<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> DEC-31-1998 <CASH> 16,139 <SECURITIES> 165,628 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 187,141 <PP&E> 41,461 <DEPRECIATION> 20,496 <TOTAL-ASSETS> 244,247 <CURRENT-LIABILITIES> 12,751 <BONDS> 1,780 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 228 <OTHER-SE> 208,620 <TOTAL-LIABILITY-AND-EQUITY> 244,247 <SALES> 0 <TOTAL-REVENUES> 29,598 <CGS> 0 <TOTAL-COSTS> 61,376 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 172 <INCOME-PRETAX> (22,957) <INCOME-TAX> 225 <INCOME-CONTINUING> (23,182) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (23,182) <EPS-PRIMARY> (1.03) <EPS-DILUTED> (1.03)