<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> DEC-31-1997 <CASH> 1,771,000 <SECURITIES> 0 <RECEIVABLES> 8,175,000 <ALLOWANCES> 590,000 <INVENTORY> 0 <CURRENT-ASSETS> 10,231,000 <PP&E> 12,019,000 <DEPRECIATION> 1,739,000 <TOTAL-ASSETS> 132,741,000 <CURRENT-LIABILITIES> 7,199,000 <BONDS> 0 <PREFERRED-MANDATORY> 6,000 <PREFERRED> 6,000 <COMMON> 49,000 <OTHER-SE> 57,836,000 <TOTAL-LIABILITY-AND-EQUITY> 132,741,000 <SALES> 37,174,000 <TOTAL-REVENUES> 33,641,000 <CGS> 0 <TOTAL-COSTS> 26,947,000 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 4,766,000 <INCOME-PRETAX> (869,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (869,000) <DISCONTINUED> 0 <EXTRAORDINARY> 958,000 <CHANGES> 0 <NET-INCOME> (7,334,000) <EPS-PRIMARY> (1.50) <EPS-DILUTED> (1.50)