<PAGE>
 
                              ZAPATA CORPORATION
                    CONDENSED CONSOLIDATED INCOME STATEMENT
                    ---------------------------------------
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
 
                                                           THREE MONTHS ENDED
                                                               DECEMBER 31,
                                                         --------------------- 
                                                            1995       1994
                                                         ----------  ---------
<S>                                                      <C>         <C>
 
Revenues                                                 $23,942    $22,357
                                                         -------    -------
                                                         
Expenses:                                                
  Operating                                               19,235     18,593
  Depreciation, depletion and amortization                   775      1,679
  Selling, general and administrative                      1,565      1,774
                                                         -------    ------- 
                                                          21,575     22,046
                                                         -------    -------  
Operating income                                           2,367        311
                                                         -------    -------
                                                         
Other income (expense):                                  
  Interest income                                            279        258
  Interest expense                                        (1,010)      (640)
  Other                                                      126        527
                                                         -------    -------
                                                            (605)       145
                                                         -------    ------- 
Income from continuing operations before income taxes      1,762        456
                                                         -------    -------
                                                         
Provision for income taxes                               
  State                                                       87         33
  Federal                                                    586        148
                                                         -------    -------
                                                             673        181
                                                         -------    ------- 
Income from continuing operations                          1,089        275
                                                         -------    -------
                                                         
Discontinued operations:                                 
  Income (loss) from discontinued operations,            
   net of income taxes                                       (42)       473
  Gain on disposal of Energy Industries,                 
   net of income taxes                                    13,228        ---
                                                         -------    -------
                                                          13,186        473
                                                         -------    ------- 
Net income                                                14,275        748
                                                         
Preferred stock dividends                                    ---         51
                                                         -------    -------
Net income to common stockholders                        $14,275    $   697
                                                         =======    =======
                                                         
Per share data:                                          
  Income from continuing operations                      $   .04    $   .01
  Income from discontinued operations                        .44        .01
                                                         -------    -------
  Net income per share                                   $   .48    $   .02
                                                         =======    =======
                                                         
Average common shares and equivalents outstanding         29,566     31,785
                                                         =======    =======
 
</TABLE>

    The accompanying notes are an integral part of the financial statements

                                       4