<PAGE>
 
          The information appearing under the caption "Executive Officers of the
Registrant" in Item 1 of the Company's Annual Report on Form 10-K for the year
ended September 30, 1994 is amended to read in its entirety as set forth below.
The amended information reflects the Company's determination that Joseph B.
Mokry, an officer of a subsidiary of the Company, should be considered an
executive officer of the Company.

EXECUTIVE OFFICERS OF REGISTRANT

          The names, ages and current offices of the executive officers of the
Company, who are to serve until the next annual meeting of the Board of
Directors to be held in 1995, are set forth below.  Also indicated is the date
when each such person commenced serving as an executive officer of the Company.

<TABLE>
<CAPTION>
                                                                                     DATE BECAME
NAME AND AGE                                        OFFICE                           EXECUTIVE OFFICER
- ------------                 -----------------------------------------------------   -----------------
<S>                          <C>                                                     <C>
Malcolm I. Glazer (66 )..    Chairman of the Board of Directors,                     July 1994
                              Chief Executive Officer and President                 
Ronald C. Lassiter (62)..    Acting Chief Operating Officer                          December 1994
Lamar C. McIntyre (56)...    Vice President, Chief Financial Officer and Treasurer   October 1994
Bruce K. Williams (46)...    Chairman, President and Chief Executive Officer        
                              of Zapex                                               July 1987
Robert W. Jackson (51)...    President and Chief Executive Officer of Cimarron       November 1992
Joseph B. Mokry (47).....    President and Chief Operating Officer of               
                              Energy Industries                                      January 1995

</TABLE>

 
         A description of the business experience during the past five years for
each of the executive officers of Zapata is set forth below.

         Malcolm I. Glazer, a director since 1993, has served as Chairman of the
Board of Directors since July 1994; and as President and Chief Executive Officer
since August 1994.  He is also a self-employed, private investor whose
diversified portfolio consists of investments in television broadcasting,
restaurants, restaurant equipment, health care, banking, real estate, stocks,
government securities and corporate bonds, for more than the past five years.
He is a director and Chairman of the Board of Gilbert/Robinson Restaurants, Inc.
(a restaurant holding company) and he is a director of Specialty Equipment
Companies, Inc.  He is 66 years of age and serves on the Executive Committee and
Nominating Committee of the Company's Board of Directors.  His current term of
office as a director expires in 1996.

         Ronald C. Lassiter, who has served as acting Chief Operating Officer of
Zapata since December 1994, has been a director since 1974 and was Chairman of
the Board of Directors of Zapata from December 1985 to July 1994.  From January
1983 to July 1994, he served as Chief Executive Officer of Zapata, and from July
1994 until December 1994, he served as Chairman and Chief Executive Officer of
Zapata Protein, Inc.  In December 1994, Mr. Lassiter withdrew from an active
management role with Zapata Protein, Inc. as a result of his participation in a
group seeking to acquire that subsidiary.  He has served in various positions
with Zapata since 1970, and he served as a director of Zapata Gulf Marine
Corporation from November 1984 to January 1992.  Mr. Lassiter also serves as a
director of Daniel Industries, Inc.

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