<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 16. QUARTERLY FINANCIAL DATA (UNAUDITED)
CONSOLIDATED QUARTERLY INFORMATION
<TABLE>
<CAPTION>
THREE MONTHS ENDED
---------------------------------------------
DEC. 31 MAR 31 JUN 30 SEP 30
------- ------- -------- --------
(IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS)
<S> <C> <C> <C> <C> <C>
FISCAL 1994
Revenues................. $59,539 $53,285 $ 66,793 $ 61,595
======= ======= ======== ========
Operating income (loss).. $ 338 $ (775) $(18,180)(3) $(11,528)(4)
Other income (expense),
net..................... 25,867 (1) 3,113 (2) 2,201 (2,225)
Provision (benefit) for
income taxes............ 9,190 984 (5,499) (5,169)
------- ------- -------- --------
Income (loss) from con-
tinuing operations...... 17,015 1,354 (10,480) (8,584)
Income (loss) from dis-
continued operations.... 313 918 906 (9,761)(5)
------- ------- -------- --------
Net income (loss)........ $17,328 $ 2,272 $ (9,574) $(18,345)
======= ======= ======== ========
Per share:
Income (loss) from con-
tinuing operations...... $ 0.55 $ 0.04 $ (0.34) $ (0.27)
Income (loss) from dis-
continued operations.... 0.01 0.03 0.03 (0.31)
------- ------- -------- --------
Net income (loss)........ $ 0.56 $ 0.07 $ (0.31) $ (0.58)
======= ======= ======== ========
FISCAL 1993
Revenues................. $57,971 $62,137 $ 45,203 $ 41,169
======= ======= ======== ========
Operating income (loss).. $ 1,983 $ (725) $ (984) $ (1,563)
Other income (expense),
net..................... (307) (1,054) 17,451 (6) (1,192)
Provision (benefit) for
income taxes............ 191 (888) 5,599 (1,102)
------- ------- -------- --------
Income (loss) from con-
tinuing operations...... 1,485 (891) 10,868 (1,653)
Income (loss) from dis-
continued operations.... (447) (651) (378) 1,040
------- ------- -------- --------
Net income (loss)........ $ 1,038 $(1,542) $ 10,490 $ (613)
======= ======= ======== ========
Per share:
Income (loss) from con-
tinuing operations...... $ 0.06 $ (0.04) $ 0.38 $ (0.06)
Income (loss) from dis-
continued operations.... (0.02) (0.02) (0.01) 0.04
------- ------- -------- --------
Net income (loss)........ $ 0.04 $ (0.06) $ 0.37 $ (0.02)
======= ======= ======== ========
</TABLE>
- --------
(1) Includes a pretax gain of $33.9 million from the sale of 3.75 million
shares of Tidewater common stock and a $6.8 million prepayment penalty in
connection with the partial prepayment of Zapata's Norex indebtedness.
(2) Includes a pretax gain of $3.6 million from the sale of 375,175 shares of
Tidewater common stock.
(3) Includes an $18.8 million valuation provision for oil and gas property
valuation.
(4) Includes a $10.4 million valuation provision for oil and gas property
valuation.
(5) Includes the estimated loss to be realized on disposal of the marine
protein operations including a fourth quarter adjustment to insurance
claims of $590,000, net of tax.
(6) Includes a pretax gain of $32.9 million from the sale of 3.5 million shares
of Tidewater common stock, a $6.4 million prepayment penalty in connection
with the refinancing of Zapata's senior indebtedness and a $6.0 million
write-down of Zapata's investment in Arethusa to approximate estimated
market value. A $300,000 gain was recorded in the fourth quarter when
Zapata disposed of its investment in Arethusa.
61
