<PAGE>
 
                                                                    SCHEDULE III
                                                                     (CONCLUDED)
 
                               ZAPATA CORPORATION
                             (PARENT COMPANY ONLY)
 
                    NOTES TO CONDENSED FINANCIAL STATEMENTS
 
NOTE 1. LONG-TERM OBLIGATION
 
  Zapata Corporation leases office space in accordance with an agreement that
expires in August 2002. Annual payments are approximately $480,000 until August
31, 1997 and approximately $629,000 thereafter.
 
NOTE 2. ANNUAL MATURITIES OF LONG-TERM DEBT
 
  The annual maturities of long-term debt for the five years ending September
30, 1999 are as follows (in thousands):
 

<TABLE>
<CAPTION>
      1995             1996                      1997                     1998                   1999
      ----            -------                   -------                   ----                   ----
      <S>             <C>                       <C>                       <C>                    <C>
      $ --            $17,500                   $15,621                   $ --                   $ --
</TABLE>

 
 
        This condensed statement should be read in conjunction with the
 Consolidated Financial Statements and Notes thereto which are included in Item
                                   8 herein.
 
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