<PAGE>
UNAUDITED PRO FORMA CONDENSED STATEMENT OF INCOME
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1994
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
PRO FORMA
PRO FORMA ADJUSTMENTS ADJUSTMENTS
--------------------- ------------------
MARINE DOMESTIC
PROTEIN OIL & GAS RESTATED ENERGY
HISTORICAL RETAINED(1) SALE(2) HISTORICAL INDUSTRIES SALE(3) AS ADJUSTED(5)
---------- ----------- --------- ---------- ------------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Revenues................ $241,212 $96,614 $(8,432) $329,394 $(72,522) $256,872
-------- ------- ------- -------- -------- --------
Expenses:
Operating.............. 212,450 81,880 (5,750) 288,580 (52,768) 235,812
Provision for oil and
gas property
valuation............. 29,152 (29,152)
Depreciation, depletion
and amortization...... 13,661 4,535 (4,563) 13,633 (4,867) 8,766
Selling, general and
administrative........ 16,094 4,754 (796) 20,052 (6,917) 13,135
-------- ------- ------- -------- -------- --------
271,357 91,169 (40,261) 322,265 (64,552) 257,713
-------- ------- ------- -------- -------- --------
Operating income (loss). (30,145) 5,445 31,829 7,129 (7,970) (841)
-------- ------- ------- -------- -------- --------
Other income (expense):
Interest income........ 2,043 2,043 (269) 1,774
Interest expense....... (6,138) (3,218) (9,356) 3,393 (4) (5,963)
Gain on sales of
Tidewater common
stock................. 37,457 37,457 37,457
Other.................. (4,406) 114 (4,292) (4,292)
-------- ------- ------- -------- -------- --------
28,956 (3,104) 25,852 3,124 28,976
-------- ------- ------- -------- -------- --------
Income (loss) from
continuing operations
before taxes........... (1,189) 2,341 31,829 32,981 (4,846) 28,135
Provision (benefit) for
income taxes........... (494) 1,068 11,140 11,714 (2,049) 9,665
-------- ------- ------- -------- -------- --------
Income (loss) from
continuing operations.. $ (695) $ 1,273 $20,689 $ 21,267 $ (2,797) $ 18,470
======== ======= ======= ======== ======== ========
Per common share income
(loss) from continuing
operations............. (0.04) 0.05 0.65 0.66 (0.09) 0.57
Common stock dividends
declared, per share.... 0.07 0.07 0.07
</TABLE>
- --------
(1) The historical income statement has been restated to reflect the Company's
marine protein operations as a continued operation as a result of the
Company's decision to retain these operations. The Company's Form 10-K for
the fiscal year ended September 30, 1994 reflected the marine protein
operation as a discontinued operation.
(2) In August 1995, the Company completed the sale of its remaining U.S.
offshore oil and gas properties. The Company received cash of $3,365, a
production payment entitling the Company to a share of future revenues
derived from the properties and other contract consideration. No gain or
loss was recognized from the sale.
(3) The Company's consolidated financial results for its fiscal year ended
September 30, 1994 include only eleven months of Energy Industries'
operations because the Company acquired Energy Industries in November 1993.
(4) The pro forma adjustments include allocations of interest expense on
general corporate debt of $3.4 million to Energy Industries.
(5) The Company has also announced its intention to sell Cimarron. Although the
stockholders are not being asked to approve such sale, should such sale
occur as intended, the pro forma financial results would be further
adjusted as follows:
<TABLE>
<CAPTION>
CIMARRON AS FURTHER
AS ADJUSTED SALE ADJUSTED
----------- --------- ----------
<S> <C> <C> <C>
Revenue................................ $ 256,872 $(156,141) $100,731
Operating income (loss)................ (841) 1,063 222
Income (loss) from continuing
operations............................ 18,470 1,472 19,942
Per common share income (loss) from
continuing operations................. 0.57 0.05 0.62
</TABLE>
21
