<PAGE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
-------------------- ------------------
1995 1994 1995 1994
--------- --------- -------- --------
<S> <C> <C> <C> <C>
Per share data:
Income (loss) from continuing
operations:
As previously reported............ $ (0.26) $ (0.34) $ (0.17) $ 0.26
As restated....................... (0.24) (0.31) (0.11) 0.31
--------- --------- -------- --------
Effect of correction................ $ 0.02 $ 0.03 $ 0.06 $ 0.05
========= ========= ======== ========
Income from discontinued operations:
As previously reported............ $ 0.32 $ 0.03 $ 0.34 $ 0.05
As restated....................... 0.30 -- 0.28 --
--------- --------- -------- --------
Effect of correction................ $ (0.02) $ (0.03) $ (0.06) $ (0.05)
========= ========= ======== ========
</TABLE>
NOTE 3. DISCONTINUED MARINE PROTEIN OPERATIONS SUBSEQUENTLY RETAINED
Zapata has decided to retain the marine protein operations which had
previously been reported as a discontinued operation. In April 1995, the
Company announced the cancellation of the sale of the marine protein division.
Zapata had previously announced that an agreement to sell its marine protein
operations had been reached. However, the acquisition group failed to close
the transaction.
The Company has concluded that the value of its marine protein operations
could be more effectively realized by retaining these operations as part of
Zapata's ongoing operations, rather than pursuing another sale transaction. As
a result, marine protein's net assets and results of operations for all
periods have been reclassified from discontinued operations to continuing
operations. Marine protein's results of operations from October 1994 through
March 1995 had previously been offset against an after-tax reserve of $8.9
million established in the fourth quarter of fiscal 1994 for the estimated
loss on disposition. As a result of the Company's decision to retain the
marine protein operations, the $8.9 million reserve has been reversed in the
current quarter. Marine protein revenues of $39.6 million and operating income
of $1.8 million for the first six months of fiscal 1995 have been reclassified
to continuing operations. Also, marine protein assets and liabilities of $80.7
million and $23.9 million, respectively, as of June 30, 1995 and assets and
liabilities of $100.2 million and $32.6 million, respectively, as of September
30, 1994 have been reclassified to continuing operations.
As a result of adopting SFAS 121, Zapata recorded a $12.6 million pretax
provision for asset impairment to reduce its marine protein assets. The
provision was based on the estimated fair market value of the marine protein
assets. The fair market value of the marine protein assets was determined
based upon the highest third-party competitive bid which had been received by
the Company.
NOTE 4. RESTATED FISCAL 1995 RESULTS OF OPERATIONS
Zapata's first and second quarter income statements for fiscal 1995 have
been restated as follows to reclassify the marine protein operating results to
continuing operations, amounts in thousands.
<TABLE>
<CAPTION>
THREE MONTHS ENDED
----------------------
DECEMBER 31, MARCH 31,
1994 1995
------------ ---------
<S> <C> <C>
Revenues.............................................. $65,551 $58,120
Operating income (loss)............................... 2,064 699
Net income............................................ $ 748 $ 2,931
</TABLE>
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