<PAGE>
 

<TABLE>
<CAPTION>
                                          Three Months Ended
                                       --------------------------
                                       December 31,     March 31,
                                           1994            1995
                                       ------------     ---------
<S>                                    <C>                 <C>
 
Revenues                                   $47,388       $42,526
Operating income (loss)                        141          (475)
Income from continuing operations               40         2,416
Income from discontinued operations            708           515
Net income                                 $   748       $ 2,931
</TABLE>

NOTE 5.  SUBSEQUENT EVENT

          In July 1995, Zapata completed the sale of its remaining U.S. offshore
oil and gas properties. The Company received cash, a production payment
entitling Zapata to a share of future revenues derived from the properties and
other contract consideration. No gain or loss was recognized from the sale as
the transaction was recorded at book value.

          In August 1995, Zapata announced that it had acquired 31% of the
outstanding common stock of Envirodyne Industries, Inc. ("Envirodyne") for $18.8
million from Malcolm Glazer, Chairman of the Board of Zapata and a director of
Envirodyne. Zapata paid the purchase price by issuing to the seller a
subordinated promissory note bearing interest at prime and maturing in August
1997. Envirodyne is one of the world's major suppliers of food packaging
products and food service supplies.. This acquisition is the first major step in
the transformation of Zapata away from the energy business and into food-related
businesses. Zapata is evaluating acquiring additional shares or proposing a
merger with, or acquisition of, Envirodyne in the future.

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