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ZAPATA REPORTS RESULTS FOR 1993 SECOND QUARTER

 HOUSTON, May 21 /PRNewswire/ -- Zapata Corporation (NYSE: ZOS) reported a net loss of $1.5 million for its second fiscal quarter, which ended March 31, compared with a net loss of $1.8 million for the second quarter of fiscal 1992.
 Revenues for the quarter were $71.9 million, compared with $23.3 million for the second quarter of 1992. Like last quarter, and for the balance of this fiscal year, Zapata's quarterly income statements will show high revenues and high expenses compared with the previous year. This reflects the natural gas trading activities of Cimarron Gas Holding Company (shown as Natural gas services" on the attached Divisional Revenues and Operating Income table), which Zapata acquired during the first quarter of this fiscal year; natural gas traders typically generate high revenue relative to operating income.
 Earlier this month, Zapata announced its intention to sell 3.5 million of the 8.3 million common shares it holds in Tidewater Inc. to fund the intended acquisition of the natural gas compression operations of the Holt Companies. In light of this, Zapata changed the way it accounts for its Tidewater investment from the equity to the cost method, effective Jan. 1. As a result, Zapata's share of Tidewater's results are not included in Zapata's income statement for the quarter; however, Tidewater's quarterly dividend of $826,000 received by Zapata has been included under other income.
 Decreased revenues from Zapata's oil and gas operations were largely the result of a falloff in receipts from the company's Bolivian natural gas operations. Revenues for the oil and gas division totaled $5.2 million for the quarter (including $700,000 in Bolivian receipts), compared with revenues of $7.6 million (including $4.1 million from Bolivia) for the second quarter of 1992. Operating income for the 1993 second quarter was $1.3 million, versus operating income of $3.1 million a year earlier.
 A record low fish catch during 1992 resulted in lower carryover inventories of fish meal and fish oil with reduced margins; consequently, sales volumes and profits for both products were down during the second quarter. The marine protein division recorded 1993 quarterly revenues of $9.7 million and operating income of $400,000, compared with revenues of $15.7 million and operating income of $2.8 million a year earlier.
 Zapata's natural gas services division, which is involved in the marketing and trading and in the gathering and processing of natural gas, posted revenues of $57.0 million and break-even operating income for the quarter.
 For the six-month period ended March 31, Zapata reported a net loss of $500,000, compared with net income of nearly $400,000 for the year- earlier period. Operating income for the 1993 period was $2.2 million, versus $7.7 million for the first six months of fiscal 1992. Revenues for the six months were $142.8 million (including $107.7 million from Cimarron), compared with revenues of $48.8 million the year before.
 Zapata Corporation is a Houston-based international company that produces natural gas and oil, as well as providing natural gas services including the gathering and trading of natural gas and natural gas liquids. Zapata is also the nation's leading producer of marine protein products from menhaden, and is a major shareholder in Tidewater Inc., the world's largest operator of marine service vessels.
 ZAPATA CORPORATION
 Income Statement:
 (unaudited; in millions, except per share)
 Second Fiscal Quarter
 1993 1992
 Revenues $71.9 $23.3
 Expenses:
 Operating 64.9 13.0
 Depreciation 3.6 3.3
 Administrative 3.7 2.5
 TOTAL 72.2 18.8
 Operating income (loss) (0.3) 4.5
 Interest expense, net (3.2) (3.1)
 Other income (expense):
 Equity in loss of
 unconsolidated affiliate --- (3.1)
 Other 0.8 0.7
 TOTAL 0.8 (2.4)
 Loss before income taxes (2.7) (1.0)
 Provision for income taxes (1.2) 0.8
 Net loss (1.5) (1.8)
 Preferred stock dividends 0.1 0.1
 Net loss to common stock ($1.6) ($1.9)
 Net loss per common share ($0.01) ($0.02)
 Average common shares and
 equivalents outstanding 129.1 126.8
 Six Months Ended March 31 1993 1992
 Revenues $142.8 $48.8
 Expenses:
 Operating 126.7 29.3
 Depreciation 7.3 7.2
 Administrative 6.6 4.6
 TOTAL 140.6 41.1
 Operating income 2.2 7.7
 Interest expense, net (6.5) (6.5)
 Other income (expense):
 Equity in income (loss) of
 unconsolidated affiliate 1.1 (1.3)
 Other 1.5 1.5
 TOTAL 2.6 0.2
 Income (loss) before income taxes (1.7) 1.4
 Provision for income taxes (1.2) 1.0
 Net income (loss) (0.5) 0.4
 Preferred stock dividends 0.2 0.2
 Net income (loss) to common stock ($0.7) $0.2
 Net income (loss) per common share ($0.01) $---
 Average common shares and
 equivalents outstanding 128.6 127.9
 DIVISIONAL REVENUES AND OPERATING INCOME
 (Unaudited; in millions)
 Second Fiscal Quarter
 1993 1992
 Revenues
 Oil and gas $5.2 $7.6
 Natural gas services 57.0 ---
 Marine protein 9.7 15.7
 TOTAL $71.9 $23.3
 Operating income (loss)
 Oil and gas $1.3 $3.1
 Natural gas services --- ---
 Marine protein 0.4 2.8
 Corporate (2.0) (1.4)
 TOTAL ($0.3) $4.5
 Six Months Ended March 31 1993 1992
 Revenues
 Oil and gas $12.4 $15.1
 Natural gas services 107.7 ---
 Marine protein 22.7 33.7
 TOTAL $142.8 $48.8
 Operating income (loss)
 Oil and gas $4.4 $4.6
 Natural gas services 0.2 ---
 Marine protein 0.9 5.5
 Corporate (3.3) (2.4)
 $2.2 $7.7
 -0- 5/21/93
 /CONTACT: Barney White (media), vice president-corporate affairs, 713-940-6240, or David Skarke (investors), vice president-corporate development, 713-940-6148, both of Zapata Corporation/
 (ZOS)


CO: Zapata Corporation ST: Texas IN: OIL SU: ERN

SH -- NY020 -- 1152 05/21/93 10:59 EDT
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Date:May 21, 1993
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