<PAGE>
ZAPATA CORPORATION
CONDENSED CONSOLIDATED INCOME STATEMENT
(in thousands, except per share amounts)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
June 30, June 30,
------------------- ------------------
1995 1994 1995 1994
------- ------- ------- -------
<S> <C> <C> <C> <C>
Revenues $ 56,037 $ 86,496 $179,708 $241,924
-------- -------- -------- --------
Expenses:
Operating 45,877 74,214 152,823 209,215
Provisions for asset
write-downs 12,607 18,810 12,607 18,810
Depreciation, depletion
and amortization 3,641 4,475 10,775 11,969
Selling, general and
administrative 3,376 5,055 10,204 14,531
-------- -------- -------- --------
65,501 102,554 186,409 254,525
-------- -------- -------- --------
Operating loss (9,464) (16,058) (6,701) (12,601)
-------- -------- -------- --------
Other income (expense):
Interest income 371 431 1,055 1,628
Interest expense (1,583) (1,869) (4,872) (7,482)
Gain on sales of Tidewater
common stock -- -- 4,811 37,457
Other (92) 3,016 928 (2,859)
-------- -------- -------- --------
(1,304) 1,578 1,922 28,744
-------- -------- -------- --------
Income (loss) from continuing
operations before taxes (10,768) (14,480) (4,779) 16,143
-------- -------- -------- --------
Provision for income taxes
State 217 248 546 717
Federal (3,843) (5,154) (1,862) 5,400
-------- -------- -------- --------
(3,626) (4,906) (1,316) 6,117
-------- -------- -------- --------
Income (loss) from continuing
operations (7,142) (9,574) (3,463) 10,026
Discontinued operations:
Reversal of reserve for loss on
disposition, net of income taxes 8,897 -- 8,897 --
-------- -------- -------- --------
Net income (loss) 1,755 (9,574) 5,434 10,026
-------- -------- -------- --------
Preferred stock dividends -- 101 51 303
-------- -------- -------- --------
Net income (loss) to
common stockholders $ 1,755 $ (9,675) $ 5,383 $ 9,723
======== ======== ======== ========
Per share data:
Income (loss) from continuing
operations $ (0.24) $ (0.31) $ (0.11) $ 0.31
Income from discontinued
operations 0.30 -- 0.28 --
-------- -------- -------- --------
Net income (loss) per share $ 0.06 $ (0.31) $ 0.17 $ 0.31
======== ======== ======== ========
Average common shares and
equivalents outstanding 29,824 31,671 31,120 31,708
======== ======== ======== ========
</TABLE>
The accompanying notes are an integral part of the financial statements.
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