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ZAPATA REPORTS EARNINGS

 ZAPATA REPORTS EARNINGS
 HOUSTON, Feb. 4 /PRNewswire/ -- Zapata Corporation's (NYSE: ZOS) net


income of $2.2 million for the first quarter of fiscal 1992, which ended Dec. 31, 1991, represented a substantial improvement over the net loss of $1.5 million reported for the year-earlier period.
 The 1992 first quarter's operating income of $3.2 million exceeded the $1.1 million reported for the first quarter of 1991. Revenues for the 1992 first quarter totaled $25.5 million compared with 1991 revenues of $22.5 million.
 Zapata's operating results for the quarter were better, in part, because the 1991 fish catch was 15 percent higher than the previous year and prices for both fish meal and edible fish oil were higher. The company is also reporting improved equity income from its unconsolidated marine service joint venture, Zapata Gulf Marine Corporation, now part of Tidewater Inc.
 Fish meal averaged $388 a ton for the 1992 first quarter, compared with $360 a ton for the year-earlier period. Fish oil sold for an average of $271 a ton, vs. $219 a ton in 1991. Equity income from Zapata Gulf totaled $1.9 million for the quarter, compared with $900,000 the year before.
 On Jan. 16, Zapata announced the merger of Zapata Gulf with Tidewater Inc., a transaction that will enable Zapata Corporation to unlock the value of its investment in Zapata Gulf. Under the terms of the merger, Zapata received 8,258,000 shares of Tidewater common stock -- 15.8 percent of the total outstanding -- in exchange for its 34.7 percent stake in Zapata Gulf. On Jan. 15, Zapata's shares of Tidewater stock had a market value of approximately $112.5 million based on the trading price of the stock.
 Earnings from Zapata's oil and gas division decreased from those of the year-earlier period because of lower natural gas prices and decreased production; however, cash receipts from the company's Bolivian oil and gas operations continued during the first quarter of fiscal 1992. The 1992 results include $1.5 million of Bolivian receipts and $1.8 million of workover expenses related to the Wisdom gas field.
 Zapata Corporation is a Houston-based international company that produces oil and natural gas 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
 (In millions, except per share)
 First fiscal quarter 1992 1991
 Revenues $25.5 $22.5
 Expenses:
 Operating 16.3 14.8
 Depreciation 3.9 4.5
 Administrative 2.1 2.1
 Total 22.3 21.4
 Operating income 3.2 1.1
 Interest expense, net (3.4) (3.5)
 Other income:
 Equity in income of unconsolidated
 affiliate 1.9 0.9
 Other 0.7 --
 Total 2.6 0.9
 Income (loss) before income taxes 2.4 (1.5)
 Provision for income taxes 0.2 --
 Net income (loss) 2.2 (1.5)
 Preferred stock dividends 0.1 0.1
 Net income (loss) to common stock 2.1 (1.6)
 Net income (loss) per share $0.02 $(0.01)
 Average common shares outstanding 126.8 126.4
 Divisional Revenues and Operating Income
 (In millions)
 First fiscal quarter 1992 1991
 Revenues
 Oil and gas $7.4 $8.2
 Marine protein 18.1 14.3
 Total 25.5 22.5
 Operating income (loss)
 Oil and gas 1.5 3.0
 Marine protein 2.7 (0.6)
 Corporate (1.0) (1.3)
 Total 3.2 1.1
 -0- 2/4/92
 /CONTACT: Zapata corporate affairs, 713-940-6240/
 (ZOS) CO: Zapata Corporation ST: Texas IN: OIL SU: ERN


CK -- NY090 -- 6877 02/04/92 16:37 EST
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Publication:PR Newswire
Date:Feb 4, 1992
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