Zapata Corporation Announces Year End Results
For the year ended December 31, 2008, Zapata reported a consolidated net loss of $12,000 or $(.00) per share as compared to consolidated net income of $2.6 million or $0.13 per diluted share for the year ended December 31, 2007. For the quarter ended December 31, 2008, Zapata reported a consolidated net loss of $456,000 or $(.02) as compared to consolidated net income of $909,000 or $0.05 per diluted share for the comparable quarter of the prior year. The change from net income to net loss for the year and quarter ended December 31, 2008 primarily resulted from a decrease in interest income arising from sustained lower interest rates on the Company's invested funds during 2008 as compared to 2007.
About Zapata:
Zapata is a holding company which has approximately $154.7 million in consolidated cash, cash equivalents and short-term investments as of December 31, 2008 and owns 98% of Zap.Com Corporation (OTBB: ZPCM), which is a public shall 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, 2008. 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.
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ZAPATA CORPORATION CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Amounts) |
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December 31, 2008 |
December 31, 2007 |
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| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 142,694 | $ | 139,251 | ||||
| Short-term investments | 11,965 | 15,019 | ||||||
| Other receivables | 130 | 1,024 | ||||||
| Prepaid expenses and other current assets | 256 | 302 | ||||||
| Total current assets | 155,045 | 155,596 | ||||||
| Other assets, net | 8,987 | 9,848 | ||||||
| Total assets | $ | 164,032 | $ | 165,444 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 92 | $ | 180 | ||||
| Accrued and other current liabilities | 1,045 | 1,141 | ||||||
| Total current liabilities | 1,137 | 1,321 | ||||||
| Pension liabilities | 2,904 | 660 | ||||||
| Other liabilities | 1,144 | 1,330 | ||||||
| Total liabilities | 5,185 | 3,311 | ||||||
| Commitments and contingencies (Note 11) | ||||||||
| Minority interest | 33 | 34 | ||||||
| Stockholders' equity: | ||||||||
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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 | -- | -- | ||||||
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Common stock, $0.01 par, 132,000,000 shares authorized, 24,708,414 |
247 | 247 | ||||||
| Capital in excess of par value | 164,250 | 164,250 | ||||||
| Retained earnings | 37,192 | 37,204 | ||||||
| Treasury stock, at cost, 5,432,080 shares | (31,668 | ) | (31,668 | ) | ||||
| Accumulated other comprehensive loss | (11,207 | ) | (7,934 | ) | ||||
| Total stockholders' equity | 158,814 | 162,099 | ||||||
| Total liabilities and stockholders' equity | $ | 164,032 | $ | 165,444 | ||||
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ZAPATA CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) |
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| For the Years Ended December 31, | ||||||||||||
| 2008 | 2007 | 2006 | ||||||||||
| Revenues | $ | -- | $ | -- | $ | -- | ||||||
| Cost of revenues | -- | -- | -- | |||||||||
| Gross profit | -- | -- | -- | |||||||||
| Operating expense: | ||||||||||||
| General and administrative | 3,237 | 3,388 | 4,730 | |||||||||
| Total operating expenses | 3,237 | 3,388 | 4,730 | |||||||||
| Operating loss | (3,237 | ) | (3,388 | ) | (4,730 | ) | ||||||
| Other income: | ||||||||||||
| Interest income | 3,013 | 7,681 | 4,059 | |||||||||
| Other, net | 113 | 570 | 580 | |||||||||
| 3,126 | 8,251 | 4,639 | ||||||||||
| (Loss) income before income taxes and minority interest | (111 | ) | 4,863 | (91 | ) | |||||||
| Benefit (provision) for income taxes | 98 | (2,313 | ) | (183 | ) | |||||||
| Minority interest in net loss of consolidated subsidiaries | 1 | 1 | 1 | |||||||||
| (Loss) income from continuing operations | (12 | ) | 2,551 | (273 | ) | |||||||
| Discontinued operations: | ||||||||||||
| Loss before taxes and minority interest (including
loss on disposal) |
-- | -- | (3,912 | ) | ||||||||
| Benefit for income taxes | -- | -- | 1,574 | |||||||||
| Minority interest | -- | -- | (2,052 | ) | ||||||||
| Loss from discontinued operations | -- | -- | (4,390 | ) | ||||||||
| Net (loss) income | $ | (12 | ) | $ | 2,551 | $ | (4,663 | ) | ||||
| Net (loss) income per common share - basic and diluted | ||||||||||||
| (Loss) income from continuing operations | $ | (0.00 | ) | $ | 0.13 | $ | (0.01 | ) | ||||
| Loss from discontinued operations | -- | -- | (0.23 | ) | ||||||||
| Net (loss) income per common share - basic and diluted | $ | (0.00 | ) | $ | 0.13 | $ | (0.24 | ) | ||||
| Weighted average common shares outstanding | ||||||||||||
| Basic | 19,276 | 19,237 | 19,179 | |||||||||
| Diluted | 19,276 | 19,422 | 19,179 | |||||||||
SOURCE: Zapata Corporation
Zapata Corporation
Leonard DiSalvo, CFO, 585-242-8703
http://www.zapatacorp.com