<PAGE>

                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C. 20549

                                 ------------------

                                      FORM 10-Q
                                           
                                           
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                                     Act of 1934
                     For the quarterly period ended June 30, 1997
                                           
                                         or 
                                           
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
                                     Act of 1934

           For the transition period from ______________ to ______________
                                           
                           Commission File Number:  0-25526
                                           
                                 C-ATS SOFTWARE INC.
                (Exact name of registrant as specified in its charter)
                                           
                                           
          DELAWARE                                  77-0185283
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)               Identification Number)

1870 EMBARCADERO ROAD, PALO ALTO, CA                 94303
(Address of principal executive offices)          (Zip Code)

                                     415-321-3000
                 (Registrant's telephone number, including area code)
                                           
    Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days. [X (1)]  Yes  [X (2)]  No

    Number of shares outstanding of the issuer's common stock, $0.001 par 
value as of  July 30, 1997:  6,715,634



                                      -1-

<PAGE>

                                 C-ATS SOFTWARE INC.
                                           
                                           
                                        INDEX
                                           
                                           
                                           
                                           
PART I.  FINANCIAL INFORMATION

Item 1.  Interim Financial Statements

         Condensed Consolidated Balance Sheets                                 3
                                                                                
         Condensed Consolidated Statements of Operations                       4
                                                                                
         Condensed Consolidated Statements of Cash Flows                       5
                                                                                
         Notes to Interim Condensed Consolidated Financial Statements        6-7

Item 2.  Management's Discussion and Analysis of Financial Condition        8-12
         and Results of Operations


PART II.  OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders                  13

Item 6.  Exhibits and Reports on Form 8-K                                     13


SIGNATURES                                                                    13

 .        Index to Exhibits                                                    14
    
 .Exhibit 27  EDGAR Requirements for the Format and Input of                15-16
             Financial Data Schedules



                                      -2-

<PAGE>

                                 C-ATS SOFTWARE INC.
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (In thousands)
                                           
                                         June 30,     December 31,
                                          1997           1996
                                       -----------    ------------
                                       (UNAUDITED)
                       ASSETS
Current assets:
  Cash and cash equivalents              $  2,637       $  7,041
  Short-term investments                   19,389         15,088
  Accounts receivable, net                  2,794          4,558
  Prepaid expenses                            724            457
  Deferred taxes                            4,049          3,790
                                         --------       --------
    Total current assets                   29,593         30,934

Property and equipment, at cost
  Equipment                                 2,933          2,754
  Leasehold improvements                      139            134
  Furniture and fixtures                      445            457
                                         --------       --------
                                            3,517          3,345
  Accumulated depreciation                 (2,634)        (2,367)
                                         --------       --------
    Net property and equipment                883            978
Purchased software, at cost                 1,477          1,464
  Accumulated amortization                   (783)          (660)
                                         --------       --------
    Net purchased software                    694            804
Other assets                                  286            283
                                         --------       --------
                                         $ 31,456       $ 32,999
                                         --------       --------
                                         --------       --------

                 LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Accounts payable                       $    390       $    573
  Accrued liabilities                         676            757
  Accrued compensation                      1,136          1,217
  Deferred revenue                          8,089          8,541
                                         --------       --------
    Total current liabilities              10,291         11,088

Commitments:
Shareholders' equity:
  Common stock                                  7              7
  Additional paid in capital               22,849         22,758
  Cumulative translation adjustment           272            398
  Accumulated deficit                      (1,963)        (1,252)
                                         --------       --------
    Total shareholders' equity             21,165         21,911
                                         --------       --------
                                         $ 31,456       $ 32,999
                                         --------       --------
                                         --------       --------


                                      -3-

<PAGE>
                                 C-ATS SOFTWARE, INC.
                        CONSOLIDATED STATEMENTS OF OPERATIONS
                        (In thousands, except per share data)
                                           

<TABLE>
<CAPTION>
                                        Quarter ended June 30,        Six months ended June 30,
                                          1997           1996            1997          1996
                                       -----------    -----------     -----------   -----------
                                       (UNAUDITED)    (UNAUDITED)     (UNAUDITED)   (UNAUDITED)
<S>                                    <C>            <C>             <C>           <C>
Revenues:
    License revenue                        $4,302         $4,939        $ 8,540        $10,325
    Service and other revenue                 244            134            498            442
                                           ------         ------        -------        -------
       Total revenues                       4,546          5,073          9,038         10,767

Costs and expenses:
    Cost of revenues                           71             74            164            128
    Research and development                1,643          1,567          3,226          2,791
    Sales & marketing                       2,821          2,761          5,424          5,430
    General & administrative                  713            650          1,405          1,360
    In-process R&D expense                      -              -              -          7,066
                                           ------         ------        -------        -------
       Total costs & expenses               5,248          5,052         10,219         16,775
                                           ------         ------        -------        -------

Operating income (loss)                      (702)            21         (1,181)        (6,008)
Interest income                               233            240            469            471
                                           ------         ------        -------        -------
Income (loss) before provision
  for income taxes                           (469)           261           (712)        (5,537)
Provision for income taxes                      0             97              0            566
                                           ------         ------        -------        -------
Net income (loss)                          $ (469)        $  164        $  (712)       $(6,103)
                                           ------         ------        -------        -------
                                           ------         ------        -------        -------

Net income (loss) per share                $(0.07)        $ 0.02        $ (0.11)       $ (0.95)
                                           ------         ------        -------        -------
                                           ------         ------        -------        -------

Weighted average common
    shares outstanding                      6,714*         6,797          6,695*         6,425*
</TABLE>


*excludes anti-dilutive
 common share equivalents 


                                      -4-

<PAGE>


                                 C-ATS SOFTWARE INC.
                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (In thousands)
                                           

                                                           Six Months Ended
                                                         June 30,     June 30,
                                                           1997         1996
                                                       -----------  -----------
                                                       (UNAUDITED)  (UNAUDITED)

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                               $  (712)      $(6,103)
  Adjustments to reconcile net loss to net cash
    provided (used) by operating activities:
    Depreciation and amortization                            434           434
    Acquired in-process research and development              --         7,066
    Changes in operating assets and liabilities:
       (Increase) decrease in accounts receivable          1,764          (146)
       (Increase) decrease in prepaid expenses              (267)         (238)
       (Increase) decrease in other assets                    (3)           17
       (Increase) decrease in deferred tax asset            (259)          124
       Increase (decrease) in accounts payable              (183)         (494)
       Increase (decrease) in accrued liabilities            (81)       (1,295)
       Increase (decrease) in accrued compensation           (81)          470
       Increase (decrease) in deferred revenue              (452)       (1,216)
                                                         -------       -------
    Net cash provided (used) by operating activities         160        (1,381)
                                                         -------       -------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of short-term investments                      (4,301)         (215)
  Investment in acquisition of LORGB                          --        (8,084)
  Purchase of property and equipment                        (228)         (373)
                                                         -------       -------
    Net cash used in investing activities                 (4,529)       (8,672)
                                                         -------       -------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Sale of short-term investments                              --         2,803
  Proceeds from issuance of common stock                      91         4,455
                                                         -------       -------
    Net cash provided by financing activities                 91         7,258
                                                         -------       -------
EFFECT OF EXCHANGE RATE CHANGES ON CASH
  AND CASH EQUIVALENTS                                      (126)          (41)
                                                         -------       -------
NET DECREASE IN CASH AND CASH EQUIVALENTS                 (4,404)       (2,836)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD           7,041         4,199
                                                         -------       -------
CASH AND CASH EQUIVALENTS AT END OF  PERIOD              $ 2,637       $ 1,363
                                                         -------       -------
                                                         -------       -------


                                      -5-

<PAGE>

                                 C-ATS SOFTWARE INC.
                                           
             NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                     (unaudited)
                                           
1.   NATURE OF OPERATIONS:

    C-ATS Software Inc. (the "Company") was organized in 1988 as a successor 
to a partnership formed in 1986. The Company develops and markets 
client/server software for financial risk management. The majority of the 
Company's current clients are domestic and international financial 
institutions.

2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

    The accompanying condensed consolidated financial statements have been 
prepared pursuant to the rules and regulations of the Securities and Exchange 
Commission.  Certain information and footnote disclosures normally included 
in annual financial statements prepared in accordance with generally accepted 
accounting principles have been condensed or omitted pursuant to those rules 
and regulations, although the Company believes that the disclosures made are 
adequate to make the information presented not misleading.  The interim 
financial statements are unaudited, but reflect all adjustments (consisting 
of only normal recurring adjustments) which are, in the opinion of 
management, necessary for a fair presentation.  The financial statements 
should be read in conjunction with the Company's financial statements and 
footnotes as presented in the Company's Annual Report filed under SEC Form 
10-K.

REVENUE RECOGNITION

    The Company licenses its products to end users under annual license 
agreements which include rights to maintenance support services and product 
upgrades. Accordingly, license revenues are recognized ratably over twelve 
months. 

    In addition, the Company provides training and consulting services to its 
clients.  Revenue from such services is generally recognized as the services 
are performed.  When performing long-term systems integration projects for 
its clients,  revenues are recognized based on the percentage-of-completion 
method. Any anticipated losses would be recorded in the earliest period in 
which such loss may become evident.  The Company does not currently have a 
long-term project in process.

                                      -6-

<PAGE>

EARNINGS PER SHARE

    Earnings per share is normally computed using the weighted average number 
of shares of common stock and dilutive common equivalent shares from stock 
options (using the treasury stock method).   In the second quarter of 1996 
and the first half of 1996 and 1997, common share equivalents would have an 
anti-dilutive effect on the net loss per share calculation, and are therefore 
excluded from  the calculation for these periods.  

    The Financial Accounting Standards Board ("FASB") has issued Financial 
Accounting Standards No. 128, "Accounting for Earnings Per Share" ("SFAS No. 
128"). This statement is effective for financial statements with periods 
beginning after December 31, 1997.  Early adoption is not permitted. The 
Company anticipates adoption of the pronouncement will not have a significant 
effect upon the calculation of its earnings per share. 


                                      -7-

<PAGE>


                                 C-ATS SOFTWARE INC.
                                           
                        MANAGEMENT'S DISCUSSION AND ANALYSIS 
                   OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                           
    This report contains forward-looking statements within the meaning of 
Section 27A of the Securities Act of 1933 and Section 21E of the Securities 
Exchange Act of 1934.  Actual results could differ materially from those 
projected in the forward looking statements as a result of factors set forth 
in the section titled "Future Operating Results" and elsewhere.

RESULTS OF OPERATIONS:

    The following table sets forth for the periods indicated the percentage 
of revenues represented by certain line items in the Company's Consolidated 
Statements of Operations:

<TABLE>
<CAPTION>
                                         Three Months Ended            Six Months Ended 
                                     -------------------------    --------------------------
                                       June 30,      June 30,       June 30,      June 30,
                                        1997          1996           1997           1996
                                     -----------   -----------    -----------    -----------
                                     (UNAUDITED)   (UNAUDITED)    (UNAUDITED)    (UNAUDITED)
<S>                                  <C>           <C>            <C>            <C>
Revenues:
  License revenue                         95%           97%            94%           96% 
  Service and other revenue                5             3              6             4  
                                         ---           ---            ---           ---  
    Total revenues                       100           100            100           100  
Costs and expenses:                                                                      
  Cost of revenues                         2             1              2             1  
  Research and development                36            31             36            26  
  Sales and marketing                     62            55             60            50  
  General and administrative              15            13             15            13  
  In process R&D expense                  --            --             --            66  
                                         ---           ---            ---           ---  
Total costs and expenses                 115           100            113           156  
                                         ---           ---            ---           ---  
Operating loss                           (15)            0            (13)          (56) 
Interest income                            5             5              5             4  
                                         ---           ---            ---           ---  
Profit/(loss) before provision for                                                       
  income taxes                           (10)            5             (8)          (52) 
Provision for income taxes                 0             2              0             5  
                                         ---           ---            ---           ---  
  Net income / (loss)                    (10)%          3%             (8)%         (57)%
</TABLE>


                                      -8-

<PAGE>

REVENUES

    Total revenues during the second quarter of 1997 decreased to $4.5 
million, a 10% reduction versus second quarter 1996 revenues of $5.1 million. 
 The decrease reflects the lower renewal bookings of the Company's Catalyst 
product line in 1996 which are amortized on an annual basis and reflected as 
revenue over the succeeding twelve month period.  Revenues for the first six 
months of 1997 decreased by 16% to $9.0 million from $10.8 million in 1996.  
International revenues accounted for 87% and 84% of total revenues in the 
second quarter and the first six months of 1997 compared to 80% and 80% 
during the same periods in 1996. Domestic revenues decreased by 27% and 11% 
in the second quarter and first half of 1997, respectively versus 1996, while 
international revenues decreased by 7% in the second quarter and 18% 
year-to-date over the same period of 1996.

    LICENSE.  License revenue declined by 13% to $4.3 million in the second 
quarter of 1997 from $4.9 million in the second quarter of 1996. For the 
first six months of 1997, license revenue decreased by 17% to $8.5 million 
from $10.3 million in 1996. License revenue decreased primarily as a result 
of a decrease in the number of sites where the Company's products are 
licensed.

    SERVICE AND OTHER.  Service and other revenues increased to approximately 
$0.2 million in the second quarter of 1997 versus $0.1 million in the first 
quarter of 1996. Service and other revenues increased to $0.5 million in the 
first six months of 1997 versus year earlier service revenues of $0.4 
million. In the first half of 1997, the Company began a series of paid CARMA 
trial installations at new customer sites.  There is an opportunity for these 
sites to become licensed CARMA customers during the second half of 1997.

COSTS AND EXPENSES

    COST OF REVENUES.  Cost of revenues includes the cost of documentation 
materials, royalties and the cost of subcontracted services.  Cost of 
revenues remained at approximately $0.1 million in the second quarter of 1997 
and 1996. Cost of revenues increased slightly to $0.16 million in the first 
half of 1997 from $0.13 million in the first half of 1996 due to higher third 
party software costs associated with the CARMA trial installations.

    RESEARCH AND DEVELOPMENT.  Most of research and development expenditures 
are personnel related.  Total expenditures for research and development 
remained level at $1.6 million in the second quarter compared with the second 
quarter of 1996 and increased to $3.2 million in the first half of 1997 from 
$2.8 million in the first half of 1996 when CARMA related research 
encompassed only four and one-half months of activity following the 
acquisition of LORGB in February 1996. New product development continues on 
future releases of both the Catalyst and CARMA product lines during 1997. In 
connection with the LORGB acquisition during the first quarter of 1996, the 
Company recognized a one-time expense amounting to $7.1 million of in process 
research and development. The amounts of ongoing software development costs 
which could have been capitalized were immaterial and, therefore, no internal 
software development costs have been capitalized by the Company to date. The 
Company believes that significant investment for product research and 
development is essential to product and technical leadership, and the Company 
anticipates that it will 


                                      -9-

<PAGE>

continue to commit substantial resources to research and development in the 
future.  The Company anticipates continuing research and development 
expenditures at a similar level of activity during the remainder of 1997.

    SALES AND MARKETING.  Sales and marketing expenses consist principally of 
salary, commissions and facilities-related costs.  Sales and marketing 
expenditures remained relatively constant with 1996 expenditure levels at 
$2.8 million in the second quarter of 1997 and $5.4 million in the first half 
of 1997.  The Company anticipates that sales and marketing expenses will 
increase in dollar amount during the remainder of 1997 as the Company expands 
its sales and service organization to support the expanded distribution and 
servicing of the CARMA products.

    GENERAL AND ADMINISTRATIVE.  General and administrative expenses consist 
of personnel costs for finance, contract administration, human resources and 
general management and administration, as well as legal, accounting and 
auditing expenses.  General and administrative expenses in the second quarter 
and first half of 1997 remained relatively level at $0.7 million and $1.4 
million as compared with the same periods in 1996.  The Company anticipates 
that general and administrative expenses will remain at current levels during 
the remainder of 1997.

INTEREST INCOME

    Interest income is comprised primarily of interest earned on the 
Company's cash and short term investment balances, net of interest expense. 
Interest income remained constant at $0.2 million and $0.5 million in the 
second quarter and first half of 1997 and 1996, respectively.  

PROVISION FOR INCOME TAXES

    The Company accounts for income taxes in accordance with Statement of 
Financial Accounting Standards No. 109, "Accounting for Income Taxes," which 
provides for a liability approach under which deferred income taxes are 
provided based upon enacted laws and rates applicable to the periods in which 
the taxes become payable.  The provision for income taxes was 0% and 37% in 
the second quarter and first half of 1997 and 1996, respectively.  The 
provision for income taxes takes into account the effects of foreign income 
taxes and state income taxes, offset by utilization of research and 
development credits and foreign tax credits in both years.

    As of June 30, 1997, the Company had $5.5 million of gross deferred tax. 
Due to certain limitations of benefits related to certain tax credits, the 
Company has provided a valuation allowance of $1.5 million related to the 
deferred tax asset. 

     The Company's tax returns for 1990 through 1993 are being examined by 
the Internal Revenue Service.  Such examination may result in adjustments to 
previously filed tax returns.  While the Company believes that it has 
reserves sufficient to cover any actual tax liabilities as a result of this 
examination, no assurance can be given that the reserves will be adequate.

FUTURE OPERATING RESULTS


                                      -10-

<PAGE>


    The Company has derived most of its revenues from the licensing of 
software products and services for derivatives risk management.  The market 
for derivative risk management products is highly competitive.  There is no 
assurance that competition will not cause the Company to lose market share or 
will not affect pricing and margins. In addition, the Company offers other 
products to facilitate firm-wide risk management. The market for firm-wide 
risk management products is at a very early stage of development. Failure of 
a significant market for firm-wide risk management products to develop or, if 
it does, failure of the Company's products to achieve broad market acceptance 
could have a material adverse affect on the Company's business, operating 
results and financial condition.

    The Company's revenues are derived primarily from annual renewable 
license fees, and although the Company has been successful to date in 
negotiating renewable licenses rather than perpetual licenses, the Company 
may in the future encounter resistance to such renewable licenses.  A 
significant decline in the percentage of clients who renew their license or 
the failure of the Company to enter into renewable licenses would have a 
material adverse effect on the business, operating results and financial 
condition of the Company.

    A significant portion of the Company's revenues are derived from sales to 
international clients.  International sales and operations may be limited or 
disrupted by the imposition of government controls, export license 
requirements, political instability, trade restrictions, changes in tariffs 
and exchange rates, difficulties in staffing, coordinating communications, 
managing international operations and other factors.  The Company prices its 
products in U.S. dollars, but it incurs expenses in local currencies for its 
overseas operations.  The Company attempts to reduce its exposure to exchange 
rate fluctuations by purchasing foreign currencies every nine to twelve 
months in amounts equal to the operating expenses estimated to be payable in 
such currencies during the next nine to twelve months.  Regulatory compliance 
requirements differ among foreign countries and are also different from those 
established in the United States, and any inability to obtain necessary 
foreign regulatory approvals on a timely basis could have an adverse effect 
on the Company's international sales, and thereby on its business, financial 
condition and results of operations.  Additionally, the Company's business, 
financial condition and international operating results may be adversely 
affected by fluctuations in currency exchange rates as well as increases in 
duty rates, difficulties in obtaining export licenses, ability to maintain or 
increase prices and competition.

    The Company's acquisition of LORGB entails various risks.  Continued 
development of the CARMA product line will be required.  There is also no 
assurance that the LORGB products will win broad market acceptance.  The 
addition of the LORGB personnel and related overhead has increased the 
Company's expenses.  If the Company is not successful in marketing the LORGB 
products, then the Company's earnings will be adversely affected.    

    The Company's quarterly operating results may fluctuate as a result of a 
variety of factors including the volume and timing of license renewals by 
existing clients, license agreements with new clients, the timing and market 
acceptance of new products or technological advances by the Company or its 
competitors, price levels, and unexpected expenses. The Company's expense 
levels are based, in part, on expectations of future revenues. If revenues in 
a particular quarter do not meet expectations, operating results could be 
adversely affected. The Company expects that its operating results will 


                                      -11-

<PAGE>

fluctuate in the future as a result of these and other factors. Additionally, 
the Company has accrued a reserve for tax liabilities in connection with an 
Internal Revenue Service examination. There can be no assurance that such a 
reserve will be adequate to cover any liabilities. Results of past quarters 
should not be relied on as an indication of future results.

LIQUIDITY AND CAPITAL RESOURCES

    The Company has funded its operations to date through cash flow from 
operations and its initial public offering of stock effective March 20, 1995. 
As of June 30, 1997, the Company had $22.0 million in cash, cash equivalents 
and short-term investments, and no long term debt.

    Net cash provided by operating activities totaled $0.2 million in the 
first half  of 1997 compared to $1.4 million used by operating activities 
during the first half of 1996. During the first half of 1997,  the Company 
used $4.5 for net investing activities. During the first half of 1996, the 
Company used $8.7 million of net cash for acquisitions and netted $2.8 
million from the purchase and sale of short-term investments.  The Company 
added $0.2 million of property and equipment in the first half of 1997 versus 
$0.4 million added during the first half of 1996.  The Company has no 
significant capital commitments and currently anticipates that additions to 
property and equipment for 1997 will be approximately $0.6 million. 

    Financing activities provided cash of $0.1 million in the first half of 
1997 resulting from the exercise of stock options. During the first half of 
1996, the Company issued $4.2 million of common stock in connection with the 
acquisition of  LORGB in addition to receiving an additional $0.3 million 
from common stock option exercises.

    The Company believes that the liquidity provided by existing cash, cash 
equivalents and short-term investment balances, and the cash flow expected to 
be generated from operations will be adequate to meet the Company's 
anticipated cash needs for working capital and capital expenditure 
requirements for at least the next twelve months.


                                      -12-

<PAGE>

                                 C-ATS SOFTWARE INC.
                                           
Item 4. SUBMISSION OF MATTERS TO A VOTE OF STOCK HOLDERS

        At the Annual Shareholders Meeting held on May 20, 1997 stock holders 
        voted and approved the election of six directors of the Company for 
        the ensuing year and until their successors are duly elected and 
        qualified; approved an amendment to the Company's 1995 Stock Plan to 
        increase the number of shares available for grant under the plan by 
        1,000,000 shares; and ratified the appointment of Arthur Andersen LLP 
        as independent auditors for the fiscal year ending December 31, 1997.

Item 6. EXHIBITS AND REPORTS ON FORM 8-K
         
        No reports on Form 8-K were filed by the Company during the quarter
        ended June 30, 1997.

*******************************************************************************
                                           
                                      SIGNATURES
                                           
       Pursuant to the Requirements of the Securities Exchange Act of 1934, 
the Registrant has duly caused this report to be signed on its behalf by the 
undersigned thereunto duly authorized.

                                              C-ATS Software Inc.
                                              (Registrant)


Date:  August 11, 1997                   By:  Rod A. Beckstrom              
                                              ----------------------------- 
                                              Rod A. Beckstrom              
                                              Chief Executive Officer       
                                              and Chairman                  
                                              (Principal Executive Officer) 
                                                                            
                                                                            
Date:  August 11, 1997                   By:  David Gilbert                 
                                              ----------------------------- 
                                              David Gilbert                 
                                              President, Chief Operating    
                                              and Chief Financial Officer   
                                              (Principal Financial and      
                                              Principal Accounting Officer) 


                                      -13-

<PAGE>

                                 C-ATS SOFTWARE INC.
                                           
                                  INDEX TO EXHIBITS
                                           

EXHIBIT                                                                   PAGE
NUMBER                          EXHIBIT TITLE                            NUMBER

  27    Requirements for the Format and Input of Financial Data Schedules   16




                                      -14-