<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> MAR-31-1996 <PERIOD-START> JAN-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 1,130,000 <SECURITIES> 0 <RECEIVABLES> 1,477,000 <ALLOWANCES> (976,000) <INVENTORY> 9,028,000 <CURRENT-ASSETS> 0<F1> <PP&E> 405,000 <DEPRECIATION> (332,000) <TOTAL-ASSETS> 11,486,000 <CURRENT-LIABILITIES> 0<F1> <BONDS> 21,500,000 <COMMON> 332,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 2,000,000 <OTHER-SE> (22,609,000) <TOTAL-LIABILITY-AND-EQUITY> 11,486,000 <SALES> 0 <TOTAL-REVENUES> 122,000 <CGS> 0 <TOTAL-COSTS> 6,000 <OTHER-EXPENSES> 203,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 573,000 <INCOME-PRETAX> (660,000) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (660,000) <EPS-PRIMARY> (.25) <EPS-DILUTED> (.25) <FN> <F1> CURRENT ASSETS AND CURRENT LIABILITIES VALUES ARE ZERO BECAUSE OF AN UNCLASSIFIED BALANCE SHEET.