Zapata Corporation Announces Second Quarter 2008 Results
ROCHESTER, N.Y.--(BUSINESS WIRE)--Aug. 5, 2008--Zapata Corporation (NYSE: ZAP) today announced its consolidated financial results for the quarter ended June 30, 2008.
For the quarter ended June 30, 2008, Zapata reported consolidated net income of $312,000 or $.02 per diluted share as compared to consolidated net income of $686,000 or $.04 per diluted share for the quarter ended June 30, 2007. For the six months ended June 30, 2008, Zapata reported consolidated net income of $632,000 or $.03 per diluted share as compared to consolidated net income of $1.2 million or $0.06 per diluted share for the comparable period of the prior year.
About Zapata:
Zapata is a holding company which has approximately $154 million in consolidated cash, cash equivalents and short-term investments as of June 30, 2008 and currently owns 98% of Zap.Com Corporation (OTCBB: ZPCM), which is a public shell company. The Company is currently searching for candidates for acquisition.
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. Forward-looking statements, which are based upon certain assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may" or similar expressions. Factors that could cause actual results, events and developments to differ include, without limitation, the risk that we may not be successful in identifying any suitable future acquisition opportunities and those factors listed under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2007. 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,
2008 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 828 $ 139,251
Short-term investments 153,500 15,019
Other receivables 1,561 1,024
Prepaid expenses and other current assets 172 302
------------ ------------
Total current assets 156,061 155,596
------------ ------------
Other assets, net 9,777 9,848
------------ ------------
Total assets $ 165,838 $ 165,444
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 84 $ 180
Accrued and other current liabilities 1,043 1,141
------------ ------------
Total current liabilities 1,127 1,321
------------ ------------
Pension liabilities 630 660
Other liabilities 1,148 1,330
------------ ------------
Total liabilities 2,905 3,311
------------ ------------
Commitments and contingencies
Minority interest 33 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 shares
issued; and 19,276,334 shares outstanding 247 247
Capital in excess of par value 164,250 164,250
Retained earnings 37,836 37,204
Treasury stock, at cost, 5,432,080 shares (31,668) (31,668)
Accumulated other comprehensive loss (7,765) (7,934)
------------ ------------
Total stockholders' equity 162,900 162,099
------------ ------------
Total liabilities and stockholders'
equity $ 165,838 $ 165,444
============ ============
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,
------------------- -----------------
2008 2007 2008 2007
--------- --------- -------- --------
Revenues $ -- $ -- $ -- $ --
Cost of revenues -- -- -- --
--------- --------- -------- --------
Gross profit -- -- -- --
Operating expense:
Selling, general and
administrative 688 711 1,552 1,670
--------- --------- -------- --------
Operating loss (688) (711) (1,552) (1,670)
Other income:
Interest income 864 1,956 2,345 3,900
Other, net 4 32 72 34
--------- --------- -------- --------
868 1,988 2,417 3,934
--------- --------- -------- --------
Income before income taxes and
minority interest 180 1,277 865 2,264
Benefit (provision) for income
taxes 131 (592) (234) (1,113)
Minority interest in net income
of consolidated subsidiaries 1 1 1 1
--------- --------- -------- --------
Net income $ 312 $ 686 $ 632 $ 1,152
========= ========= ======== ========
Net income per common share -
basic and diluted $ 0.02 $ 0.04 $ 0.03 $ 0.06
========= ========= ======== ========
Weighted average common shares
outstanding:
Basic 19,276 19,209 19,276 19,197
========= ========= ======== ========
Diluted 19,399 19,328 19,400 19,442
========= ========= ======== ========
CONTACT: Zapata Corporation
Leonard DiSalvo, 585-242-8703
http://www.zapatacorp.com
SOURCE: Zapata Corporation