<ARTICLE> 5 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> MAR-31-1997 <PERIOD-END> SEP-30-1996 <CASH> 12,783,000 <SECURITIES> 0 <RECEIVABLES> 4,495,000 <ALLOWANCES> 325,000 <INVENTORY> 0 <CURRENT-ASSETS> 17,711,000 <PP&E> 5,716,000 <DEPRECIATION> 382,000 <TOTAL-ASSETS> 71,668,000 <CURRENT-LIABILITIES> 3,347,000 <BONDS> 0 <PREFERRED-MANDATORY> 6,000 <PREFERRED> 6,000 <COMMON> 48,000 <OTHER-SE> 65,630,000 <TOTAL-LIABILITY-AND-EQUITY> 71,668,000 <SALES> 11,160,000 <TOTAL-REVENUES> 9,950,000 <CGS> 0 <TOTAL-COSTS> 8,238,000 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,293,000 <INCOME-PRETAX> 267,000 <INCOME-TAX> 54,000 <INCOME-CONTINUING> 213,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (2,511,000) <EPS-PRIMARY> (0.52) <EPS-DILUTED> (0.52)