<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
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</TABLE>
The accompanying notes are an integral part of the financial statements.
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