<PAGE>
I
TEM 6. SELECTED FINANCIAL DATA
The following table sets forth certain selected financial information for
the periods presented and should be read in conjunction with the Consolidated
Financial Statements of the Company and the related notes thereto and with
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" included in this Report. In connection with the 1990 Restructuring
and effective as of October 1, 1990, the Company implemented, for accounting
purposes, a "quasi-reorganization," an elective accounting procedure that
permits a company which has emerged from financial difficulty to restate its
accounts and establish a fresh start in an accounting sense. The Company's
financial statements were restated in 1994 to reflect the Company's marine
protein operations as a discontinued operation and in 1990 to reflect the
Company's offshore drilling operations as a discontinued operation.
<TABLE>
<CAPTION>
YEAR ENDED SEPTEMBER 30,
---------------------------------------------------------
1994 1993 1992 1991 1990
-------- -------- ------- ------- --------------
(IN THOUSANDS, EXCEPT PER SHARE)
AFTER QUASI- BEFORE QUASI-
REORGANIZATION REORGANIZATION
<S> <C> <C> <C> <C> <C>
INCOME STATEMENT DATA:
Revenues.............. $241,212 (1) $206,480 (1) $30,094 $22,496 $31,431
Operating income
(loss)............... (30,145)(2) (1,289) 6,172 (441) 2,888
Income (loss) from
continuing
operations........... (695)(3) 9,809 (4) 2,815 2,757 (16,570)
Per common share
income (loss) from
continuing
operations........... (0.04) 0.34 0.09 0.09 (2.66)
Cash dividends paid... 1,566 2,933 -- -- --
Common Stock dividends
declared, per share.. 0.07 -- -- -- --
CASH FLOW DATA:
Capital expenditures.. 24,580 3,092 6,981 4,057 2,090
</TABLE>
<TABLE>
<CAPTION>
SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30, OCTOBER 1, SEPTEMBER 30,
1994 1993 1992 1991 1990 1990
------------- ------------- ------------- ------------- ---------- --------------
(IN THOUSANDS)
BEFORE QUASI-
AFTER QUASI-REORGANIZATION REORGANIZATION
<S> <C> <C> <C> <C> <C> <C>
BALANCE SHEET DATA:
Working capital....... $88,112 $157,216(5) $72,858 $88,303 $99,990 $(340,262)
Property and
equipment, net....... 87,083 56,227 50,876 54,594 61,266 61,266
Net assets of
discontinued
operations........... 55,000 68,698 60,679 61,415 354,492 364,130
Total assets.......... 258,874 321,087 280,936 295,367 557,432 587,120
Current maturities of
long-term debt....... 2,478 2,384 19,446 10,484 200,740(6) 639,375
Long-term debt........ 59,860 131,584 112,111 131,557 138,933 1,179
Stockholder's equity.. 154,542 146,264 124,880 122,853 112,525 (174,557)
</TABLE>
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(1) Includes $156.1 million and $186.3 million of revenues in 1994 and 1993,
respectively, from Cimarron, which was acquired during the first quarter
of fiscal 1993. (After $157.2 million and $186.8 million in expenses in
1994 and 1993, respectively, Cimarron incurred operating losses of $1.1
million and $552,000 in 1994 and 1993, respectively).
(2) Includes a $29.2 million oil and gas valuation provision.
(3) Includes a $37.5 million pretax gain from the sale of 4.1 million shares
of Tidewater common stock and expenses of $7.4 million related to the
prepayment of Norex indebtedness.
(4) Includes a $32.9 million pretax gain from the sale of 3.5 million shares
of Tidewater common stock, a $6.4 million prepayment penalty in connection
with the senior debt refinancing and a $5.7 million pretax loss resulting
from the disposition of Zapata's investment in Arethusa (Offshore) Limited
("Arethusa").
(5) Includes $75.1 million of restricted cash primarily generated from the
sale of Tidewater common stock in June 1993 which was subsequently used to
fund the cash portion of the purchase price of the Energy Industries
Acquisition.
(6) Includes indebtedness of $173.0 million due to senior creditors, $26.9
million due to the holders of subordinated debentures classified as debt
and related restructuring liabilities and $985,000 of current maturities
of long-term debt.
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