<ARTICLE> 5 <LEGEND> 10-Q JUNE 30, 1996 </LEGEND> <MULTIPLIER> 1,000 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1995 <PERIOD-START> APR-1-1996 <PERIOD-END> JUN-30-1996 <EXCHANGE-RATE> 1.0 <CASH> 9,250 <SECURITIES> 51,234 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 62,232 <PP&E> 25,774 <DEPRECIATION> 18,552 <TOTAL-ASSETS> 73,743 <CURRENT-LIABILITIES> 7,451 <BONDS> 0 <COMMON> 176 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 61,742 <TOTAL-LIABILITY-AND-EQUITY> 73,743 <SALES> 0 <TOTAL-REVENUES> 4,146 <CGS> 0 <TOTAL-COSTS> 26,368 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 103 <INCOME-PRETAX> (22,325) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (22,325) <EPS-PRIMARY> (1.28) <EPS-DILUTED> 0