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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (date of earliest event reported): January 5, 2001
ZAPATA CORPORATION
(Exact name of registrant as specified in its charter)
Nevada 1-4219 C-74-1339132
(State or other (Commission File No.) (I.R.S Employer
jurisdiction of Identification No.)
incorporation)
100 Meridian Centre, Suite 350
Rochester, New York 14618
(Address of principal executive office)
(716) 242-2000
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Attached and incorporated herein by reference as Exhibit 99 is a copy of a press
release of Zapata Corporation dated January 5, 2001.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits Required by Item 601 of Regulation S-K
EXHIBIT NO. DESCRIPTION
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99 Press release dated January 5, 2001
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ZAPATA CORPORATION
By: /s/ Avram Glazer
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Name: Avram Glazer
Title: President and Chief Executive Officer
Date: January 31, 2001
EXHIBIT INDEX
Exhibit No. Description
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99 Press release dated January 5, 2001
EXHIBIT 99
Contact:
Zapata Corporation
FOR IMMEDIATE RELEASE:
ZAPATA CORPORATION INTERNET AND MULTIMEDIA SUBSIDIARIES,
TO DISCONTINUE OPERATIONS
Rochester, NY - January 5, 2001 - Zapata Corporation (ZAP: NYSE) announced today
that two of its subsidiaries are ceasing operations.
Zapata's 98% owned subsidiary, Zap.Com Corporation (OTCBB: ZPCM), an internet
start-up, is ceasing operations. Zap.Com is currently reviewing the future
direction of its operations and has not made a decision at the present time
concerning its plans. Zapata's wholly-owned subsidiary, Charged Productions,
Inc., also plans to cease operations because of Zapata's decision to exit this
industry.
Through September 30, 2000, Zap.Com and Charged Productions had accounted for
almost $5.7 million of Zapata's consolidated net losses for the nine months then
ended. In the future, both Zap.Com and Charged Productions will be reported as
discontinued operations. As a result, Zapata expects to record a one-time charge
in the range of approximately $1.7-$3.2 million for the year ended December 31,
2000.
About Zapata Corporation
Zapata Corporation is the largest shareholder of Zap.Com Corporation. Zapata
also owns approximately 61% of stock of Omega Protein, the largest marine
protein company and approximately 40% of the stock of Viskase
(NASDAQ:VCIC-news), a world leader in food packaging.
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"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
March 30, 2000 for the fiscal year ended December 31, 1999 and, among others,
costs and uncertainties associated with the winding down Zap.Com and Charged
Production's operations, including the potential higher actual costs incurred
for discontinued operation charges as compared to costs estimated for the
purposes of calculating such charges and the uncertainty and variations in
future undiscounted net cash flows from use together with residual values
estimated for purposes of calculating discontinued operations charges. There is
no assurance that Zap.Com will successfully identify, pursue, or operate any
future businesses or operations in the future. 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.