<PAGE>
ZAPATA CORPORATION
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CAPITAL
IN
EXCESS INVETMENTS
PREFERRED PREFERENCE COMMON OF PAR REINVESTED IN EQUITY
STOCK STOCK STOCK VALUE EARNINGS SECURITIES
--------- ---------- ------- -------- ---------- ----------
(IN THOUSANDS)
<S> <C> <C> <C> <C> <C> <C>
Balance at September 30,
1992................... $4,500 $ 3 $31,697 $ 84,970 $3,710
Net income.............. 9,373
Preferred stock
dividends declared..... (404)
Refinancing of bank debt
(3.0 million shares)... 3,750 7,041
Acquisition of Cimarron
(437,333 shares)....... 547 741
Other................... 182 154
------ --- ------- -------- ------ ------
Balance at September 30,
1993................... 4,500 3 36,176 92,906 12,679
Net loss................ (8,319)
Cash dividends declared:
Common Stock.......... (2,219)
Preferred stock....... (354)
Preference stock...... (2)
Common Stock one-for-
five reverse split..... (31,657) 31,657
Preferred stock
redemption............. (2,245)
Unrealized gain (net of
taxes)................. $4,276
Reclassification of
deferred tax asset..... 1,585
Acquisition of Energy
Industries
(2.7 million shares)... 3,375 12,285
Other................... 35 (139)
------ --- ------- -------- ------ ------
Balance at September 30,
1994................... 2,255 3 7,929 138,294 1,785 4,276
Net income.............. 4,204
Preferred stock dividend
declared............... (51)
Preferred stock
redemption............. (2,255)
Common Stock buyback.... (23) (485)
Repurchase Common Stock
(2.25 million shares)
from Norex............. (563) (8,438)
Reverse unrealized gain
(net of taxes)......... (4,276)
Reclassification of
deferred tax asset..... 2,573
Other................... 44 18
------ --- ------- -------- ------ ------
Balance at September 30,
1995................... $ -- $ 3 $ 7,387 $131,962 $5,938 $ --
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The accompanying notes are an integral part of the financial statements.
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