<ARTICLE>                     5
<LEGEND>
     THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
     CELTIC INVESTMENT, INC.'S FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS 
     ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER>                                   1
<CURRENCY>                                     886,463
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              JUN-30-1997
<PERIOD-START>                                 JUL-1-1997
<PERIOD-END>                                   SEP-30-1997
<EXCHANGE-RATE>                                1
<CASH>                                         886,463
<SECURITIES>                                   0
<RECEIVABLES>                                  7,649,980
<ALLOWANCES>                                   18,000
<INVENTORY>                                    0
<CURRENT-ASSETS>                               9,803,686
<PP&E>                                         129,988
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 9,933,674
<CURRENT-LIABILITIES>                          6,290,861
<BONDS>                                        0
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<COMMON>                                       5,079,961
<OTHER-SE>                                     (1,375,234)
<TOTAL-LIABILITY-AND-EQUITY>                   9,933,674
<SALES>                                        0
<TOTAL-REVENUES>                               775,221
<CGS>                                          0
<TOTAL-COSTS>                                  729,128
<OTHER-EXPENSES>                               0
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             121,564
<INCOME-PRETAX>                                (75,471)
<INCOME-TAX>                                   0
<INCOME-CONTINUING>                            (75,471)
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   (75,471)
<EPS-PRIMARY>                                  (.02)
<EPS-DILUTED>                                  (.02)