<PAGE>
SCHEDULE I
(continued)
ZAPATA CORPORATION
(PARENT COMPANY ONLY)
CONDENSED STATEMENT OF CASH FLOWS
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<CAPTION>
SEPTEMBER 30,
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1995 1994
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(IN THOUSANDS)
<S> <C> <C>
Cash flow used by operating activities:
Net income (loss)........................................ $ 4,204 $ (8,319)
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Adjustments to reconcile net income (loss) to net cash
used by operating activities:
Depreciation........................................... 115 2,321
Gain on sale of assets................................. (5,268) (37,457)
Equity in loss of subsidiaries......................... 2,686 23,897
Changes in assets and liabilities:
Receivables.......................................... (661) (700)
Accounts payable and accrued liabilities............. (444) (991)
Deferred income taxes................................ 1,443 (4,137)
Other assets and liabilities......................... (5,388) 5,844
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Total adjustments.................................. (7,517) (11,223)
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Net cash provided (used) by operating activities... (3,313) (19,542)
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Cash flow provided by investing activities:
Proceeds from sale of assets............................. 14,481 85,853
Restricted cash investments.............................. -- 74,083
Advances from subsidiaries............................... 20,127 23,137
Business acquisitions, net of cash acquired.............. -- (73,222)
Capital expenditures..................................... (1) (67)
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Net cash provided by investing activities.......... 34,607 109,784
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Cash flow used by financing activities:
Borrowings............................................... 1,419 --
Principal payments of long-term obligations.............. (29,475) (85,524)
Common stock buyback..................................... (9,508) --
Preferred stock redemption............................... (2,255) (2,245)
Dividend payments........................................ (1,153) (1,566)
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Net cash used by financing activities.............. (40,972) (89,335)
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Net increase (decrease) in cash and cash equivalents....... (9,678) 907
Cash and cash equivalents at beginning of year............. 11,096 10,189
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Cash and cash equivalents at end of year................... $ 1,418 $ 11,096
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This condensed statement should be read in conjunction with the
Consolidated Financial Statements and Notes thereto which are included in Item
8 herein.
68
