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ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS(1)
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YEARS ENDED SEPTEMBER 30,
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1994 1993 1992
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(IN THOUSANDS, EXCEPT PER
SHARE AMOUNTS)
<S> <C> <C> <C>
Revenues........................................ $337,826 $265,045 $106,413
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Expenses:
Operating..................................... 294,330 235,069 70,385
Provision for oil & gas property valuation.... 29,152 -- --
Depreciation, depletion and amortization...... 18,196 13,036 14,923
Selling, general and administrative........... 20,848 13,934 10,204
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362,526 262,039 95,512
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Operating income (loss)......................... (24,700) 3,006 10,901
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Other income (expense):
Interest income............................... 2,043 2,404 2,644
Interest expense.............................. (9,356) (15,811) (16,270)
Gain on sale of Tidewater common stock........ 37,457 32,928 --
Equity in income of unconsolidated affiliates. -- 1,125 1,497
Other......................................... (4,292) (10,629) 4,419
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25,852 10,017 (7,710)
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Income from continuing operations before income
taxes.......................................... 1,152 13,023 3,191
Provision for income taxes...................... 574 3,650 760
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Income (loss) from continuing operations........ 578 9,373 2,431
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Discontinued marine protein operations (Notes 2
and 14):
Loss on disposition, net of income taxes...... (8,897) -- --
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(8,897) -- --
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Net income (loss)............................... (8,319) 9,373 2,431
Preferred and preference stock dividends........ 356 404 404
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Net income (loss) to Common Stockholders........ $ (8,675) $ 8,969 $ 2,027
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Per share data:
Income (loss) from continuing operations...... $ 0.01 $ 0.33 $ 0.08
Loss from discontinued operations............. (0.29) -- --
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Net income (loss) per share................... $ (0.28) $ 0.33 $ 0.08
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(1) The Consolidated Statement of Operations has been reclassified to present
the marine protein operations as continuing operations. See Note 14.
The accompanying notes are an integral part of the financial statements.
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