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ZAPATA REPORTS RESULTS FOR 1992 SECOND QUARTER

 ZAPATA REPORTS RESULTS FOR 1992 SECOND QUARTER
 HOUSTON, May 15 /PRNewswire/ -- Zapata Corporation (NYSE: ZOS)


reported a net loss of $1.8 million for the quarter ended March 31, compared to a net loss of $141,000 for the second quarter of fiscal 1991. The current quarter loss resulted from a $3.1 million equity loss attributable to Zapata's investment in Tidewater Inc.
 Zapata's operating income of $4.5 million for the 1992 second quarter exceeded the $1.1 million in operating income reported a year earlier. Revenues for the January-March period totaled $23.3 million versus $19.6 million the year before.
 Zapata's quarterly operating results were better largely because of improved product prices for the marine protein division and higher revenues from the company's Bolivian oil and gas operations that more than offset the effects of a weak domestic market for natural gas.
 Reflecting strong demand for fish meal in the market, Zapata's average price for fish meal was $394 a ton for the second quarter of 1992 compared with $366 a ton for the second quarter of the previous year. As a result of higher carryover fish meal inventories, sales volumes also improved during the quarter. A shortage of competing oils in world markets likewise led to an average price of $318 per ton for the company's menhaden fish oil, versus $286 a ton in 1991. The marine protein division realized operating income of $2.8 million on revenues of $15.7 million for the quarter, compared with operating income of $1.2 million and revenues of $14.8 million a year earlier.
 Zapata's oil and gas division had operating income of $3.1 million for the quarter, compared with 1991 quarterly operating income of $1.3 million. The improvement was due to increased revenues of $3.9 million received from the company's Bolivian natural gas properties during the quarter which offset the effects of extremely low domestic spot gas prices and higher operating expenses related to the workover of the company's Wisdom natural gas property. Divisional revenues for the second quarter of 1992 were $7.6 million, versus $4.8 million for the 1991 quarter.
 Zapata owns approximately 8.3 million shares of Tidewater Inc., the world's leading marine service vessel operator, as the result of the January 15 merger of Zapata Gulf Marine Corporation with Tidewater. Tidewater's 1992 second quarter net loss of $19.1 million included the effects of $19.0 million of non-recurring merger expenses and higher than anticipated marine equipment repair costs. Zapata uses the equity method to account for its investment in Tidewater.
 For the six-month period which ended March 31, Zapata reported net income of $355,000, versus a net loss of $1.7 million for the year- earlier period. Operating income for the 1992 period totaled $7.7 million compared with $2.1 million for the first six months of fiscal 1991. Revenues for the six months were $48.8 million, versus revenues of $42.0 million the year before.
 Zapata Corporation is a Houston-based international company that produces natural gas and oil and conducts marine protein operations that produce fish meal and edible oil from menhaden. Zapata is also a major shareholder in Tidewater Inc., the world's leading operator of marine service vessels.
 ZAPATA CORPORATION
 Income Statement
 (Unaudited; in millions, except per share)
 Second fiscal quarter 1992 1991
 Revenues $23.3 $19.6
 Expenses:
 Operating 13.0 13.0
 Depreciation 3.3 3.4
 Administrative 2.5 2.1
 18.8 18.5
 Operating income 4.5 1.1
 Interest expense, net (3.1) (2.6)
 Other income (expense):
 Equity in income (loss) of
 unconsolidated affiliates (3.1) 0.9
 Other 0.7 0.3
 (2.4) 1.2
 Loss before income taxes (1.0) (0.3)
 Provision for income taxes 0.8 (0.2)
 Net loss (1.8) (0.1)
 Preferred stock dividends 0.1 0.1
 Net loss to common stock ($1.9) ($0.2)
 Net loss per common share ($0.02) $ ---
 Average common shares outstanding 126.8 126.7
 Income Statement
 (Unaudited; in millions, except per share)
 Six months ended March 31 1992 1991
 Revenues $48.8 $42.0
 Expenses:
 Operating 29.3 27.7
 Depreciation 7.2 7.9
 Administrative 4.6 4.3
 Total 41.1 39.9
 Operating income 7.7 2.1
 Interest expense, net (6.5) (6.2)
 Other income (expense):
 Equity in income (loss) of
 unconsolidated affiliates (1.3) 1.9
 Other 1.5 0.3
 Total 0.2 2.2
 Income (loss) before income taxes 1.4 (1.9)
 Provision for income taxes 1.0 (0.2)
 Net income (loss) 0.4 (1.7)
 Preferred stock dividends 0.2 0.2
 Net income (loss) to common stock $0.2 ($1.9)
 Net loss per common share $--- ($0.01)
 Average common shares and
 equivalents outstanding 127.9 126.6
 ZAPATA CORPORATION
 Divisional Revenues and Operating Income:
 (Unaudited; in millions)
 Second fiscal quarter 1992 1991
 Revenues
 Oil and gas $7.6 $4.8
 Marine protein 15.7 14.8
 Total $23.3 $19.6
 Operating income (loss)
 Oil and gas $3.1 $1.3
 Marine protein 2.8 1.2
 Corporate (1.4) (1.4)
 $4.5 $1.1
 Divisional Revenues and Operating Income
 (Unaudited; in millions)
 Six months ended March 31 1992 1991
 Revenues
 Oil and gas $15.1 $12.9
 Marine protein 33.7 29.1
 Total $48.8 $42.0
 Operating income (loss)
 Oil and gas $4.6 $4.2
 Marine protein 5.5 0.6
 Corporate (2.4) (2.7)
 Total $7.7 $2.1
 -0- 5/15/92
 /CONTACT: Corporate Affairs department of Zapata, 713-940-6240/
 (ZOS) CO: Zapata Corporation ST: Texas IN: OIL SU: ERN


TQ -- NY051 -- 0723 05/15/92 11:55 EDT
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Date:May 15, 1992
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