Zapata Corporation Announces Third Quarter 2008 Results
ROCHESTER, N.Y.--(BUSINESS WIRE)--Nov. 4, 2008--Zapata Corporation (NYSE: ZAP) today announced its consolidated financial results for the quarter ended September 30, 2008.
For the quarter ended September 30, 2008, Zapata reported a consolidated net loss of $188,000 or $(.01) per diluted share as compared to consolidated net income of $490,000 or $.03 per diluted share for the quarter ended September 30, 2007. For the nine months ended September 30, 2008, Zapata reported consolidated net income of $444,000 or $.02 per diluted share as compared to consolidated net income of $1.6 million or $0.08 per diluted share for the comparable period of the prior year.
About Zapata:
Zapata is a holding company which has approximately $155 million in consolidated cash, cash equivalents and short-term investments as of September 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)
September 30, December 31,
2008 2007
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ASSETS
Current assets:
Cash and cash equivalents $ 21 $ 139,251
Short-term investments 154,641 15,019
Other receivables 931 1,024
Prepaid expenses and other current assets 107 302
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Total current assets 155,700 155,596
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Other assets, net 10,069 9,848
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Total assets $ 165,769 $ 165,444
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 102 $ 180
Accrued and other current liabilities 1,027 1,141
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Total current liabilities 1,129 1,321
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Pension liabilities 615 660
Other liabilities 1,196 1,330
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Total liabilities 2,940 3,311
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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 37,648 37,204
Treasury stock, at cost, 5,432,080 shares (31,668) (31,668)
Accumulated other comprehensive loss (7,681) (7,934)
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Total stockholders' equity 162,796 162,099
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Total liabilities and stockholders'
equity $ 165,769 $ 165,444
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ZAPATA CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
-------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
Revenues $ -- $ -- $ -- $ --
Cost of revenues -- -- -- --
------------ ------------ ------------ ------------
Gross profit -- -- -- --
Operating
expense:
Selling, general
and
administrative 856 866 2,409 2,536
------------ ------------ ------------ ------------
Operating loss (856) (866) (2,409) (2,536)
Other income:
Interest income 490 1,966 2,836 5,866
Other, net 3 52 75 86
------------ ------------ ------------ ------------
493 2,018 2,911 5,952
------------ ------------ ------------ ------------
(Loss) income
before income
taxes and
minority
interest (363) 1,152 502 3,416
Benefit
(provision) for
income taxes 175 (663) (59) (1,775)
Minority interest
in net income of
consolidated
subsidiaries -- 1 1 1
------------ ------------ ------------ ------------
Net (loss) income $ (188) $ 490 $ 444 $ 1,642
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Net income per
common share
Basic $ (0.01) $ 0.03 $ 0.02 $ 0.09
============ ============ ============ ============
Diluted $ (0.01) $ 0.03 $ 0.02 $ 0.08
============ ============ ============ ============
Weighted average
common shares
outstanding:
Basic 19,276 19,276 19,276 19,223
============ ============ ============ ============
Diluted 19,276 19,395 19,398 19,425
============ ============ ============ ============
CONTACT: For Investor Information:
Zapata Corporation
Leonard DiSalvo, 585-242-8703
http://www.zapatacorp.com
SOURCE: Zapata Corporation