<PAGE>
ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CAPITAL
IN
EXCESS INVESTMENTS
PREFERRED PREFERENCE COMMON OF PAR REINVESTED IN EQUITY
STOCK STOCK STOCK VALUE EARNINGS SECURITIES
--------- ---------- -------- -------- ---------- -----------
(IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Balance at September 30,
1991................... $ 4,500 $ 3 $ 31,698 $ 84,969 $1,683
Net income.............. 2,431
Preferred stock
dividends declared..... (404)
Other................... (1) 1
------- --- -------- -------- ------ ------
Balance at September 30,
1992................... 4,500 3 31,697 84,970 3,710
Net income.............. 9,373
Preferred stock
dividends declared..... (404)
Refinancing of bank debt
(3.0 million shares)... 3,750 7,041
Acquisition of Cimarron
(437,333 shares)....... 547 741
Other................... 182 154
------- --- -------- -------- ------ ------
Balance at September 30,
1993................... 4,500 3 36,176 92,906 12,679
Net loss................ (8,319)
Cash dividends declared:
Common stock.......... (2,219)
Preferred stock....... (354)
Preference stock...... (2)
Common Stock one-for-
five reverse split..... (31,657) 31,657
Preferred stock
redemption............. (2,245)
Unrealized gain (net of
taxes)................. $4,276
Reclassification of
deferred tax asset..... 1,585
Acquisition of Energy
Industries (2.7 million
shares)................ 3,375 12,285
Other................... 36 (140)
------- --- -------- -------- ------ ------
Balance at September 30,
1994................... $ 2,255 $ 3 $ 7,930 $138,293 $1,785 $4,276
======= === ======== ======== ====== ======
</TABLE>
The accompanying notes are an integral part of the financial statements.
17
