<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                       9,021,000
<SECURITIES>                                         0
<RECEIVABLES>                                  312,000
<ALLOWANCES>                                         0
<INVENTORY>                                  2,241,000
<CURRENT-ASSETS>                            11,798,000
<PP&E>                                       8,376,000<F1>
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              20,442,000
<CURRENT-LIABILITIES>                        2,895,000
<BONDS>                                      9,339,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                    45,543,000
<OTHER-SE>                                     169,000<F2>
<TOTAL-LIABILITY-AND-EQUITY>                20,442,000
<SALES>                                        453,000
<TOTAL-REVENUES>                               453,000
<CGS>                                                0
<TOTAL-COSTS>                                2,916,000
<OTHER-EXPENSES>                             (109,000)<F3>
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             420,000
<INCOME-PRETAX>                              2,774,000
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          2,774,000
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,774,000
<EPS-PRIMARY>                                      .42
<EPS-DILUTED>                                      .42
<FN>
<F1>This value is net of depreciation.
<F2>Value represents redeemable common stock & redeemable common stock warrants.
<F3>Value includes $138,000 of interest income.
</FN>