<PAGE>
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 17. QUARTERLY FINANCIAL DATA (UNAUDITED)
CONSOLIDATED QUARTERLY INFORMATION
<TABLE>
<CAPTION>
THREE MONTHS ENDED
---------------------------------------------
DEC. 31 MAR 31 JUN 30 SEP 30
------- ------- -------- --------
(IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS)
<S> <C> <C> <C> <C> <C>
FISCAL 1994
Revenues................. $80,228 $75,200 $ 86,496 $ 95,902
======= ======= ======== ========
Operating income (loss).. $ 2,154 $ 1,303 $(16,058)(3) $(12,099)(4)
Other income (expense),
net..................... 24,622 (1) 2,544 (2) 1,578 (2,892)
Provision (benefit) for
income taxes............ 9,448 1,575 (4,906) (5,543)
------- ------- -------- --------
Income (loss) from con-
tinuing operations...... 17,328 2,272 (9,574) (9,448)
Loss on disposition, net
of income taxes......... -- -- -- (8,897)(5)
------- ------- -------- --------
Net income (loss)........ $17,328 $ 2,272 $ (9,574) $(18,345)
======= ======= ======== ========
Per share:
Income (loss) from con-
tinuing operations...... $ 0.56 $ 0.05 $ (0.31) $ (0.29)
Loss on disposition, net
of income taxes......... -- -- -- (0.29)
------- ------- -------- --------
Net income (loss)........ $ 0.56 $ 0.05 $ (0.31) $ (0.58)
======= ======= ======== ========
FISCAL 1993
Revenues................. $70,925 $71,854 $ 58,173 $ 64,093
======= ======= ======== ========
Operating income (loss).. $ 2,496 $ (291) $ (569) $ 1,370
Other income (expense),
net..................... (1,479) (2,456) 16,482 (6) (2,530)
Provision (benefit) for
income taxes............ (21) (1,205) 5,423 (547)
------- ------- -------- --------
Net income (loss)........ $ 1,038 $(1,542) $ 10,490 $ (613)
======= ======= ======== ========
Net income (loss) per
share................... $ 0.04 $ (0.06) $ 0.37 $ (0.02)
======= ======= ======== ========
</TABLE>
- --------
(1) Includes a pretax gain of $33.9 million from the sale of 3.75 million
shares of Tidewater common stock and a $6.8 million prepayment penalty in
connection with the partial prepayment of Zapata's Norex indebtedness.
(2) Includes a pretax gain of $3.6 million from the sale of 375,175 shares of
Tidewater common stock.
(3) Includes an $18.8 million valuation provision for oil and gas property
valuation.
(4) Includes a $10.4 million valuation provision for oil and gas property
valuation.
(5) Includes the estimated loss to be realized on disposal of the marine
protein operations, net of taxes.
(6) Includes a pretax gain of $32.9 million from the sale of 3.5 million shares
of Tidewater common stock, a $6.4 million prepayment penalty in connection
with the refinancing of Zapata's senior indebtedness and a $6.0 million
write-down of Zapata's investment in Arethusa to approximate estimated
market value. A $300,000 gain was recorded in the fourth quarter when
Zapata disposed of its investment in Arethusa.
42