U.S. SECURITIES AND EXCHANGE COMMISSION

          Litigation Release No.  16092 / March 19, 1999

          SECURITIES AND EXCHANGE COMMISSION v. RICHARD J. SMITH, Civil
          Action No. 95-6440 - MRP (BQRx)(C.D. Cal.)

               The Securities and Exchange Commission announced that Judge
          Mariana R. Pfaelzer of the United States District Court in Los
          Angeles entered judgment against Richard J. Smith on March 17,
          1999 in an insider trading case.  The judgment enjoins Smith from
          future violations of the antifraud provisions, Section 17(a) of
          the Securities Act of 1933, Section 10(b) of the Securities
          Exchange Act of 1934, and Rule 10b-5.  Smith consented to the
          entry of the judgment.

               Smith held a senior management position at PDA Engineering,
          Inc., where he was responsible for the company’s sales in North
          America.  In this position, Smith learned that the company’s
          management expected fiscal fourth quarter 1993 revenues to fall
          below expectations and, later, that revenues had fallen below
          projections.  Smith then used this material, non-public
          information in a series of transactions in which he sold existing
          shares of PDA, sold short additional shares, and tipped his
          father and a co-worker, who also sold shares.  When the company
          announced its fourth quarter earnings several weeks later, the
          stock price declined.  Smith, his father and the co-worker
          avoided losses on their existing PDA stock and Smith and his
          father profited on their short sales.

               Smith was convicted in federal district court on 11 counts
          of insider trading following a jury trial in 1996.  He is
          presently serving 15 months imprisonment, and is ordered to pay
          $89,567.58 in restitution, $5,500 in fines, and remain on
          supervised release for 3 years following imprisonment.