In the past decade, the formal theory of specification,verfication and development of real-time programs has grownfrom work of a few specialized groups to a real "bandwagon".Many eminent research groups have shifted their interests inthis direction. Consequently, research in real-time is nowentering established research areas in formal methods, suchas process algebra, temporal logic, and model checking.This volume contains the proceedings of a workshop dedicatedto the theory of real-time with the purpose of stepping backand viewing the results achieved as well as considering thedirections of ongoing research. The volume gives arepresentative picture of what is going on in the fieldworldwide, presented by eminent, active researchers. Thematerial in the volume was prepared by the authors after theworkshop took place and reflects the results of the workshopdiscussions.