<PAGE>
 
                               ZAPATA CORPORATION
                      CONDENSED CONSOLIDATED BALANCE SHEET
                      ------------------------------------
                                 (in thousands)

<TABLE>
<CAPTION>
 
                                               DECEMBER 31, SEPTEMBER 30,
               ASSETS                              1995         1995
                                              --------------  ---------
<S>                                           <C>             <C>
Current assets:
  Cash and cash equivalents                        $102,075   $  2,488
  Receivables                                         9,992     17,550
  Inventories:               
    Fish products                                    19,353     22,947
    Materials, parts and supplies                     3,244      3,358
Prepaid expenses and other current assets             3,043      2,400
Net assets of discontinued operations                21,475    101,894
                                                   --------   --------
    Total current assets                            159,182    150,637
                                                   --------   --------
 
Investments and other assets:
  Notes receivable                                    8,864      8,864

  Investments in unconsolidated affiliates           18,271     18,235
  Deferred income taxes                               4,585      6,247
  Other assets                                       16,145     16,170
                                                   --------   --------
                                                     47,865     49,516
                                                   --------   --------
 
Property and Equipment                               74,958     74,275
Accumulated depreciation                            (35,810)   (35,037)
                                                   --------   --------
                                                     39,148     39,238
                                                   --------   --------
    Total assets                                   $246,195   $239,391
                                                   ========   ========
 
 
    LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current maturities of long-term debt             $  8,357   $ 16,148
  Accounts payable and accrued liabilities           24,801     20,953
                                                   --------   --------
    Total current liabilities                        33,158     37,101
                                                   --------   --------
 
Long-term debt                                       34,179     37,468
                                                   --------   --------
 
Other liabilities                                    19,293     19,532
                                                   --------   --------
 
Stockholders' equity:
  Preference stock                                        3          3
  Common stock                                        7,387      7,387
  Capital in excess of par value                    131,962    131,962
  Reinvested earnings from October 1, 1990           20,213      5,938
                                                   --------   --------
                                                    159,565    145,290
                                                   --------   --------
    Total liabilities and stockholders' equity     $246,195   $239,391
                                                   ========   ========
</TABLE>

    The accompanying notes are an integral part of the financial statements

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