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 SEPTEMBER 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                                0-18592

MERIT MEDICAL SYSTEMS, INC.
- --------------------------------------------------------------------------------
(Exact name of Registrant as specified in its charter)

Utah                                            87-0447695
- --------------------------------------------------------------------------------
(State or other jurisdiction of                      (I.R.S. Identification No.)
incorporation or organization)

1600 West Merit Parkway, South Jordan UT, 84095
-------------------------------------------------------------------------------
(Address of Principal Executive Offices)

(801) 253-1600
-------------------------------------------------------------------------------
(Registrant's telephone number, including area code)

Indicate by check mark  whether the  Registrant  (1) has filed all reports
required to be filed by Sections 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
---      ---

Indicate  the  number of shares  outstanding  of each of the  Registrant's
classes of common stock, as of the latest practicable date.

Common Stock                                            7,372,379
- ----------------                               ---------------------------------
TITLE OR CLASS                                 Number of Shares Outstanding at
November 10, 1997

MERIT MEDICAL SYSTEMS, INC.

INDEX TO FORM 10-Q

PART I.   FINANCIAL INFORMATION                                             PAGE
----
Item 1. Financial Statements

Consolidated Balance Sheets as of September 30, 1997
and December 31, 1996 ...............................................1

Consolidated Statements of Operations for the three
and nine months ended September 30, 1997 and 1996....................3

Consolidated Statements of Cash Flows for the nine months
ended September 30, 1997 and 1996....................................4

Notes to Consolidated Financial Statements...........................6

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

PART II.  OTHER INFORMATION

Item 4. Exhibits and Reports on Form 8-K....................................10

SIGNATURES....................................................................10

PART I - FINANCIAL INFORMATION

ITEM 1:  Financial Statements

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
- --------------------------------------------------------------------------------

September 30,
1997         December 31,
ASSETS                                                                    (Unaudited)         1996
- ------                                                                 ------------------------------
CURRENT ASSETS:

Cash                                                                    $    684,289      $ 1,262,950
Trade receivables - net                                                    9,058,730        7,379,079
Employee and related party receivables                                       291,098          327,425
Irish Development Agency grant receivable                                    799,056          416,891
Inventories                                                               14,367,815       13,852,360
Prepaid expenses and other assets                                            681,398          518,823
Deferred income tax assets                                                   706,545          729,060
------------     ------------
Total current assets                                                      26,588,931       24,486,588
------------     ------------

PROPERTY AND EQUIPMENT:
Land                                                                       1,102,385        1,107,351
Building                                                                     963,342        1,043,804
Automobiles                                                                  112,952          144,535
Manufacturing equipment                                                   10,938,026        8,656,145
Furniture and fixtures                                                     4,641,140        3,816,402
Leasehold improvements                                                     4,431,641        2,673,897
Construction-in-progress                                                   3,113,066        5,193,993
------------     ------------
Total                                                                     25,302,552       22,636,127
Less accumulated depreciation
and amortization                                                        (9,112,202)      (7,605,728)
------------     ------------
Property and equipment - net                                              16,190,350       15,030,399
------------     ------------

OTHER ASSETS:
Intangible assets - net                                                    2,024,027        1,839,532
Cost in excess of the fair value of assets acquired - net                                     586,563
Prepaid royalty - net                                                        128,571          192,857
Deposits                                                                     105,149          169,177
------------     ------------
Total other assets                                                         2,844,310        2,201,566

TOTAL                                                                   $ 45,623,591     $ 41,718,553
------------     ------------

Continued on Page 2
See Notes to Consolidated Financial Statements

1

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

CONSOLIDATED BALANCE SHEETS (Continued)
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
- --------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY                                     September 30,
- ------------------------------------                                        1997          December 31,
(Unaudited)          1996
-----------       ----------
CURRENT LIABILITIES:

Line of credit                                                             6,035,869        4,533,873
Current portion of long-term debt                                          1,686,341        1,388,576
Trade payables                                                             2,555,614        2,709,869
Accrued expenses                                                           2,363,932        2,969,246
Advances from employees                                                       77,383          107,907
Income taxes payable                                                         386,128           15,906
-------------     ------------
Total current liabilities                                                 13,105,267       11,725,377

DEFERRED INCOME TAX LIABILITIES                                              819,469          852,578

LONG-TERM DEBT                                                             4,000,290        4,822,126

DEFERRED CREDITS                                                           1,553,145        1,467,660
-------------     ------------

Total liabilities                                                         19,478,171       18,867,741
-------------     ------------

MINORITY INTEREST IN SUBSIDIARY                                              379,533          363,689
-------------     ------------

STOCKHOLDERS' EQUITY:
Preferred stock -5,000,000 shares authorized
as of September 30, 1997, no shares issued;
Common stock - no par value;
20,000,000 and 10,000,000 shares authorized,
respectively, 7,332,940 and 6,942,290 shares
issued at September 30, 1997
and December 31, 1996, respectively                                    17,247,477       14,184,975
Retained earnings                                                          8,921,402        8,316,237
Foreign currency translation adjustment                                     (402,992)         (14,089)
-------------     ------------
Total stockholders' equity                                                25,765,887       22,487,123
-------------     ------------

TOTAL                                                                  $  45,623,591     $ 41,718,553
-------------     ------------

See Notes to Consolidated Financial Statements

2

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 1997 and 1996    (Unaudited)
- --------------------------------------------------------------------------------

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

1997             1996              1997              1996
-------------    -------------    --------------   -----------

SALES                                             $ 15,450,336      $12,702,407      $ 44,609,549     $ 37,484,550

COST OF SALES                                        9,815,145        7,352,304        27,690,322       21,796,638
------------     ------------       -----------      -----------

GROSS MARGIN                                         5,635,191        5,350,103        16,919,227       15,687,912
------------     ------------       -----------      -----------

OPERATING EXPENSES:
Selling, general and administrative                  3,912,461        3,437,619       11,680,876        10,477,173
Research and development                             1,207,985          534,632         3,283,324        1,725,945
------------     ------------       -----------      -----------
TOTAL                                                5,120,446        3,972,251        14,964,200       12,203,118
------------     ------------       -----------      -----------

INCOME FROM OPERATIONS                                 514,745        1,377,852         1,955,027        3,484,794

OTHER EXPENSE                                          216,444          142,678           626,749          489,424
------------     ------------       -----------      -----------

INCOME BEFORE INCOME TAX EXPENSE                       298,301        1,235,174         1,328,278        2,995,370

INCOME TAX EXPENSE                                     161,713          524,218           707,269        1,162,823

MINORITY INTEREST IN INCOME
OF SUBSIDIARY                                            7,450           34,933             5,844          137,619
------------     ------------       -----------      -----------

NET INCOME                                        $    129,138     $    676,023       $   605,165      $ 1,694,928
============     ============       ===========      ===========

NET INCOME PER COMMON
AND COMMON EQUIVALENT SHARE                      $       0.02     $       0.10       $      0.08      $      0.24
============     ============       ===========      ===========

WEIGHTED AVERAGE NUMBER OF
COMMON AND COMMON EQUIVALENT
SHARES OUTSTANDING                                  7,375,057        7,054,457         7,346,533        7,035,095
============     ============       ===========      ===========

See Notes to Consolidated Financial Statements

3

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED September 30, 1997 and 1996   (Unaudited)
- --------------------------------------------------------------------------------

September 30,    September 30,
1997             1996
------------     ------------

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                                 $605,165        $1,694,928
--------------  ----------------
Adjustments to reconcile net income to net
cash provided by (used in) operating activities:
Depreciation and amortization                                            1,762,111        1,803,489
Bad debt expense                                                           102,189           14,992
(Gains) losses on sales and abandonment of
property and equipment                                                     (7,845)           3,705
Amortization of deferred credit                                              (44,939)
Deferred income taxes                                                        (10,594)         (72,667)
Minority interest in income of subsidiary                                     15,844          137,619
Changes in operating assets and liabilities net of 
effects from purchase of UMI:
Trade receivables                                                (1,781,840)        (351,344)
Employee and related party receivables                               36,327            8,496
Irish Development Agency grant receivable                          (225,690)        (209,691)
Inventories                                                         158,389       (1,261,614)
Prepaid expenses                                                   (162,575)        (192,586)
Deposits and other                                                   64,028          (79,277)
Trade payables                                                     (154,255)      (1,212,162)
Accrued expenses                                                   (605,314)          97,682
Advances from employees                                             (30,524)          22,855
Income taxes                                                        370,222          369,545
Other                                                              (388,903)         (62,941)
--------------- ----------------
Total adjustments                                                           (903,369)        (983,899)
--------------- ----------------

Net cash provided by (used in) operating activities                         (298,204)         711,029
--------------- ----------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment                                                  (1,765,025)      (1,362,413)
Cash payment in connection with assets purchased from UMI                  (61,486)
Intangible assets                                                         (310,065)        (302,437)
Proceeds from the sale of property and equipment                            22,646           41,147
--------------- ----------------
Net cash used in investing activities                                     (2,113,930)      (1,623,703)
--------------- ----------------      

Continued on page 5
See Notes to Consolidated Financial Statements

4

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997 AND 1996    (Unaudited)
- --------------------------------------------------------------------------------

September 30,    September 30,
1997             1996
------------    -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from:

Deferred credit                                                                           341,289
Line of credit                                                         1,501,996
Issuance of common stock                                               1,562,502          860,788
Long-term debt                                                                          2,200,000
Principal payments on:
Long-term debt                                                        (1,204,974)        (927,236)
Line of credit                                                                         (1,423,139)
Deferred credit                                                          (26,051)         (52,101)
-------------     ------------

Net cash provided by financing activities                                  1,833,473          999,601
-------------     ------------

NET INCREASE (DECREASE) IN CASH                                             (578,661)          86,927

CASH AT BEGINNING OF PERIOD                                                1,262,950          270,841
-------------     ------------

CASH AT END OF PERIOD                                                  $     684,289     $    357,768
=============     ============

SUPPLEMENTAL DISCLOSURES OF CASH 
FLOW INFORMATION
Cash paid during the period for:
Interest (including capitalized interest
of $95,990 and $123,569, respectively)                           $     660,530     $    601,890
=============     ============
Income taxes                                                        $     347,641     $    865,945
=============     ============

SUPPLEMENTAL DISCLOSURES OF NONCASH
INVESTING AND FINANCING ACTIVITIES:

During the nine months  ended  September  30,  1997 and 1996 the Company  issued
notes payable totaling $680,903 and $1,960,729  respectively,  for manufacturing
equipment, furniture and fixtures, land and building.

The Company  purchased  certain  assets  from an  unrelated  company,  Universal
Medical Instruments ("UMI"), during the nine months ended September 30, 1997. In
connection with this transaction, the following assets were acquired:

Inventory                                                         $  673,844
Property and equipment                                               259,354
----------
933,198
Purchase price-consisting of 152,424 shares of the Company's
common stock valued at $1,500,000 and $61,486 in cash              1,561,486
----------

Cost in excess of the fair  value of assets acquired               $ 628,288
=========

See Notes to Consolidated Financial Statements

5

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------

1.  Basis of  Presentation.  In the  opinion  of  management,  the  accompanying
consolidated  financial  statements contain all adjustments,  consisting only of
normal recurring  accruals,  necessary for a fair  presentation of the financial
position of the Company as of September 30, 1997 and December 31, 1996,  and the
results of its  operations  and cash flows for the three and nine  months  ended
September 30, 1997 and 1996.  The results of  operations  for the three and nine
months ended September 30, 1997 and 1996 are not  necessarily  indicative of the
results for a full year period.

2.  Inventories.  Inventories  at  September  30,  1997  and  December  31, 1996
consisted of the following:

September 30,        December 31,
1997                1996
---------------     ---------------

Raw materials                    $  4,125,478        $  4,025,497
Work-in-process                     4,427,675           3,806,150
Finished goods                      5,814,662           6,020,713
-------------       -------------
Total                            $ 14,367,815        $ 13,852,360
-------------       -------------

3. Income  Taxes.  The  effective  tax rate for the three and nine months  ended
September 30, 1997, is higher than the federal statutory tax rate largely due to
losses  incurred by the Company's  Irish  subsidiary for which a tax benefit was
recorded at a rate of 10% vs. a 35% statutory rate.

4.  Recently  Issued  Financial  Accounting  Standards.  In February  1997,  the
Financial  Accounting Standards Board issued SFAS No. 128, "Earnings per Share".
This standard  established  standards for computing and presenting  earnings per
share (EPS).  SFAS No. 128  simplifies  the approach for computing  earnings per
share previously found in Accounting  Principles Board Opinion (APB) Opinion No.
15. It replaces the  presentation  of primary EPS with a  presentation  of basic
EPS. It also requires dual  presentation of basic and diluted EPS on the face of
the income statement for all entities with complex capital structures. Under the
new  statement  basic EPS excludes  dilution and is computed by dividing  income
available to common stockholders by the weighted-average number of common shares
outstanding  for the period.  Diluted EPS reflects the  potential  dilution that
could  occur  if  securities  or other  contracts  to issue  common  stock  were
exercised or converted into common stock.  Diluted EPS is computed  similarly to
fully  diluted EPS pursuant to APB Opinion No. 15. SFAS No. 128 is effective for
financial  statements  issued  for  periods  ending  after  December  15,  1997,
including   interim  periods  with  earlier   application  not  permitted.   The
computation  of basic EPS under SFAS No. 128 would have  resulted  in net income
per common share of $ .02 and $.08 for three and nine months ended September 30,
1997, respectively.  Diluted EPS computed under FASB No. 128 would have resulted
in net income per common  share of $ .02 and $.08 for the three and nine  months
ended September 30,1997, respectively.

In June 1997,  the FASB issued SFAS No. 130 "  Reporting  Comprehensive  Income"
which  establishes  standards for reporting and display of comprehensive  income
and its  components  (revenues,  expenses,  gains and  losses)  in a full set of
general-purpose financial statements.  SFAS No. 130 requires that all items that
are  required to be  recognized  under  accounting  standards as  components  of
comprehensive income be reported in a financial statement that is displayed with
the same  prominence  as other  financial  statements.  It does  not  require  a
specific  format for that  financial  statement  but requires that an enterprise
display an amount representing total comprehensive income for the period in that
financial statement.  SFAS No. 130 is effective for fiscal years beginning after
December 15, 1997.  Reclassification of financial statements for earlier periods
provided for comparative purposes is required.  The impact on the Company of the
adoption of SFAS 130 has not yet been fully determined.

6

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
- --------------------------------------------------------------------------------

In June 1997,  the FASB issued SFAS No. 131  "Disclosures  About  Segments of an
Enterprise and Related Information" which establishes  standards for the way the
public  businesses  report   information  about  operating  segments  in  annual
financial  statements  and  requires  that  those  enterprises  report  selected
information  about  operating  segments in interim  financial  reports issued to
shareholders.  SFAS No. 131 also establishes  standards for related  disclosures
about  products  and  services,  geographical  areas,  and major  customers.  It
supersedes SFAS No. 14 but retains the requirement to report  information  about
major  customers.  It  amends  SFAS No.  94 to  remove  the  special  disclosure
requirements  for  previously  unconsolidated  subsidiaries.  SFAS  No.  131  is
effective for financial  statements  for periods  beginning  after  December 15,
1997. In the initial year of  application,  comparative  information for earlier
years is to be restated.  It need not be applied to interim financial statements
in the initial year of its application,  but comparative information for interim
periods in the  initial  year of  application  is to be  reported  in  financial
statements for interim periods in the second year of  application,  The adoption
of SFAS No. 131 will result in  additional  disclosures  but is not  expected to
have a material  impact on the  Company's  results of  operations  or  financial
condition.

7

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

ITEM 2:

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
- --------------------------------------------------------------------------------

Operations.  The Company achieved  significant  increases in sales for the three
and nine months ended  September  30, 1997 compared to the same periods in 1996.
The following table sets forth certain operational data as a percentage of sales
for the three and nine months ended September 30, 1997 and 1996.

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

1997          1996        1997         1996
----          ----        ----         ----

Sales                                    100.0 %       100.0 %     100.0 %      100.0 %
Gross Margin                              36.5          42.1        37.9         41.9
Selling, General and Administrative       25.3          27.1        26.2         28.0
Research & Development                     7.8           4.2         7.4          4.6
Income From Operations                     3.3          10.8         4.4          9.3
Other Expense                             (1.4)         (1.1)       (1.4)        (1.3)
Net Income                                  .8           5.3         1.4          4.5

Sales.  Sales for the third quarter of 1997 ended September 30 were  $15,450,336
compared to $12,702,407 for the same period last year,  which  represents a gain
of 22 percent.  The Company's  custom kit business grew by 18 percent during the
three-month period compared to the quarter ended September 30, 1996, while sales
of other devices including  inflation devices,  syringes,  manifolds and needles
grew by 26 percent. Growth in all segments reflects continued market share gains
and  acceptance  of the  Company's  products,  as well as growth  in  procedures
utilizing the Company's  products,  particularly in foreign markets.  Sales from
international  operations rose by 10 percent for the three-month period compared
to the prior year's same quarter.  These sales  represented  22 percent of total
sales for the third  quarter  compared  with 25 percent  of total  sales for the
prior year's same period.  For the  nine-month  period ended  September 30, 1997
total sales were  $44,609,549  compared with  $37,484,550 for the same period in
1996,  a gain of 19  percent.  These  gains  were led by sales of the  Company's
manifold devices,  which rose 31 percent;  stopcocks,  which grew by 55 percent;
and  custom  kits,  which  grew by 16  percent.  International  sales were up 15
percent  over the prior  year's  period,  and  accounted  for 23  percent of the
Company's  total  revenue mix compared  with 24 percent of total  revenues  last
year.

Gross  Margin.  Gross margin as a percentage  of sales for the third  quarter of
1997 was  36.5%  compared  to 42.1% for the same  period  in 1996.  For the nine
months ended  September 30, 1997 gross margin was 37.9% as compared to 41.9% for
the same period in 1996.  The  decrease  in gross  margin for the three and nine
months  ended  September  30,  1997 was  primarily  due to direct  and  indirect
manufacturing  labor  costs,  which  included  wage  increases  in  response  to
competition for direct labor  employees,  price  competition  affecting  several
products, especially in European markets, and a strong U.S. dollar affecting the
translation of its foreign  European sales into U.S.  dollars.  Gross margin was
also affected by startup and transition  costs in the Company's  newly organized
Vascular Access Division relating to the purchase of UMI.

8

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (Continued)
- --------------------------------------------------------------------------------

Operating Expenses.  Operating expenses were 33.1% of sales for the three months
ended  September  30,1997  compared to 31.3 % for the third quarter of 1996. For
the first nine months of 1997 operating  expenses increased slightly to 33.5% as
compared to 32.6% for the same period in 1996. These  comparative  increases for
both  periods  were due to a nearly  doubling of the  research  and  development
expenses from 1996 to 1997.  Selling,  general and administrative  expenses as a
percentage  of sales  declined  to 25.3% and 26.2% for the three and nine months
ended  September  30, 1997  compared to 27.1% and 28.0% for the same  periods in
1996. The  improvement  was primarily due to economies of scale  associated with
increasing  sales  volumes  and a  continuous  Company-wide  focus on  achieving
greater individual  productivity.  Although Selling,  general and administrative
expenses have  declined as a percent of sales,  research and  development  costs
have increased  approximately $670,000 for the third quarter of 1997 compared to
1996.  For the nine months ended  September  30, 1997  research and  development
increased approximately  $1,560,000 compared with 1996. The substantial increase
in research and development is part of the Company's  long-term  growth strategy
of expanding its business to new market segments within cardiology and radiology
with a view to increasing sales, and subsequently margins and profitability.

Operating  Income.  During the quarter  ended  September  30, 1997,  the Company
reported  income from  operations of $514,745  compared to  $1,377,852,  for the
comparable  period in 1996.  Operating  income for the first nine months of 1997
was  $1,955,027  vs.  $3,484,794  for the same period in 1996.  The  decrease in
earnings for the three and nine months ended September 30, 1997 was attributable
to the  investment in research and  development,  lower gross  margins,  and the
transition  to a direct  sales  force in Canada,  the  Netherlands,  Belgium and
Luxemburg.

Liquidity and Capital  Resources.  At September 30, 1997, the Company's  working
capital was $13.5  million  which  represented  a current  ratio of 2.0 to 1. On
October 10, 1997, the Company increased an available secured bank line of credit
to $10.5 million,  an increase of $2 million.  The line of credit bears interest
at the bank's prime rate which represents a decrease of .25 percent and contains
various  conditions and  restrictions.  At September 30, 1997,  the  outstanding
balance under the line of credit was $6.0 million. Historically, the Company has
incurred  significant  expenses  in  connection  with  product  development  and
introduction  of new  products.  Substantial  capital has also been  required to
finance growth in inventories and receivables. The Company's principal source of
funding  for  these  and other  expenses  has been the sale of  equity  and cash
generated from operations,  secured loans on equipment and bank lines of credit.
The Company  believes  that its  present  sources of  liquidity  and capital are
adequate for its current operations.

9

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------

PART II - OTHER INFORMATION

ITEM 4: Exhibits and Reports on Form 8-K

(a)          Reports on Form 8-K - none
(b)          Exhibits

S - K No.                  Description                   Exhibit No.
---------            -----------------------             -----------
27                Financial Data Schedule                  1

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.

MERIT MEDICAL SYSTEMS, INC.
- ---------------------------
REGISTRANT

Date:     NOVEMBER 10, 1997
- ----------------------------          ------------------------------------------
FRED P. LAMPROPOULOS
PRESIDENT AND CHIEF EXECUTIVE OFFICER

Date:     NOVEMBER 10, 1997
- ---------------------------           ------------------------------------------
KENT W. STANGER
VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

10

<ARTICLE>                     5

<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                              DEC-31-1997
<PERIOD-START>                                 JAN-01-1997
<PERIOD-END>                                   SEP-30-1997
<CASH>                                              684289
<SECURITIES>                                             0
<RECEIVABLES>                                      9214453
<ALLOWANCES>                                       (155723)
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