Zapata Corporation (NYSE:ZAP) yesterday announced its consolidated financial results for the quarter ended March 31, 2001.
For the quarter ended March 31, 2001, Zapata reported a net loss of $1.2 million or $.48 per share compared to a loss of $2.7 million or $1.12 per share in the comparable quarter last year.
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The net loss for the first quarter of 2001 was primarily due to losses at Omega Protein and impairment charges on non-investment grade securities, partially offset by interest income and a favorable contract settlement negotiated by Zap.Com.
About Zapata Corporation
Zapata Corporation is a holding company that operates in the food segment and, until December 2000, the Internet segment. Zapata owns approximately 61% of the stock of Omega Protein Corporation (NYSE: OME), the nation’s largest marine protein company, and approximately 38% of the stock of Viskase (NASDAQ:VCIC), a world leader in food packaging. Zapata is also the largest shareholder of Zap.Com Corporation (OTCBB: ZPCM).
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release which are not historical fact are forward-looking statements based upon management’s current expectations that are subject to risks, and uncertainties that could cause actual results, events and developments to differ materially from those set forth in or implied by forward looking statements. Factors that could cause actual results, events and developments to differ include, without limitation, those factors listed under the caption “Significant Factors That Could Affect Future Performance And Forward Looking Statements” in the Company’s Annual Report on Form 10-K dated April 2, 2001 for the fiscal year ended December 31, 2000. Consequently all forward looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operation results.
ZAPATA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands, except shares and per share amounts)
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By GlobalData March 31, December 31,
2001 2000
(Unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $ 69,807 $ 19,237
Short-term investments 13,500 55,384
Accounts receivable, net 8,683 11,971
Inventories, net 27,659 37,032
Prepaid expenses and other current assets 1,503 2,150
Total current assets 121,152 125,774
Investments and other assets:
Long-term investments, available-for-sale 7,931 13,396
Other assets 33,916 33,315
Total investments and other assets 41,847 46,711
Property and equipment, net 87,391 89,374
Total assets $ 250,390 $ 261,859
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt $ 1,249 $ 1,227
Accounts payable 1,262 2,766
Accrued liabilities 17,368 21,153
Total current liabilities 19,879 25,146
Long-term debt 14,506 14,827
Other liabilities 4,793 4,820
Minority interest 51,949 52,071
Total liabilities 91,127 96,864
Commitments and contingencies
Stockholders’ equity:
Preferred stock, ($.01 par), 200,000 shares
authorized, 0 shares issued and outstanding
as of March 31, 2001 and December 31, 2000 — —
Preference stock, ($.01 par), 1,800,000 shares
authorized, 0 shares issued and outstanding
as of March 31, 2001 and December 31, 2000 — —
Common stock, ($0.01 par), 16,500,000 and
16,500,000 shares authorized; 3,069,859
and 3,067,718 shares issued; and 2,390,849 and
2,388,708 shares outstanding on March 31, 2001
and December 31, 2000 31 31
Capital in excess of par value 161,769 161,755
Retained earnings 38,191 39,389
Treasury stock, at cost, 679,010 shares at
March 31, 2001 and December 31, 2000 (31,668) (31,668)
Accumulated other comprehensive loss (9,060) (4,512)
Total stockholders’ equity 159,263 164,995
Total liabilities and stockholders’
equity $ 250,390 $ 261,859
ZAPATA CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended
March 31,
2001 2000
Revenues $ 19,046 $ 19,388
Cost of sales 18,013 18,490
Gross Profit 1,033 898
Operating Expense:
Product development — 523
Selling, general and administrative 2,980 4,219
Consulting expense — 2,135
Contract termination settlement (403) —
Total Operating Expenses 2,577 6,877
Operating loss (1,544) (5,979)
Other income (expense):
Interest income, net 970 1,358
Realized loss on non-investment grade
securities (917) —
Other income (expense), net 22 (119)
75 1,239 75 1,239
Loss before income taxes and minority
interest (1,469) (4,740)
Benefit from income taxes 149 1,650
Minority interest in net loss of
consolidated subsidiary 163 417
Net loss $ (1,157) $ (2,673)
Per share data (basic and diluted):
Net loss per share $ (0.48) $ (1.12)
Weighted average common shares and common
share equivalents outstanding 2,390 2,389
