<PAGE>
ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
YEARS ENDED SEPTEMBER 30,
---------------------------
1994 1993 1992
-------- -------- -------
(IN THOUSANDS, EXCEPT PER
SHARE AMOUNTS)
<S> <C> <C> <C>
Revenues.......................................... $241,212 $206,480 $30,094
-------- -------- -------
Expenses:
Operating....................................... 212,450 189,114 7,933
Provision for oil & gas property valuation...... 29,152
Depreciation, depletion and amortization........ 13,661 8,526 10,675
Selling, general and administrative............. 16,094 10,129 5,314
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271,357 207,769 23,922
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Operating income (loss)........................... (30,145) (1,289) 6,172
-------- -------- -------
Other income (expense):
Interest income................................. 2,043 2,403 2,642
Interest expense................................ (6,138) (11,076) (11,552)
Gain on sale of Tidewater common stock.......... 37,457 32,928
Equity in income of unconsolidated affiliates... 1,125 1,497
Other........................................... (4,406) (10,482) 4,734
-------- -------- -------
28,956 14,898 (2,679)
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Income (loss) from continuing operations before
income taxes..................................... (1,189) 13,609 3,493
-------- -------- -------
Provision (benefit) for income taxes.............. (494) 3,800 678
-------- -------- -------
Income (loss) from continuing operations.......... (695) 9,809 2,815
-------- -------- -------
Discontinued marine protein operations (Note 2):
Income (loss) from discontinued operations, net
of income taxes................................ 1,273 (436) (384)
Loss on disposition, net of income taxes........ (8,897)
-------- -------- -------
(7,624) (436) (384)
-------- -------- -------
Net income (loss)................................. (8,319) 9,373 2,431
Preferred and preference stock dividends.......... 356 404 404
-------- -------- -------
Net income (loss) to Common Stockholders.......... $ (8,675) $ 8,969 $ 2,027
======== ======== =======
Per share data:
Income (loss) from continuing operations........ $ (0.04) $ 0.34 $ 0.09
Loss from discontinued operations............... (0.24) (0.01) (0.01)
-------- -------- -------
Net income (loss) per share..................... $ (0.28) $ 0.33 $ 0.08
======== ======== =======
</TABLE>
The accompanying notes are an integral part of the financial statements.
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