Zapata Corporation Announces Third Quarter 2008 Results
04 Novembre 2008 - 10:16PM
Business Wire
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 �
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