<ARTICLE> 5
<MULTIPLIER> 1,000
       
                                        
<PERIOD-TYPE>                                 YEAR
<FISCAL-YEAR-END>                          DEC-31-1994
<PERIOD-START>                             JAN-01-1994
<PERIOD-END>                               DEC-31-1994
<CASH>                                     $       193
<SECURITIES>                                    40,153
<RECEIVABLES>                                   49,693
<ALLOWANCES>                                   (8,201)
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                          58,517
<DEPRECIATION>                                 (6,819)
<TOTAL-ASSETS>                                 137,362
<CURRENT-LIABILITIES>                                0
<BONDS>                                         45,695
<COMMON>                                            29
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      55,865
<TOTAL-LIABILITY-AND-EQUITY>                   137,362
<SALES>                                              0
<TOTAL-REVENUES>                                18,013
<CGS>                                                0
<TOTAL-COSTS>                                   13,013
<OTHER-EXPENSES>                                 1,620
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               7,875
<INCOME-PRETAX>                                (5,940)
<INCOME-TAX>                                        9
<INCOME-CONTINUING>                            (5,849)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                    323
<CHANGES>                                            0
<NET-INCOME>                                   (2,426)
<EPS-PRIMARY>                                    (.79)
<EPS-DILUTED>                                    (.79)