<PAGE>
 
1994 and 1993, respectively. Fiscal 1994 discontinued operations also includes
the estimated net loss of $8.9 million related to the disposition of the marine
protein operations.
 
  On a continuing operations basis, a net loss of $857,000 in fiscal 1994
compared unfavorably to net income of $10.5 million in fiscal 1993. The fiscal
1994 loss includes the $29.2 million pretax write-down of the Company's oil and
gas properties in the Gulf of Mexico. Sales of Tidewater common stock generated
pretax gains of $37.5 million in fiscal 1994 and $32.9 million in fiscal 1993.
The fiscal 1994 gain was partially offset by a $7.4 million expense associated
with the Norex debt prepayments; this expense was comprised of debt prepayment
penalties totalling $4.1 million and a $3.3 million write-off of previously
deferred expenses related to the origination of such indebtedness. The fiscal
1993 gain was partially offset by a $6.4 million prepayment penalty that Zapata
was required to pay in connection with refinancing of senior indebtedness and a
$5.7 million loss from the disposal of Zapata's investment in Arethusa
(Offshore) Limited ("Arethusa"). Interest expense was reduced substantially in
fiscal 1994 as compared to 1993 reflecting the effects of the restructuring of
indebtedness in fiscal 1993 and overall reduction of the Company's indebtedness
in fiscal 1994.
 
  Revenues of $109.2 million and an operating loss of $31.6 million in fiscal
1994 compared to revenues of $78.8 million and operating income of $3.6 million
in fiscal 1993. The 1994 operating loss was primarily attributable to the oil
and gas valuation provision, as well as to a reduced contribution from the
Company's domestic oil and gas operations. The 1994 operating loss also
included a $2.4 million expense related to the reduction in staff at the
Company's corporate headquarters and the related write-off of leasehold
improvements.
 
 Marine Protein
 
  Reflecting the Company's decision to retain the marine protein operations,
the net assets and results of marine protein's operations for all periods have
been reclassified from discontinued operations to continuing operations and the
related $8.9 million after-tax loss on disposition recorded in fiscal 1994 has
been reversed in fiscal 1995. As a result of adopting SFAS 121, in April 1995
the Company recorded a $12.3 million pretax provision for asset impairment to
reduce its marine protein assets to their estimated fair market value. The fair
market value of the marine protein assets was determined based on the highest
third-party competitive bid that had been received by the Company. SFAS 121
requires companies to write down assets to their estimated fair market value
when assets are determined to be impaired.
 
  Revenues of $95.0 million and operating loss of $6.4 million in fiscal 1995
compared unfavorably to revenues of $96.6 million and operating income of $5.4
million in fiscal 1994, reflecting the effects of the provision for asset
impairment and a lower fish catch in fiscal 1995. Fiscal 1995 sales volume of
fish meal declined 11% from the fiscal 1994 level while the average per-ton
price of $350 was approximately 2% higher. The decline in fish meal sales
volume was attributable to a 22% drop in the fiscal 1995 fish catch as compared
to the fiscal 1994 fish catch. Sales volume of fish oil increased 4% in 1995 as
compared to 1994 while the average per ton price of $321 was 7% higher.
Reflecting the lower fish catch, the Company's product inventories at September
30, 1995 for fish meal and fish oil were approximately 37% and 45% lower,
respectively, than the September 30, 1994 inventory levels.
 
  Fiscal 1994 revenues of $96.6 million and operating income of $5.4 million
compared favorably to the fiscal 1993 revenues of $58.6 million and operating
income of $4.3 million. The improved results were achieved by increased sales
volumes that resulted from the combination of a 37% increase in the fiscal 1994
fish catch as compared to 1993 and to higher levels of inventories that were
carried over from the fiscal 1993 fishing season. Compared to the prior year,
sales volume of fish meal during fiscal 1994 was 55% higher while the average
per-ton price of $344 was 9% lower. Likewise, fish oil volumes doubled during
1994 as compared to 1993 while the average per-ton price of $300 was 6% lower.
 
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