March 31,        December 31,
                                                       1997               1996
                                                    (unaudited)         (audited)
                                               ------------------   -----------------
ASSETS
    Cash, cash equivalents
        and investments                          $     94,903       $   102,302
    Accounts receivable, net                            4,896             4,648
    Prepaid expenses                                    4,705               353
    Property and equipment, net                         2,817             2,223
    Other assets                                        3,383               729
                                               ------------------   -----------------
        Total assets                             $    110,704       $   110,255
                                               ------------------   -----------------
                                               ------------------   -----------------
 
 
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
    Accounts payable                             $      1,534      $         992
    Accrued expenses and other current liabilities      4,661              5,449
    Deferred revenue                                    1,201              1,229
                                               ------------------   -----------------
        Total liabilities                               7,396              7,670
 
Minority interests in consolidated subsidiaries           308                510
 
Shareholders' equity:
    Common Stock                                      105,758            105,043
    Accumulated deficit                                (2,758)            (2,968)
                                               ------------------   -----------------
        Total shareholders' equity                    103,000            102,075
                                               ------------------   -----------------
                                                 $    110,704        $   110,255
                                               ------------------   -----------------
                                               ------------------   -----------------