<PAGE>
 
                                                                    SCHEDULE III
                                                                     (CONTINUED)
 
                               ZAPATA CORPORATION
                             (PARENT COMPANY ONLY)
 
                       CONDENSED STATEMENT OF OPERATIONS
 

<TABLE>
<CAPTION>
                                                                    YEAR ENDED
                                                                   SEPTEMBER 30,
                                                                       1994
                                                                   -------------
                                                                        (IN
                                                                    THOUSANDS)
<S>                                                                <C>
Expenses:
  Depreciation....................................................   $  2,321
  General and administrative......................................      4,127
                                                                     --------
                                                                        6,448
                                                                     --------
Operating loss....................................................     (6,448)
                                                                     --------
Other income (expense):
  Interest income.................................................        841
  Interest expense................................................     (5,714)
  Gain on sale of Tidewater common stock..........................     37,457
  Equity in loss of subsidiaries..................................    (29,452)
  Other...........................................................     (4,429)
                                                                     --------
                                                                       (1,297)
                                                                     --------
Loss before income taxes..........................................     (7,745)
Provision for income taxes........................................        574
                                                                     --------
Net loss..........................................................   $ (8,319)
                                                                     ========
</TABLE>

 
 
 
        This condensed statement should be read in conjunction with the
 Consolidated Financial Statements and Notes thereto which are included in Item
                                   8 herein.
 
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