Zapata Corporation Announces Second Quarter 2007 Results
ROCHESTER, N.Y.--(BUSINESS WIRE)--Aug. 8, 2007--Zapata Corporation (NYSE: ZAP) today announced its consolidated financial results for the quarter ended June 30, 2007.
For the quarter ended June 30, 2007, Zapata reported consolidated net income of $686,000 or $.04 per diluted share as compared to a consolidated net loss of $359,000 or ($.02) per diluted share for the comparable period in the prior year. For the six months ended June 30, 2007, Zapata reported consolidated net income of $1.2 million or $0.06 per diluted share as compared to consolidated net income of $127,000 or $0.01 per diluted share for the comparable period in the prior year.
In December 2006, the Company completed the disposition of its Omega Protein Corporation (NYSE:OME) common stock for proceeds of $76.5 million and is searching for candidates for acquisition.
About Zapata:
Zapata is a holding company which has approximately $152.5 million in consolidated cash, cash equivalents and short-term investments at June 30, 2007 and currently owns 98% of Zap.Com Corporation (OTCBB: ZPCM), which is a public shell company.
The Company makes certain reports available free of charge on its website at www.zapatacorp.com as soon as reasonably practicable after this information is electronically filed, or furnished to, the United States Securities and Exchange Commission.
"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 "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2006. There is no assurance that Zapata Corporation will successfully identify, pursue, or operate any future businesses or operations in the future. 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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
June 30, December 31,
2007 2006
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ASSETS
Current assets:
Cash and cash equivalents $ 133,544 $ 136,889
Short-term investments 18,999 15,199
Other receivables 739 279
Prepaid expenses and other current assets 200 346
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Total current assets 153,482 152,713
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Other assets, net 10,571 11,015
Property, plant and equipment, net -- 3
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Total assets $ 164,053 $ 163,731
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 24 $ 417
Accrued expenses and other current liabilities 1,367 1,806
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Total current liabilities 1,391 2,223
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Pension liabilities 688 717
Other liabilities and deferred income taxes 1,445 1,489
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Total liabilities 3,524 4,429
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Commitments and contingencies
Minority interest 34 34
Stockholders' equity:
Preferred stock, $.01 par; 1,600,000 shares
authorized; none issued or outstanding -- --
Preference stock, $.01 par; 14,400,000 shares
authorized; none issued or outstanding -- --
Common stock, $0.01 par, 132,000,000 shares
authorized; 24,708,414 and 24,616,536 shares
issued; 19,276,334 and 19,184,456 shares
outstanding 247 246
Capital in excess of par value 164,241 164,454
Retained earnings 35,805 34,653
Treasury stock, at cost, 5,432,080 shares (31,668) (31,668)
Accumulated other comprehensive loss (8,130) (8,417)
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Total stockholders' equity 160,495 159,268
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Total liabilities and stockholders' equity $ 164,053 $ 163,731
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ZAPATA CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
For the For the
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2007 2006 2007 2006
--------- -------- -------- --------
Revenues $ -- $ -- $ -- $ --
Cost of revenues -- -- -- --
--------- -------- -------- --------
Gross profit -- -- -- --
Operating expense:
Selling, general and
administrative 711 2,008 1,670 3,527
--------- -------- -------- --------
Operating loss (711) (2,008) (1,670) (3,527)
Other income:
Interest income 1,956 917 3,900 1,752
Other, net 32 190 34 194
--------- -------- -------- --------
1,988 1,107 3,934 1,946
--------- -------- -------- --------
Income (loss) before (provision)
benefit for income taxes and
minority interest 1,277 (901) 2,264 (1,581)
(Provision) benefit for income
taxes (592) 307 (1,113) 536
Minority interest in net income
of consolidated subsidiaries 1 1 1 1
--------- -------- -------- --------
Income (loss) from continuing
operations 686 (593) 1,152 (1,044)
--------- -------- -------- --------
Discontinued operations:
Income before taxes and minority
interest (including loss on
disposal) -- 1,016 -- 4,118
Provision for income taxes -- (516) -- (1,618)
Minority interest -- (266) -- (1,329)
--------- -------- -------- --------
Income from discontinued
operations -- 234 -- 1,171
Net income (loss) $ 686 $ (359) $ 1,152 $ 127
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Net income (loss) per common
share - basic and diluted
Income (loss) from continuing
operations $ 0.04 $ (0.03) $ 0.06 $ (0.05)
Discontinued operations, net of
income taxes
and minority interest -- 0.01 -- 0.06
--------- -------- -------- --------
Net income (loss) per common
share - basic and
diluted $ 0.04 $ (0.02) $ 0.06 $ 0.01
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Weighted average common shares
outstanding:
Basic 19,209 19,182 19,197 19,176
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Diluted 19,328 19,182 19,442 19,383
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CONTACT: For Investor Information:
Zapata Corporation
Leonard DiSalvo, 585-242-8703
www.zapatacorp.com
SOURCE: Zapata Corporation