Zapata Corporation Announces Third Quarter 2008 Results

  
    
  
  
    
      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, 2008
          
        
        
        
        
          
            December 31, 2007
          
        
      
      
        
          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
        
        
           
        
      
      
        
          Total current assets
        
        
        
        
           
        
        
          155,700
        
        
           
        
        
        
        
           
        
        
          155,596
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Other assets, net
        
        
        
        
           
        
        
          10,069
        
        
           
        
        
        
        
           
        
        
          9,848
        
        
           
        
      
      
        
          Total assets
        
        
        
        
          $
        
        
          165,769
        
        
           
        
        
        
        
          $
        
        
          165,444
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          LIABILITIES AND STOCKHOLDERS’ EQUITY
        
        
        
        
        
        
        
        
        
      
      
        
          Current liabilities:
        
        
        
        
        
        
        
        
        
      
      
        
          Accounts payable
        
        
        
        
          $
        
        
          102
        
        
        
        
        
        
          $
        
        
          180
        
        
        
      
      
        
          Accrued and other current liabilities
        
        
        
        
           
        
        
          1,027
        
        
           
        
        
        
        
           
        
        
          1,141
        
        
           
        
      
      
        
          Total current liabilities
        
        
        
        
           
        
        
          1,129
        
        
           
        
        
        
        
           
        
        
          1,321
        
        
           
        
      
      
        
          Pension liabilities
        
        
        
        
        
        
          615
        
        
        
        
        
        
        
        
          660
        
        
        
      
      
        
          Other liabilities
        
        
        
        
           
        
        
          1,196
        
        
           
        
        
        
        
           
        
        
          1,330
        
        
           
        
      
      
        
          Total liabilities
        
        
        
        
           
        
        
          2,940
        
        
           
        
        
        
        
           
        
        
          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
        
        
        
        
        
        
          37,648
        
        
        
        
        
        
        
        
          37,204
        
        
        
      
      
        
          Treasury stock, at cost, 5,432,080 shares
        
        
        
        
        
        
          (31,668
        
        
          )
        
        
        
        
        
        
          (31,668
        
        
          )
        
      
      
        
          Accumulated other comprehensive loss
        
        
        
        
           
        
        
          (7,681
        
        
          )
        
        
        
        
           
        
        
          (7,934
        
        
          )
        
      
      
        
          Total stockholders’ equity
        
        
        
        
           
        
        
          162,796
        
        
           
        
        
        
        
           
        
        
          162,099
        
        
           
        
      
      
        
          Total liabilities and stockholders’ equity
        
        
        
        
          $
        
        
          165,769
        
        
           
        
        
        
        
          $
        
        
          165,444
        
        
           
        
      
    
    
      
        
          
            ZAPATA CORPORATION
          
          
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
          
          
            (In Thousands, Except Per Share Amounts)
          
        
      
      
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
          
            For the Three Months Ended September 30,
          
        
        
        
        
          
            For the Nine Months Ended 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
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          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