ROCHESTER, N.Y.--(BUSINESS WIRE)--Nov. 14, 2001--Zapata Corporation (NYSE:ZAP - news) today announced its consolidated financial results for the quarter ended September 30, 2001.
For the quarter ended September 30, 2001, Zapata reported net income of $14.3 million or $5.99 per share compared to a net loss of $7.4 million or $3.10 per share for the comparable quarter last year. The net income for the third quarter was due to a profitable quarter reported by Zapata's majority-owned subsidiary, Omega Protein Corporation (NYSE:OME - news), and a benefit from income taxes of approximately $12.5 million resulting from capital loss carry-backs generated through the sale of Zapata's shares of Viskase Corporation (Nasdaq:VCIC - news) and other securities. Omega Protein reported net income of $2.4 million for the three months ended September 30, 2001, as compared to a net loss of $10.2 million for the same period of the previous year. Omega Protein's net income for the three months ended September 30, 2001 was primarily the result of increased sales volumes of fishmeal and fish oil as well as modest increases in product prices. Omega Protein's loss for the comparable quarter of the previous year was largely the result of a $13.7 million inventory write-down.
For the nine months ended September 30, 2001, Zapata reported net income of $3.5 million or $1.47 per share compared to a net loss of $10.5 million or $4.41 per share for the comparable period last year. Net income for this period was due to favorable results reported by Omega Protein in addition to the Zapata's benefit for income taxes as discussed above, offset by other than temporary losses on non-investment grade securities recognized during the first and second quarters of 2001. Omega Protein reported net income of $2.0 million for the nine months ended September 30, 2001, as compared to a net loss of $12.4 million for the same period of the previous year. Omega Protein's net income for the nine months ended September 30, 2001 was primarily the result of the favorable market conditions which commenced during the third quarter. Omega Protein's loss for the comparable period of the previous period was largely the result of the $13.7 million inventory write-down which occurred during the third quarter.
Zapata's President and Chief Executive Officer, Avram Glazer, commented, ``We are pleased with Omega Protein's progress as the market for fish meal and fish oil has improved.'' Mr. Glazer also said: ``We are interested in pursuing one or more acquisitions that can enhance shareholder value and are continuing to actively identify and investigate opportunities. We believe that our strong balance sheet and liquidity will provide Zapata and its shareholders with great flexibility to pursue this strategy going forward.'' |
