RESTATED FDS-FIRST QUARTER 1997

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<ARTICLE> 5

<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 5,652,651
<SECURITIES> 19,982,889
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 25,951,952
<PP&E> 2,467,062
<DEPRECIATION> 1,267,204
<TOTAL-ASSETS> 27,216,688
<CURRENT-LIABILITIES> 8,742,058
<BONDS> 0
<PREFERRED-MANDATORY> 0
<PREFERRED> 0
<COMMON> 34,313,354
<OTHER-SE> (16,044,551)
<TOTAL-LIABILITY-AND-EQUITY> 27,216,688
<SALES> 0
<TOTAL-REVENUES> 5,100,000
<CGS> 0
<TOTAL-COSTS> 3,771,596
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 32,188
<INCOME-PRETAX> 1,546,187
<INCOME-TAX> 190,000
<INCOME-CONTINUING> 1,356,187
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,356,187
<EPS-PRIMARY> 0.16
<EPS-DILUTED> 0.14


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