<ARTICLE>         5

<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM REGISTRANTS
QUARTERLY REPORT ON FORM 10K AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
THE FINANCIAL STATEMENTS IN SUCH REPORT.
</LEGEND>

       
                                     
<PERIOD-TYPE>                                 3-MOS
<FISCAL-YEAR-END>                       DEC-31-1997
<PERIOD-START>                          JAN-01-1997
<PERIOD-END>                            MAR-31-1997
<CASH>                                        6,803
<SECURITIES>                                 51,529
<RECEIVABLES>                                 9,157
<ALLOWANCES>                                      0
<INVENTORY>                                       0
<CURRENT-ASSETS>                             67,489
<PP&E>                                          726
<DEPRECIATION>                                (119)
<TOTAL-ASSETS>                               68,735
<CURRENT-LIABILITIES>                         4,004
<BONDS>                                           0
<PREFERRED-MANDATORY>                             0
<PREFERRED>                                       0
<COMMON>                                         88
<OTHER-SE>                                   64,643
<TOTAL-LIABILITY-AND-EQUITY>                 68,735
<SALES>                                       4,775
<TOTAL-REVENUES>                              6,830
<CGS>                                             0
<TOTAL-COSTS>                                 2,767
<OTHER-EXPENSES>                                  0
<LOSS-PROVISION>                                  0
<INTEREST-EXPENSE>                                9
<INCOME-PRETAX>                               4,054
<INCOME-TAX>                                  1,805
<INCOME-CONTINUING>                           2,249
<DISCONTINUED>                                    0
<EXTRAORDINARY>                                   0
<CHANGES>                                         0
<NET-INCOME>                                  2,249
<EPS-PRIMARY>                                  0.25
<EPS-DILUTED>                                  0.25