<PAGE> 1

                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549


                                 FORM 10-Q
(Mark One)

( X )    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended September 30, 1998

                                     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 2-67676

                                 C.M. CORP.
           (Exact name of registrant as specified in its charter)

            Delaware                                     59-1995931
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                       Identification Number)


       311 Park Place Boulevard, Suite 500, Clearwater, Florida 33759
        (Address of principal executive offices, including zip code)

                               (727) 791-2111
                             (Telephone Number)

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.

                                                   Yes     X          No

Number of shares outstanding of the registrant's common stock as of October
31, 1998:

            Class                    Outstanding as of October 31, 1998
--------------------------------     -------------------------------------
 Common Stock, $1 par value                         1,000 shares

                                Page 1 of 16
                      Exhibit Index Located on Page 14
<PAGE> 2

                                 
                                 C.M. CORP.

                                   INDEX

                                                              Page Number
Part I -    Financial Information

            Item 1.  Financial Statements

                Condensed Balance Sheets -
                     September 30, 1998 and 
                     December 31, 1997                                3

                Condensed Statements of Operations -
                     Three and Nine Months Ended
                     September 30, 1998 and 1997                      4

                Condensed Statements of Cash Flows - 
                     Nine Months Ended September 30, 1998
                     and 1997                                         5

                Notes to Condensed Financial Statements               6

            Item 2.  Management's Discussion and Analysis of the
                Results of Operations and Financial Condition        11

            Item 3.  Defaults Upon Senior Securities                 12


Part II -   Other Information

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



<PAGE> 3


                                 C.M. CORP.
                          CONDENSED BALANCE SHEETS
                                (Unaudited)
<TABLE>
<CAPTION>


                                                      (Dollars in Thousands)
                                                  September 30,  December 31,
                                                      1998          1997
                                                 --------------  ------------

                                  ASSETS
                                  ------
<S>                                                   <C>          <C>  

RESTRICTED CASH .................................     $    44      $    43

REAL ESTATE OWNED ...............................           5            7
                                                      -------      -------

                                                      $    49      $    50
                                                      =======      =======

   LIABILITIES AND STOCKHOLDER'S EQUITY
   ------------------------------------

LIABILITIES:
Payable to U.S. Home Mortgage Corporation .......     $ 1,584      $ 1,584
Long-term debt, in default ......................         525          525
                                                      -------      -------

            Total liabilities ...................       2,109        2,109
                                                      -------      -------


STOCKHOLDER'S EQUITY:

Common stock, $1 par value ......................           1            1
Capital in excess of par value ..................       1,718        1,718
Retained deficit ................................      (3,779)      (3,778)
                                                      -------      -------
            Total stockholder's equity ..........      (2,060)      (2,059)
                                                      -------      -------

                                                      $    49      $    50
                                                      =======      =======
</TABLE>


      The accompanying notes are an integral part of these balance sheets.


<PAGE> 4


                                 C.M. CORP.
                     CONDENSED STATEMENTS OF OPERATIONS
                           (Dollars in Thousands)
                                (Unaudited)

<TABLE>
<CAPTION>


                                      Three Months Ended   Nine Months Ended
                                        September 30,        September 30,
                                      ------------------   -----------------
                                       1998       1997      1998       1997
                                       -----     -----     -----      -----

REVENUES:

<S>                                     <C>       <C>       <C>       <C>  
   Interest ........................    $--       $   1     $   1     $  41
   Gain on sale of loans ...........     --        --        --          65
                                        -----     -----     -----     -----
                                         --           1         1       106
                                        -----     -----     -----     -----

EXPENSES:
   Interest ........................     --        --        --          83
   Other ...........................     --           5      --           6
   Provision for losses on
        real estate owned ..........        2      --           2      --
                                        -----     -----     -----     -----

                                            2         5        (1)       89
                                        -----     -----     -----     -----

NET INCOME (LOSS) ..................    $  (2)    $  (4)    $  (1)    $  17
                                        =====     =====     =====     =====
</TABLE>



   The accompanying notes are an integral part of these statements.


<PAGE> 5


                                 C.M. CORP.
                     CONDENSED STATEMENTS OF CASH FLOWS
                           (Dollars in Thousands)
                                (Unaudited)

<TABLE>
<CAPTION>


                                                            Nine Months Ended
                                                              September 30,
                                                              1998      1997
                                                            -------   --------
<S>                                                         <C>       <C> 

Net Cash Provided (Used) By Operating Activities ........   $     1   $    (5)
                                                            -------   -------

Cash Flows From Investing Activities:
       Proceeds from investments in residential
          mortgage loans                                         --     2,374
       Decrease (increase) in restricted cash ...........        (1)      502
                                                            -------   -------
       Net cash provided (used) by investing activities .        (1)    2,876
                                                            -------   -------

Cash Flows From Financing Activities:
       Repayment of long-term debt ......................      --      (2,871)
                                                            -------   -------
       Net cash used by financing activities ............      --      (2,871)
                                                            -------   -------

Net Change In Cash ......................................      --        --

Cash At Beginning of Period .............................      --        --
                                                            -------   -------

Cash At End of Period ...................................   $  --     $  --
                                                            =======   =======

Supplemental Disclosure:
       Interest Paid ....................................   $  --     $   129
                                                            =======   =======


</TABLE>


       The accompanying notes are an integral part of these statements.


<PAGE> 6


                                 C.M. CORP.
                                 ----------
                  NOTES TO CONDENSED FINANCIAL STATEMENTS
                  ---------------------------------------
                           (Dollars in Thousands)
                                (Unaudited)



(1)      BASIS OF PRESENTATION:

         The accompanying  unaudited  condensed  financial  statements have
         been  prepared  pursuant  to  the  rules  and  regulations  of the
         Securities and Exchange  Commission.  Certain information and note
         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 C.M. Corp. ("Company") believes that the
         disclosures  made are adequate to make the  information  presented
         not  misleading,  it is suggested that these  condensed  financial
         statements be read in  conjunction  with the  unaudited  financial
         statements  and notes  thereto  included in the  Company's  latest
         annual  report on Form  10-K.  The  Company  did not have the cash
         funds to pay the costs  and  expenses  of an audit by  independent
         certified public accountants of its financial  statements included
         in such  annual  report and,  accordingly,  those  statements  are
         unaudited.

         The accompanying  unaudited  condensed  financial  statements have
         been prepared in accordance  with  generally  accepted  accounting
         principles applicable to a going concern, which contemplate, among
         other things,  realization of assets and payment of liabilities in
         the normal course of business.  However,  during the first quarter
         of 1997, the Company sold  substantially all of its mortgage loans
         and paid off a significant portion of its long-term debt and plans
         to cease operations in early 1999 (See Notes 2, 4, 5 and 6).

         In the opinion of the Company,  subject to the matter discussed in
         the preceding  paragraph,  the  accompanying  condensed  financial
         statements  contain all adjustments  (all of which were normal and
         recurring)  necessary to present fairly the financial  position as
         of September  30, 1998 and  December 31, 1997,  and its results of
         operations  for  the  three-month  and  nine-month  periods  ended
         September  30, 1998 and 1997 and the  statements of cash flows for
         the nine-month periods ended September 30, 1998 and 1997.


(2)      INVESTMENT IN RESIDENTIAL MORTGAGE LOANS:

         During the first quarter of 1997,  the Company sold  substantially
         all of its remaining mortgage loans with an outstanding  principal
         balance  of  $2,366  on the  date of  purchase  for an  above  par
         purchase price to an unaffiliated  investor and realized a gain on
         such sale of $65 (See Note 5).
<PAGE> 7


(3)      VALUATION RESERVES:

         The  following   summarizes   valuation  reserves  for  losses  on
         investment in residential mortgage loans and real estate owned for
         the nine months ended September 30, 1998 and 1997.
<TABLE>
<CAPTION>

                                                               Real Estate
                                                 Investments       Owned
<S>                                                <C>            <C>   
               Balance at December 31, 1996        $    22        $    -
               Reclassification                        (22)            22
                                                   -------        -------
               Balance at September 30, 1997       $   -          $    22
                                                   =======        =======

               Balance at December 31, 1997        $   -          $    29
               Provision for losses                    -                2
                                                   -------        -------
               Balance at September 30, 1998       $   -          $    31
                                                   =======        =======
</TABLE>


(4)      LONG-TERM DEBT:

         In accordance with the terms of an indenture ("Indenture"),  dated
         as of July 15,  1980,  between the Company and The First  National
         Bank of Chicago  ("Trustee"),  as amended  and  supplemented,  the
         Company  issued,  in 1980 and 1981,  conventional  mortgage-backed
         bonds with original principal balances of $100,000 ("Bonds"). As a
         result of the sale on February 7, 1997 of substantially all of the
         mortgage  loans  pledged  to secure the Bonds,  the  Trustee  paid
         principal  on the Bonds in the  amount of $2,871  during the first
         quarter of 1997 (See Note 5).

         The Company  secured  the Bonds  pursuant  to an  investment  in a
         significant number of conventional residential mortgage loans with
         high   loan-to-value   ratios  that  were  located   primarily  in
         energy-related  areas which in the mid 1980's  experienced a sharp
         decline in real estate values and high foreclosure rates. In 1987,
         the costs and losses associated with the repossession, maintenance
         and resale of  foreclosed  properties  increased  due to depressed
         resale values in these areas which,  in turn,  accelerated  claims
         against  available  blanket mortgage  insurance  coverage.  During
         1988,  the  Company  exhausted  the  blanket  mortgage   insurance
         coverage to cover foreclosure losses on the conventional  mortgage
         loan pools  securing the Bonds.  As a result of the  exhaustion of
         the blanket  mortgage  insurance  coverage for the mortgage pools,
         losses  have  been  and  may  be  incurred  by  the  Company  that
         previously were reimbursed by the mortgage insurer.


<PAGE> 8

         Under the terms of the  Indenture,  the Company  agreed to provide
         the Trustee with the periodic  reports  filed with the  Securities
         and Exchange Commission ("SEC") and to provide an annual statement
         to the  bondholders.  The Company does not have, nor did it expect
         to have starting in 1991,  the cash funds to pay for the costs and
         expenses  of (a) the  annual  audit  of its  financial  statements
         required to be included in the annual report filed with the SEC or
         (b)  the  annual  statement  to be  provided  to the  bondholders.
         Accordingly,  the financial  statements  included in the Company's
         latest  annual report and those  included in the Company's  annual
         reports  filed  with  the SEC  since  1991 are  unaudited  and the
         Company did not and no longer intends to provide annual statements
         to  the  bondholders  which  resulted  in  non-compliance  with  a
         covenant under the Indenture, permitting the Trustee or holders of
         25% of the Bonds to accelerate their maturity.

         On May 28, 1992, the Trustee notified the Company that an Event of
         Default (as defined in the  Indenture) and a default have occurred
         under Section 6.01(4) and Section  6.01(2),  respectively,  of the
         Indenture.  The Trustee declared the outstanding principal balance
         of  all  of  the  remaining   Bonds  issued  under  the  Indenture
         (consisting of the Series A and Series B Bonds on that date) to be
         immediately  due and  payable.  Accordingly,  pursuant  to Section
         12.02(a) of the  Indenture,  the Company  ceased the redemption of
         any of the remaining Bonds.

         From 1992 through 1996, the Trustee issued various  reports to the
         bondholders,  from time to time, summarizing,  among other things,
         the remedies  available  under the Indenture and the actions taken
         and proposed to be taken by the Trustee  relating to the Events of
         Default.  The Trustee  informed the bondholders in a report issued
         to the  bondholders  in  1994  that  the  unaffiliated  collateral
         evaluation  service  retained by the Trustee to review and analyze
         the  collateral   securing  the  Bonds   concluded   there  was  a
         significant  depreciation in the value of the properties  securing
         the mortgage  loans and such  depreciation  in value was likely to
         have a significant affect on the bondholders' ultimate recovery of
         their  investment  in the Bonds.  The Trustee  also stated in that
         report  their  intent to hold the  collateral  for the present and
         this decision was reconfirmed in subsequent  reports issued to the
         bondholders in 1995 and 1996.

         The Trustee requested  reimbursement from the Company for costs of
         legal counsel and the collateral  evaluation  service  relating to
         the Events of Default and for trust administration services of the
         Trustee.  The Company  does not have,  nor does it expect to have,
         the cash funds to reimburse the Trustee for these costs. Under the
         terms of the  Indenture,  the Trustee  may, in certain  instances,
         apply  moneys  from  the  reserve  funds  or from  the sale of the
         pledged  collateral  to  the  payment  of  expenses  incurred  and
         advances  made by the  Trustee.  As of  September  30,  1998,  the
         Trustee  withdrew on a cumulative basis $109 from the reserve fund
         for the  Series  A Bonds  and the  same  amount  of $109  from the
         reserve fund for the Series B Bonds for these costs.
<PAGE> 9

         Prior to and  including  the payment made on March 28, 1997 to the
         Series B bondholders  from the sale of the mortgage  securing such
         series,   the  Company  had  made  timely   payments  due  to  the
         bondholders under the terms of the Indenture. However, the Company
         believed  that the  exhaustion of the blanket  mortgage  insurance
         coverage  for the Bonds  issued by the  Company,  the  anticipated
         withdrawal by the Trustee for additional expenses and advances for
         its trust  administration  services  and for expenses and costs of
         the Events of Default, a continuation of the high costs and losses
         associated with  foreclosures on pledged loans and the application
         by the  Company  under  the  terms  of the  Indenture  of  certain
         proceeds  from  insurance   claims,   principal   prepayments  and
         foreclosures  to payment of interest  on the Bonds  rather than to
         redemptions  or prepayments of principal on the Bonds would in the
         future cause a deficiency in cash flows available for the payments
         due on the related  Bonds and the  eventual  depletion of the cash
         reserve  funds.  In addition,  at the end of 1996, the Bonds had a
         stated maturity within the next 4 years in the year 2000 and there
         was a significant  shortfall in the principal balance and weighted
         average  interest rate earned on the pledged loans compared to the
         corresponding  interest rates paid on the Bonds. Such events would
         cause the  Company  at some  future  date to be unable to meet its
         debt service requirements under the Indenture and holders of Bonds
         would receive less than the principal amounts due on their Bonds.

         At the end of 1996,  substantially  all of the remaining  mortgage
         loans were current and had good recent payment histories. In order
         to minimize the eventual losses to the  bondholders,  and based on
         the highest bid the Company  obtained from an investor to purchase
         these loans at an above par  purchase  price,  the Trustee  agreed
         with  the  Company  that  it  was  in  the  best  interest  of the
         bondholders  to sell  the  loans  and  distribute  the  liquidated
         collateral to them.

         U.S. Home Mortgage Corporation ("Mortgage"),  as servicer, was not
         obligated  to  advance  delinquent  payments  due on  the  pledged
         mortgage  loans unless it  reasonably  believed that such advances
         would ultimately be recoverable from mortgage insurance  proceeds.
         During 1991,  Mortgage,  as servicer,  advised the Company that it
         would not advance  delinquent  mortgage  loan  payments due to the
         uncertainty of the  recoverability of such advances.  As a result,
         the Trustee  withdrew  once each in 1991 and 1992 a portion of the
         reserve funds to make the required interest payments on the Series
         B Bonds and to make such  payments  on the Series A Bonds in 1996.
         In  addition  to the  withdrawals  from the  reserve  funds by the
         Trustee for bond  administration  costs and expenses,  the Company
         believed the  anticipated  cash flow  deficiencies  to meet future
         debt  service   requirements   would  have   resulted  in  further
         withdrawals  from each of the  reserve  funds  for both  series of
         Bonds  until  these  funds  were  eventually  exhausted.  The cash
         reserve   funds  for  the   Series  A  and  Series  B  Bonds  were
         substantially  depleted from the principal  payments paid on these
         Bonds during the first  quarter of 1997.  At  September  30, 1998,
         funds on deposit with the Trustee,  including the  remaining  cash
         reserve funds, totaled $44.
<PAGE> 10


(5)      LOAN SALE AND BOND PREPAYMENT:

         At the end of 1996,  the Company  obtained bids from  unaffiliated
         investors/brokers  to  purchase  the  remaining  loans  pledged to
         secure the Bonds  since most of these  loans were  current and had
         good recent payment  histories.  The Company requested the consent
         of the Trustee to sell the loans to the investor  with the highest
         bid of 102.75%  offering to  purchase  all of the loans which were
         not in foreclosure.

         As part of the Special  Reports  the Trustee  sent to the Series A
         bondholders  (dated  February  28,  1997)  and  to  the  Series  B
         bondholders  (dated March 28, 1997),  the Trustee  stated in those
         reports  that prior to  granting  their  consent to this  proposed
         sale,  the  Trustee  requested  its  mortgage  banking  affiliate,
         experienced in the sale of residential  mortgage  loans, to review
         the process by which the Company obtained the bids to determine if
         it  was  likely  to  have  resulted  in  receipt  of  bids  fairly
         reflecting  the market for such loans and assess the  fairness  of
         the bid.  The  Trustee  also  stated  in these  reports  that this
         affiliate concluded that the bid solicitation  process employed by
         the Company was  appropriate  and that the  accepted bid was fair.
         Accordingly,  the Trustee  exercised its rights under Section 6.04
         of the Indenture and consented to the sale.

         On February 7, 1997, the Company sold,  without  recourse,  all of
         its mortgage loans to this investor except for one loan pledged to
         secure the Series B Bonds which was in the process of foreclosure.
         During  February  and March,  1997,  the Trustee used the proceeds
         from this sale  together  with  payments  collected on these loans
         prior to the sale and funds from the respective cash reserve funds
         to pay  the  Series  A  Bonds  in  full  and to  make a  principal
         prepayment of $1,642 on the Series B Bonds. At September 30, 1998,
         the outstanding principal balance of the Series B Bonds was $525.

         The  Company  does  not  have,  nor  expect  to have,  any  assets
         available  to make  further  payments  on the Series B Bonds other
         than the remaining  cash funds on deposit with the Trustee and the
         one  remaining   foreclosed   mortgage  loan  in  the  process  of
         liquidation  at September 30, 1998 with an  outstanding  principal
         balance  of $36 and  estimated  net  realizable  value of $5.  The
         Trustee  stated in the Special  Report (dated March 28, 1997) sent
         to the Series B  bondholders  that the  Trustee  expects,  and the
         Company  agrees,  the proceeds from the  liquidation  of this loan
         will not be  sufficient  to repay the  remaining  principal of the
         Series B Bonds in full. The Trustee  further stated in this report
         that, due to such insufficiency, there will be no further payments
         of interest on the Series B Bonds.  Based on this statement by the
         Trustee,  the Company ceased accruing  interest expense payable on
         the outstanding  Series B Bonds.  Therefore,  the outstanding bond
         principal  balance  of $525 at  September  30,  1998 and  interest
         accruing on the Series B Bonds is  substantially  not  recoverable
         and will result in a loss to the holders of the Series B Bonds.
<PAGE> 11

(6)      SUBSEQUENT PROPERTY SALE:

         On November 11, 1998,  the Company sold the  remaining  foreclosed
         property  and  forwarded  the  funds  (less  costs  and  expenses)
         collected  from  the  liquidation  of this  property  of $5 to the
         Trustee.  The Company  anticipates  the Trustee  will make a final
         distribution of the remaining cash reserve funds and proceeds from
         the sale of this property to the Series B bondholders  on the next
         scheduled  quarterly  interest  payment  date for this  series  on
         December 28, 1998.


<PAGE> 12

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

            Results of Operations -

            Interest revenues and expenses  decreased during the nine month
            period ended  September 30, 1998 compared to the same period in
            1997  due,  primarily,   to  a  reduction  in  the  outstanding
            principal  balances of the mortgage  loans and  long-term  debt
            from the sale of  substantially  all of the mortgage  loans and
            the  principal  prepayment  of a  significant  portion  of  the
            related long-term debt from such sale proceeds during the first
            quarter of 1997. In addition,  the Company realized a gain from
            the sale of these loans.

            As of September 30, 1998,  the Company's  only earning asset is
            the cash reserve funds on deposit in a short-term  money market
            account with the Trustee.

            Financial Condition and Liquidity -

            At   September   30,   1998,   the  Company   had   outstanding
            approximately   $525,300  of  mortgage-backed  bonds  ("Bonds")
            remaining  from the  issuance  of its Series B Bonds  under the
            terms of an  indenture  ("Indenture").  On May 28,  1992,  as a
            result of  non-compliance  with a covenant under the Indenture,
            the  Trustee  for the  Bonds  (consisting  of the  Series A and
            Series B Bonds on that date) notified the Company that an Event
            of Default had occurred and declared the outstanding  principal
            balance  of  the  Bonds  issued  under  the   Indenture  to  be
            immediately due and payable.

            On February 7, 1997, the Company sold,  without  recourse,  and
            with the consent of the Trustee,  all of its mortgage  loans at
            an above par purchase price to an unaffiliated  investor except
            for one loan in  default  and  pledged  to secure  the Series B
            Bonds which was  subsequently  foreclosed and the property sold
            on November 11, 1998.  During  February  and March,  1997,  the
            Trustee used the proceeds  from the sale of the mortgage  loans
            together  with  payments  collected on these loans prior to the
            sale and funds from the  respective  cash reserve  funds to pay
            the Series A Bonds in full and to make a  principal  prepayment
            of $1,642,200 on the Series B Bonds.

            The  Company  does not have,  nor  expect to have,  any  assets
            available to make further  payments on the Series B Bonds other
            than the  remaining  cash funds on deposit  with the Trustee of
            $44,000 and the proceeds of $4,800 from the recent  liquidation
            of  the   remaining   foreclosed   property.   Therefore,   the
            outstanding bond principal balance of $525,300 at September 30,
            1998  and   interest   accruing   on  the  Series  B  Bonds  is
            substantially  not recoverable and will result in a loss to the
            holders of the Series B Bonds.
<PAGE> 13

            The  Company   anticipates   the  Trustee  will  make  a  final
            distribution  of the remaining  cash reserve funds and proceeds
            from the recent sale of the foreclosed property to the Series B
            bondholders on December 28, 1998.

            In  addition,  the Company  does not have the funds to repay the
            payable of  $1,584,000  to U.S.  Home Mortgage Corporation.

            For additional  information,  see "Notes 2, 4, 5 and 6 of Notes
            to Condensed Financial Statements."

Item 3.     Defaults Upon Senior Securities.

            On May 28, 1992, the Trustee notified the Company that an Event
            of Default  (as  defined in the  Indenture)  had  occurred  and
            declared  the  outstanding  principal  balance  of  all  of the
            remaining  Bonds issued under the  Indenture to be  immediately
            due and payable.

            For additional  information,  see "Notes 2, 4, 5 and 6 of Notes
            to Condensed Financial Statements."



<PAGE> 14


PART II - OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K

            (a)  Exhibits

                 Exhibit 11 - Computation of Income (Loss) Per Common Share.

                 Exhibit 27 - Financial Data Schedule.

            (b)  Reports on Form 8-K

                 No  Current  Report on Form 8-K was  filed by the  Company
                 during the three months ended September 30, 1998.



                                 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.M. CORP.
                                                 (Registrant)


Date:   November 12, 1998                        /s/ James R. Petty
                                                 -------------------
                                                 (James R. Petty)
                                                 President and Chief
                                                 Executive Officer
                                                 (principal executive
                                                 officer)


Date:   November 12, 1998                        /s/ Ronald C. McCabe
                                                 ---------------------
                                                 (Ronald C. McCabe)
                                                 Senior Vice President and
                                                 Chief Accounting Officer
                                                 (principal accounting
                                                 officer)


<PAGE> 15


                             INDEX OF EXHIBITS




 Exhibit                                                             Page
 Number                                                             Number

     11          Computation of Income (Loss) Per Common Share         16

     27          Financial Data Schedule                               17