<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-END> MAR-31-1999 <CASH> 3,406 <SECURITIES> 25,217 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 31,206 <PP&E> 18,120 <DEPRECIATION> 4,844 <TOTAL-ASSETS> 47,782 <CURRENT-LIABILITIES> 2,242 <BONDS> 8,300 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 99 <OTHER-SE> 37,141 <TOTAL-LIABILITY-AND-EQUITY> 47,782 <SALES> 0 <TOTAL-REVENUES> 125 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 3,474 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 107 <INCOME-PRETAX> (3,072) <INCOME-TAX> 0 <INCOME-CONTINUING> (3,072) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (3,072) <EPS-PRIMARY> (.31) <EPS-DILUTED> (.31)