Zapata Corporation Announces Fourth Quarter and Year End Results for 2001
ROCHESTER, N.Y.--(BUSINESS WIRE)--March 28, 2002--Zapata Corporation (NYSE:ZAP - news) today announced its consolidated financial results for the fourth quarter and year ended December 31, 2001.
For the quarter ended December 31, 2001, Zapata reported net income of $881,000 or $0.37 per share compared to a net loss of $15.5 million or $6.49 per share for the comparable quarter last year. The net income for the fourth quarter was primarily due to a profitable quarter reported by Zapata's majority-owned subsidiary, Omega Protein Corporation (NYSE:OME - news). Omega Protein reported net income of $1.8 million for the three months ended December 31, 2001, as compared to a net loss of $4.4 million for the same period of the previous year. Omega Protein's net income for the three months ended December 31, 2001 was primarily the result of increased sales volumes of fish meal 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 $4.4 million inventory write-down.
For the twelve months ended December 31, 2001, Zapata reported net income of $4.4 million or $1.85 per share compared to a net loss of $26.0 million or $10.88 per share for the comparable period last year. Net income for this period was primarily due to favorable results reported by Omega Protein in addition to Zapata's benefit for income taxes of approximately $12.8 million generated through the sale of Zapata's shares of Viskase Corporation and other securities, offset by realized losses on non-investment grade securities recognized during the second and third quarters of 2001. Omega Protein reported net income of $3.9 million for the twelve months ended December 31, 2001, as compared to a net loss of $16.7 million for the same period of the previous year. Omega Protein's net income for the twelve months ended December 31, 2001 was primarily due to diminished global fish meal and fish oil inventories as opposed to stronger world demand for competing products. Omega Protein's loss for the comparable period of the previous year was largely the result of $18.1 million in inventory write-downs which occurred during the third and fourth quarters of 2000.
Zapata Corporation's 2001 results also include a $38,000 increase in net income for the quarters ended June 30 and September 30 which reflect Omega Protein Corporation's accounting re-characterization of a charge for abnormal costs associated with the grounding of Omega's fleet of spotter aircraft following the September 11 terrorist attacks, and the treatment of an Omega insurance receivable. (For more details, please see the footnote accompanying the Statement of Operations table which follows). |
