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ZAPATA CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS--(CONTINUED)
NOTE 17. QUARTERLY FINANCIAL DATA (UNAUDITED)
CONSOLIDATED QUARTERLY INFORMATION
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THREE MONTHS ENDED
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DEC. 31 MAR. 31 JUN. 30 SEP. 30
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(IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS)
<S> <C> <C> <C> <C>
FISCAL 1995
Revenues...................... $22,357 $22,237 $ 24,199 $ 34,275
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Operating income (loss)....... $ 311 $ (202) $(11,129)(2) $ 1,800
Other income (expense), net... 145 4,434 (1) (382) (4,000)(4)
Provision (benefit) for income
taxes........................ 181 1,518 (3,964) (914)
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Income (loss) from continuing
operations................... 275 2,714 (7,547) (1,286)
Income (loss) from
discontinued operations...... 473 217 405 56
Reversal of reserve for loss
on disposition, net of income
taxes........................ -- -- 8,897 (3) --
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Net income (loss)............. $ 748 $ 2,931 $ 1,755 $ (1,230)
======= ======= ======== ========
Per share:
Income (loss) from continuing
operations................... $ 0.01 $ 0.08 $ (0.25) $ (0.04)
Income from discontinued
operations................... 0.01 0.01 0.31 --
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Net income (loss)............. $ 0.02 $ 0.09 $ 0.06 $ (0.04)
======= ======= ======== ========
FISCAL 1994
Revenues...................... $24,126 $24,739 $ 22,729 $ 37,569
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Operating income (loss)....... $ 606 $ 692 $(18,045)(7) $(14,860)(8)
Other income (expense), net... 26,445(5) 3,382 (6) 2,437 (2,086)
Provision (benefit) for income
taxes........................ 9,526 1,668 (5,393) (6,373)
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Income (loss) from continuing
operations................... 17,525 2,406 (10,215) (10,573)
Income (loss) from
discontinued operations...... (197) (134) 641 1,125
Loss on disposition, net of
income taxes................. -- -- -- (8,897)(9)
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Net income (loss)............. $17,328 $ 2,272 $ (9,574) $(18,345)
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Per share:
Income (loss) from continuing
operations................... $ 0.56 $ 0.07 $ (0.33) $ (0.34)
Income (loss) from
discontinued operations...... -- -- 0.02 (0.24)
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Net income (loss)............. $ 0.56 $ 0.07 $ (0.31) $ (0.58)
======= ======= ======== ========
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(1) Includes a pretax gain of $4.8 million from the sale of 673,077 shares of
Tidewater common stock.
(2) Includes a $12.3 million pretax provision for asset impairment to reduce
the marine protein assets to their estimated fair market value that was
recorded in the third and fourth fiscal quarters.
(3) Includes the reversal of an $8.9 million after-tax loss due to the decision
to retain Zapata Protein.
(4) Includes a $2.8 million write-down of an investment in Wherehouse
Entertainment, Inc. debentures.
(5) 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 indebtedness to Norex.
(6) Includes a pretax gain of $3.6 million from the sale of 375,175 shares of
Tidewater common stock.
(7) Includes an $18.8 million valuation provision for oil and gas property
valuation.
(8) Includes a $10.4 million valuation provision for oil and gas property
valuation.
(9) Includes the estimated loss to be realized on disposal of the marine
protein operations.
59