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ZAPATA REPORTS INCOME FOR 1992 THIRD QUARTER

 ZAPATA REPORTS INCOME FOR 1992 THIRD QUARTER
 HOUSTON, July 29 /PRNewswire/ -- Zapata Corporation (NYSE: ZOS)


reported net income of $2.1 million for the third quarter of fiscal 1992, compared with net income of $900,000 for the third quarter of the previous year, Zapata Chairman and Chief Executive Officer R.C. Lassiter said today.
 Zapata's operating income of $4.5 million for the 1992 third quarter exceeded the $1.5 million in operating income reported a year earlier. Revenues for the April-June period totaled $23.6 million vs. $20.4 million the year before.
 "Improved spot gas prices and continued higher prices for the company's marine protein products were largely responsible for the quarter's results," Lassiter said. "Higher receipts from Zapata's Bolivian gas operations also contributed to the company's performance."
 A shortage of fish meal in world markets kept prices high during the quarter, with Zapata's fish meal averaging $385 a ton compared with $345 a ton for the third quarter of the previous year. Sales volume for the quarter was down compared to the previous year, but sales for the first nine months of fiscal 1992 exceeded those for the same period of 1991. Zapata averaged $293 a ton for its menhaden fish oil, vs. $289 a ton for the 1991 quarter.
 The marine protein division had operating income of $2.5 million on revenues of $15.9 million for the quarter, compared with operating income of $2.0 million and revenues of $16.9 million a year earlier.
 Zapata's oil and gas division benefited from higher spot prices and production of natural gas as well as increased revenues from its Bolivian natural gas operations. The division recorded third quarter operating income of $3.2 million on revenues of $7.7 million, compared with operating income of $500,000 on revenues of $3.5 million for the 1991 third quarter. The Bolivian properties contributed $1.9 million of operating income, vs. $350,000 the year before.
 Zapata's investment in Tidewater Inc. provided $1.0 million in equity income during the quarter, compared with $1.4 million from Zapata Gulf Marine Corporation during the 1991 quarter. Zapata's current results reflect the company's ownership of approximately 8.3 million shares of Tidewater as a result of the January 15 merger of Tidewater with Zapata Gulf.
 For the nine-month period ended June 30, Zapata reported net income of $2.5 million compared with a 1991 net loss of $800,000. Revenues were $72.5 million for the nine-month period, vs. revenues of $62.4 million the year before. The company had operating income of $12.2 million, compared with $3.6 million a year earlier.
 Zapata Corporation is a Houston-based international company that produces natural gas and oil and conducts marine protein operations that produce fish meal, a high protein livestock feed ingredient, and fish oil from menhaden. Zapata is also a major shareholder in Tidewater Inc., the world's leading operator of marine service vessels.
 ZAPATA
 INCOME STATEMENT: THIRD FISCAL QUARTER
 (Unaudited; in millions, except per share)
 1992 1991
 Revenues $23.6 $20.4
 Expenses:
 Operating 12.5 14.2
 Depreciation 4.2 2.8
 Administrative 2.4 1.9
 Total 19.1 18.9
 Operating income 4.5 1.5
 Interest expense, net (3.7) (3.2)
 Other income (expense):
 Equity in income of
 unconsolidated
 affiliates 1.0 1.4
 Other 0.9 1.0
 Total 1.9 2.4
 Income before income
 taxes 2.7 0.7
 Provision for
 income taxes 0.6 (0.2)
 Net income 2.1 0.9
 Preferred stock
 dividends 0.1 0.1
 Net income to
 common stock $ 2.0 $ 0.8
 Net income per
 common share $ 0.02 $ ---
 Average common
 shares and
 equivalents
 outstanding 128.5 126.8
 ZAPATA
 INCOME STATEMENT
 (Unaudited; In millions, except per share)
 NINE MONTHS
 Period ended June 30 1992 1991
 Revenues $72.5 $62.4
 Expenses:
 Operating 41.8 42.0
 Depreciation 11.5 10.6
 Administrative 7.0 6.2
 Total 60.3 58.8
 Operating income 12.2 3.6
 Interest expense, net (10.2) (9.3)
 Other income (expense):
 Equity in income (loss)
 of unconsolidated
 affiliates (0.3) 3.3
 Other 2.4 1.2
 Total 2.1 4.5
 Income (loss) before
 income taxes 4.1 (1.2)
 Provision for
 income taxes 1.6 (0.4)
 Net income (loss) 2.5 (0.8)
 Preferred stock
 dividends 0.3 0.3
 Net income (loss)
 to common stock $ 2.2 $(1.1)
 Net income (loss) per
 common share $ 0.02 $(0.01)
 Average common
 shares and
 equivalents
 outstanding 128.1 126.6
 DIVISIONAL REVENUES AND OPERATING INCOME: THIRD FISCAL QUARTER
 (Unaudited; in millions)
 1992 1991
 Revenues
 Oil and gas $ 7.7 $ 3.5
 Marine protein 15.9 16.9
 $23.6 $20.4
 Operating income (loss)
 Oil and gas $ 3.2 $ 0.5
 Marine protein 2.5 2.0
 Corporate (1.2) (1.0)
 Total $ 4.5 $ 1.5
 DIVISIONAL REVENUES AND OPERATING INCOME:
 (Unaudited; in millions)
 NINE MONTHS
 Period ended June 30 1992 1991
 Revenues
 Oil and gas $22.8 $16.4
 Marine protein 49.7 46.0
 Total $72.5 $62.4
 Operating income (loss)
 Oil and gas $ 7.9 $ 4.8
 Marine protein 8.0 2.6
 Corporate (3.7) (3.8)
 Total $12.2 $ 3.6
 -0- 7/29/92
 /CONTACT: Zapata Corporation, Corporate Affairs Department, 713-940-6240/
 (ZOS) CO: Zapata Corporation ST: Texas IN: OIL SU: ERN


LR -- NY081 -- 4655 07/29/92 13:32 EDT
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