH> 5,181,000 <SECURITIES> 5,919,000 <RECEIVABLES> 1,357,000 <ALLOWANCES> 9,000 <INVENTORY> 0 <CURRENT-ASSETS> 12,870,000 <PP&E> 15,193,000 <DEPRECIATION> 1,549,000 <TOTAL-ASSETS> 28,765,000 <CURRENT-LIABILITIES> 4,227,000 <BONDS> 18,198,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 3,000 <OTHER-SE> 2,213,000 <TOTAL-LIABILITY-AND-EQUITY> 28,765,000 <SALES> 0 <TOTAL-REVENUES> 7,686,000 <CGS> 0 <TOTAL-COSTS> 6,210,000 <OTHER-EXPENSES> 628,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,224,000 <INCOME-PRETAX> (376,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (376,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 74,000 <NET-INCOME> (450,000) <EPS-PRIMARY> (0.13) <EPS-DILUTED> (0.13)