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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zapata Corp. (NV) | NYSE:ZAP | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.91 | 0.00 | 01:00:00 |
Add the following information to the contact section of the release: Rubenstein Associates - Charles V. Zehren, 212-843-8590, czehren@rubenstein.com and Ming Lee Hatch, 212-843-8019, mhatch@rubenstein.com
The corrected release reads:
ZAPATA CORPORATION ANNOUNCES THIRD QUARTER RESULTS AND REINCORPORATION MERGER
Zapata Corporation (NYSE: ZAP) today announced its consolidated financial results for the three and nine months ended September 30, 2009 and its entry into an Agreement and Plan of Merger with its newly formed, wholly-owned subsidiary, Harbinger Group Inc.
Third Quarter Results:
For the quarter ended September 30, 2009, Zapata reported a consolidated net loss of $345,000 or $0.02 per share as compared to a consolidated net loss of $188,000 or $0.01 per share for the quarter ended September 30, 2008. For the nine months ended September 20, 2009, Zapata had a consolidated net loss of $1.5 million or $0.08 per share as compared to consolidated net income of $444,000 or $0.02 per share for the comparable period of the prior year. On a consolidated basis, the three and nine months ended September 30, 2009 reflect decreases in interest income and increases in professional fees partially offset by the recognition of other income related to old businesses of Zapata.
Reincorporation Merger:
On November 3, 2009, Zapata’s board of directors adopted an Agreement and Plan of Merger between Zapata and its newly formed, wholly-owned subsidiary, Harbinger Group Inc., a Delaware corporation. Also on November 3, 2009, the holders of a majority of Zapata’s issued and outstanding shares of common stock consented in writing to the Agreement and Plan of Merger. The agreement provides for the merger of Zapata with and into Harbinger Group and will result in the following:
Zapata plans to file a preliminary Information Statement on Schedule 14C with the Commission on or about November 4, 2009. Zapata expects that the merger will become effective 20 calendar days after the date Zapata mails the definitive Information Statement to its stockholders.
About Zapata:
Zapata is a holding company with approximately $153.2 million in consolidated cash, cash equivalents and investments as of September 30, 2009 and owns approximately 98% of Zap.Com Corporation (OTCBB: ZPCM), which is a public shell company. The Company is currently searching for candidates for acquisition or business combination.
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 Quarterly Report on Form 10-Q for the period ended June 30, 2009. 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, 2009 2008 ASSETS Current assets: Cash and cash equivalents $ 129,184 $ 142,694 Short-term investments 15,990 11,965 Other receivables 67 130 Prepaid expenses and other current assets 442 256 Total current assets 145,683 155,045 Long-term investments 8,027 -- Property and equipment, net 38 -- Other assets, net 9,571 8,987 Total assets $ 163,319 $ 164,032 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 63 $ 92 Accrued and other current liabilities 1,503 1,045 Total current liabilities 1,566 1,137 Pension liabilities 2,926 2,904 Other liabilities 1,087 1,144 Total liabilities 5,579 5,185 Commitments and contingencies Zapata Corporation 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; 24,716,930 and 24,708,414 shares issued; and 19,284,850 and 19,276,334 shares outstanding, respectively 247 247 Capital in excess of par value 164,250 164,250 Retained earnings 35,659 37,192 Treasury stock, at cost, 5,432,080 shares (31,668 ) (31,668 ) Accumulated other comprehensive loss (10,778 ) (11,207 ) Total Zapata Corporation stockholders’ equity 157,710 158,814 Noncontrolling interest 30 33 Total equity 157,740 158,847 Total liabilities and equity $ 163,319 $ 164,032 ZAPATA CORPORATION UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) For the For the Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Revenues $ -- $ -- $ -- $ -- Cost of revenues -- -- -- -- Gross profit -- -- -- -- Operating expense: General and administrative 1,401 856 3,775 2,409 Total operating expenses 1,401 856 3,775 2,409 Operating loss (1,401 ) (856 ) (3,775 ) (2,409 ) Other income: Interest income 55 490 197 2,836 Other, net 831 3 1,246 75 886 493 1,443 2,911 (Loss) income before income taxes (515 ) (363 ) (2,332 ) 502 Benefit (provision) for income taxes 169 175 797 (59 ) Net (loss) income (346 ) (188 ) (1,535 ) 443 Net income attributable to noncontrolling interest 1 -- 2 1 Net (loss) income attributable to Zapata Corporation $ (345 ) $ (188 ) $ (1,533 ) $ 444 Net (loss) income per common share – basic and diluted $ (0.02 ) $ (0.01 ) $ (0.08 ) $ 0.02 Weighted average common shares outstanding: Basic 19,281 19,276 19,278 19,276 Diluted 19,281 19,276 19,278 19,398
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