Harbinger Group Inc.
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DEF 14A
HRG GROUP, INC. filed this Form DEF 14A on 11/15/1995
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<PAGE>
 
declining for a number of years, as no exploratory efforts have been undertaken
to offset gas production. The Board's decision to sell the properties is simply
an acceleration of the liquidation of the gas reserves currently occurring
through production. During fiscal 1994, the Company generated approximately 5%
of its revenues from its oil and gas operations.
 
HISTORICAL CONTRIBUTIONS OF MAJOR DIVISIONS
 
  The following table summarizes historical revenues, operating results (before
net interest expense, other income and income taxes), identifiable assets,
depreciation, depletion and amortization and capital expenditures for the
Company's continuing operations, by major division, for the periods indicated
(in thousands). As a result of the decision to sell the marine protein
operations, the Company's financial statements have been restated in 1994 to
reflect the Company's marine protein operations as a discontinued operation.
 

<TABLE>
<CAPTION>
                                   OPERATING                   DEPRECIATION,
                                    INCOME       IDENTIFIABLE  DEPLETION AND   CAPITAL
YEAR ENDED SEPTEMBER 30,  REVENUES  (LOSS)          ASSETS     AMORTIZATION  EXPENDITURES
- ------------------------  -------- ---------     ------------  ------------- ------------
<S>                       <C>      <C>           <C>           <C>           <C>
1994
  Natural gas services--
   compression..........  $ 72,522 $  7,970        $102,626       $ 4,867      $ 8,638
  Natural gas services--
   gathering, processing
   and marketing........   156,141   (1,063)         36,742         1,855        4,083
  Oil and gas...........    12,549  (28,285)(2)      20,062        33,770(2)    11,792
  Corporate.............             (8,767)         44,444(1)      2,321           67
                          -------- --------        --------       -------      -------
                          $241,212 $(30,145)       $203,874       $42,813      $24,580
                          ======== ========        ========       =======      =======
1993
  Natural gas services--
   gathering, processing
   and marketing........  $186,291 $   (552)       $ 40,871       $   460      $ 1,757
  Oil and gas...........    20,189    6,032          41,630         7,688        1,327
  Corporate.............             (6,769)        169,888(1)        378            8
                          -------- --------        --------       -------      -------
                          $206,480 $ (1,289)       $252,389       $ 8,526      $ 3,092
                          ======== ========        ========       =======      =======
1992
  Oil and gas...........  $ 30,094 $ 11,248        $ 50,191       $10,303      $ 3,963
  Corporate.............             (5,076)        170,066(1)        372        3,018
                          -------- --------        --------       -------      -------
                          $ 30,094 $  6,172        $220,257       $10,675      $ 6,981
                          ======== ========        ========       =======      =======
</TABLE>

- --------
(1) Includes Zapata's investment in Tidewater, a substantial portion of which
    was sold in fiscal 1994 and 1993.
(2) Includes a $29,152,000 provision for oil and gas property valuation as a
    result of low gas prices and a revision of estimated future costs.
 
  The net amounts of interest expense (net of interest income), other income
and income tax expense (benefit) from continuing operations were as set forth
below (in thousands).
 

<TABLE>
<CAPTION>
                                                                      INCOME
                                                                        TAX
                                                 INTEREST  OTHER      EXPENSE
               YEAR ENDED SEPTEMBER 30,          EXPENSE  INCOME     (BENEFIT)
               ------------------------          -------- -------    ---------
      <S>                                        <C>      <C>        <C>
      1994......................................  $4,095  $33,051(1)   $(494)
      1993......................................   8,673   23,571(1)   3,800
      1992......................................   8,910    6,231        678
</TABLE>

- --------
(1) Includes pretax gains of $37.5 million and $32.9 million in fiscal 1994 and
    1993 respectively, from sales of Tidewater common stock.
 
                                       2

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