<ARTICLE> 5 <MULTIPLIER> 1,000 <CURRENCY> U.S.DOLLARS <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> AUG-31-1997 <PERIOD-START> SEP-01-1996 <PERIOD-END> AUG-31-1997 <EXCHANGE-RATE> 1 <CASH> 8,603 <SECURITIES> 38,939 <RECEIVABLES> 55 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 45,462 <PP&E> 15,724 <DEPRECIATION> 5,353 <TOTAL-ASSETS> 60,688 <CURRENT-LIABILITIES> 9,593 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1,778 <OTHER-SE> 42,168 <TOTAL-LIABILITY-AND-EQUITY> 60,688 <SALES> 0 <TOTAL-REVENUES> 19,619 <CGS> 0 <TOTAL-COSTS> 30,211 <OTHER-EXPENSES> 79 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 631 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (11,302) <EPS-PRIMARY> (.64) <EPS-DILUTED> 0