<PAGE>
SCHEDULE III
(CONTINUED)
ZAPATA CORPORATION
(PARENT COMPANY ONLY)
CONDENSED STATEMENT OF CASH FLOWS
<TABLE>
<CAPTION>
YEAR ENDED
SEPTEMBER 30,
1994
-------------
(IN
THOUSANDS)
<S> <C>
Cash flow used by operating activities:
Net loss....................................................... $ (8,319)
Adjustments to reconcile net loss to net cash used by operating
activities:
Depreciation................................................. 2,321
Gain on sale of assets....................................... (37,457)
Equity in loss of subsidiaries............................... 29,452
Changes in assets and liabilities:
Receivables................................................ (700)
Accounts payable and accrued liabilities................... (991)
Deferred income taxes...................................... (4,137)
Other assets and liabilities............................... 5,844
--------
Total adjustments........................................ (5,668)
--------
Net cash used by operating activities.................... (13,987)
--------
Cash flow provided by investing activities:
Proceeds from sale of Tidewater common stock................... 85,853
Restricted cash investments.................................... 74,083
Advances from subsidiaries..................................... 17,582
Business acquisitions, net of cash acquired.................... (73,222)
Capital expenditures........................................... (67)
--------
Net cash provided by investing activities................ 104,229
--------
Cash flow used by financing activities:
Principal payments of long-term obligations.................... (85,524)
Preferred stock redemption..................................... (2,245)
Dividend payments.............................................. (1,566)
--------
Net cash used by financing activities.................... (89,335)
--------
Net increase in cash and cash equivalents........................ 907
Cash and cash equivalents at beginning of year................... 10,189
--------
Cash and cash equivalents at end of year......................... $ 11,096
========
</TABLE>
This condensed statement should be read in conjunction with the
Consolidated Financial Statements and Notes thereto which are included in Item
8 herein.
71