<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 8,015,000 <SECURITIES> 0 <RECEIVABLES> 7,048,000 <ALLOWANCES> 86,000 <INVENTORY> 0 <CURRENT-ASSETS> 15,406,000 <PP&E> 9,417,000 <DEPRECIATION> 857,000 <TOTAL-ASSETS> 74,870,000 <CURRENT-LIABILITIES> 10,404,000 <BONDS> 71,723,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 36,000 <OTHER-SE> (7,487,000) <TOTAL-LIABILITY-AND-EQUITY> 74,870,000 <SALES> 11,290,000 <TOTAL-REVENUES> 11,290,000 <CGS> 0 <TOTAL-COSTS> 6,626,000 <OTHER-EXPENSES> 4,213,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,045,000 <INCOME-PRETAX> (2,594,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (2,594,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,594,000) <EPS-PRIMARY> (0.73) <EPS-DILUTED> (0.73)