<PAGE>
 
Notes to Financial Statements, Continued


3.   Investment in Zapata Corporation Master Profit-Sharing Trust

     Assets of the Master Trust at September 30, 1994 and 1993 in which the plan
     had an interest of approximately 44.4% and 23.1%, respectively, are
     summarized as follows:

<TABLE>
<CAPTION>
 
                                                         1994          1993
<S>                                                  <C>           <C>
Investments at fair value as determined by quoted
 market price:
 
 Cash and temporary investments                      $ 9,024,835   $   679,362
 Government obligations                                    -         1,035,223
 Corporate obligations                                     -         1,088,190
 Preferred stock                                           -           181,500
 Common stock                                            106,060     9,875,763
                                                     -----------   -----------
                                                       9,130,895    12,860,038
 
Investments at estimated fair value:
 Pooled insurance companies guaranteed interest
  rate contract fund                                   2,699,866     6,729,945
                                                     -----------   -----------
                                                      11,830,761    19,589,983
 
Other assets                                               -            72,108
Liabilities                                              (58,084)      (83,425)
                                                     -----------   -----------
 
   Net assets of Master Trust                        $11,772,677   $19,578,666
                                                     ===========   ===========
</TABLE>

     During 1994 and 1993 the Master Trust's investments (including investments
     bought and sold, as well as held during the year) appreciated (depreciated)
     in value by $220,281 and ($900,134) respectively, as follows:

<TABLE>
<CAPTION>
 
                                                             1994        1993
<S>                                                       <C>         <C>
Net appreciation (depreciation) in the value of
 investments
 
 Zapata common stock fund                                 $ (16,550)  $  15,173
 Equity fund                                                331,940    (949,800)
 Fixed income fund                                          (95,109)     34,493
                                                          ---------   ---------

                                                          $ 220,281   $(900,134)
                                                          =========   ========= 
</TABLE>

 
 

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