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ZAPATA CORPORATION
INCOME STATEMENT
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(in thousands, except per share amounts)
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<CAPTION>
Three Months Nine Months
Ended Ended
June 30, June 30,
1994 1993 1994 1993
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<S> <C> <C> <C> <C>
Revenues $86,496 $58,173 $241,924 $200,952
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Expenses
Operating 74,214 52,089 209,215 178,822
Provision for oil & gas
property valuation 18,810 --- 18,810 ---
Depreciation, depletion
and amortization 4,475 2,879 11,969 10,165
Selling, general and
administrative 5,055 3,774 14,531 10,329
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102,554 58,742 254,525 199,316
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Operating income (loss) (16,058) (569) (12,601) 1,636
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Interest income (expense)
Interest income 431 483 1,628 1,440
Interest expense (1,869) (3,724) (7,482) (11,246)
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(1,438) (3,241) (5,854) (9,806)
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Other income (expense)
Gain on sale of Tidewater
stock --- 32,928 37,457 32,928
Other 3,016 (13,205) (2,859) (10,575)
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3,016 19,723 34,598 22,353
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Income (loss) before income
taxes (14,480) 15,913 16,143 14,183
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Provision for income
taxes (4,906) 5,423 6,117 4,197
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Net income (loss) (9,574) 10,490 10,026 9,986
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Preferred and preference
stock dividends 101 285 303 487
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Net income (loss) to common
stock ($9,675) $10,205 $9,723 $9,499
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Net income (loss) per
common share ($0.31) $0.37 $0.31 $0.36
Average common shares and
equivalents outstanding 31,671 27,807 31,708 26,641
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(The accompanying notes are an integral part of the financial statements.)
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