<PAGE>
ZAPATA CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
------------------ ------------------
1995 1994 1995 1994
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Revenues $ 36,708 $ 64,686 $126,622 $192,050
-------- -------- -------- --------
Expenses:
Operating 30,916 58,171 112,602 172,735
Provisions for asset write-downs 12,607 18,810 12,607 18,810
Depreciation, depletion and
amortization 2,158 3,107 6,453 8,369
Selling, general and administrative 2,195 3,116 6,462 9,579
-------- -------- -------- --------
47,876 83,204 138,124 209,493
-------- -------- -------- --------
Operating loss (11,168) (18,518) (11,502) (17,443)
-------- -------- -------- --------
Other income (expense):
Interest income 303 382 840 1,448
Interest expense (735) (1,213) (2,449) (4,753)
Gain on sales of Tidewater common
stock -- -- 4,811 37,457
Other (115) 3,016 453 (2,859)
-------- -------- -------- --------
(547) 2,185 3,655 31,293
-------- -------- -------- --------
Income (loss) from continuing
operations before taxes (11,715) (16,333) (7,847) 13,850
-------- -------- -------- --------
Provision for income taxes
State 97 98 186 567
Federal (4,133) (5,750) (2,810) 4,650
-------- -------- -------- --------
(4,036) (5,652) (2,624) 5,217
-------- -------- -------- --------
Income (loss) from continuing
operations (7,679) (10,681) (5,223) 8,633
-------- -------- -------- --------
Discontinued operations:
Income from discontinued operations,
net of income taxes 537 1,107 1,760 1,393
Reversal of reserve for loss on
disposition, net of income taxes 8,897 -- 8,897 --
-------- -------- -------- --------
9,434 1,107 10,657 1,393
-------- -------- -------- --------
Net income (loss) 1,755 (9,574) 5,434 10,026
-------- -------- -------- --------
Preferred stock dividends -- 101 51 303
-------- -------- -------- --------
Net income (loss) to common
stockholders $ 1,755 $ (9,675) $ 5,383 $ 9,723
======== ======== ======== ========
Per share data:
Income (loss) from continuing
operations $ (0.26) $ (0.34) $ (0.17) $ 0.26
Income from discontinued
operations 0.32 0.03 0.34 0.05
-------- -------- -------- --------
Net income (loss) per share $ 0.06 $ (0.31) $ 0.17 $ 0.31
======== ======== ======== ========
Average common shares and
equivalents outstanding 29,824 31,671 31,120 31,708
======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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