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ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS(1)
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YEARS ENDED SEPTEMBER 30,
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1994 1993 1992
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(IN THOUSANDS)
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Cash flow provided (used) by operating
activities:
Continuing operations:
Net income (loss) from continuing
operations................................. $ 578 $ 9,373 $ 2,431
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Adjustments to reconcile net income (loss)
to net cash provided (used) by operating
activities:
Depreciation, amortization and valuation
provision................................ 47,348 13,036 14,923
Gain on sale of assets, net............... (37,457) (27,303) (46)
Equity in income of unconsolidated
affiliates............................... -- (1,125) (1,497)
Cash dividends received................... -- 1,238 620
Changes in assets and liabilities:
Receivables............................. (4,771) 8,330 569
Inventories............................. (38) (10,883) 5,369
Accounts payable and accrued
liabilities............................ 5,505 (6,189) (5,659)
Deferred income taxes................... (3,608) 3,006 680
Other assets and liabilities............ 3,533 (5,099) (5,852)
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Total adjustments..................... 10,512 (24,989) 9,107
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Net cash provided (used) by continuing
operations............................. 11,090 (15,616) 11,538
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Cash flow provided (used) by investing
activities:
Proceeds from disposition of investments and
other........................................ 88,533 85,244 106
Restricted cash investments................... 74,304 (75,083) --
Proceeds from notes receivable................ 1,061 994 2,359
Business acquisitions, net of cash acquired... (73,222) (12,600) --
Capital expenditures.......................... (28,251) (4,569) (11,595)
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Net cash provided (used) by investing
activities............................. 62,425 (6,014) (9,130)
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Cash flow provided (used) by financing
activities:
Borrowings.................................... 16,873 101,375 --
Proceeds from issuance of Common Stock........ -- 11,250 --
Principal payments of long-term obligations... (88,756) (108,333) (10,672)
Preferred stock redemption.................... (2,245) -- --
Dividend payments............................. (1,566) (2,933) --
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Net cash provided (used) by financing
activities............................. (75,694) 1,359 (10,672)
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Net decrease in cash and cash equivalents....... (2,179) (20,271) (8,264)
Cash and cash equivalents at beginning of year.. 15,273 35,544 43,808
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Cash and cash equivalents at end of year........ $ 13,094 $ 15,273 $ 35,544
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(1) The Consolidated Statement of Cash Flows 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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