<PAGE>
 
                                                                      SCHEDULE I
                                                                     (concluded)
 
                               ZAPATA CORPORATION
 
                             (PARENT COMPANY ONLY)
 
                    NOTES TO CONDENSED FINANCIAL STATEMENTS
 
NOTE 1. LONG-TERM OBLIGATION
 
  Zapata Corporation leases office space in accordance with an agreement that
expires in August 2002. Such office space has been fully subleased. In
accordance with the lease agreement annual payments are approximately $480,000
until August 31, 1997 and approximately $629,000 thereafter, however, the lease
payments are fully offset by the sublease receipts.
 
NOTE 2. ANNUAL MATURITIES OF LONG-TERM DEBT
 
  The annual maturities of long-term debt for the five years ending September
30, 2000 are as follows (in thousands):
 

<TABLE>
<CAPTION>
       1996              1997                       1998                     1999                     2000
       ----             -------                     ----                     ----                     ----
      <S>               <C>                         <C>                      <C>                      <C>
      $5,587            $18,802                     $--                      $--                      $--
</TABLE>

 
NOTE 3. RECLASSIFICATIONS
 
  Certain reclassifications of prior year information have been made to conform
with current year presentation. These reclassifications had no effect on net
income (loss), total assets or stockholders' equity.
 
        This condensed statement should be read in conjunction with the
 Consolidated Financial Statements and Notes thereto which are included in Item
                                   8 herein.
 
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