Zapata Corporation Announces Year End Results

Business Wire,  March 7, 2008  

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ROCHESTER, N.Y. -- Zapata Corporation (NYSE: ZAP) today announced its consolidated financial results for the year and quarter ended December 31, 2007.

For the year ended December 31, 2007, Zapata reported consolidated net income of $2.6 million or $.13 per diluted share as compared to a consolidated net loss of $4.7 million or $(.24) per diluted share for the year ended December 31, 2006. The change from a net loss to net income was primarily the result of the recognition of an impairment charge recognized during the year ended December 31, 2006 relating to the sale of the Company's Omega Protein Corporation (NYSE:OME) common stock.

For the quarter ended December 31, 2007, Zapata reported consolidated net income of $909,000 or $0.05 per diluted share as compared to a consolidated net income of $1.1 million or $0.05 for the comparable quarter last year. The decrease in net income recognized during the quarter ended December 31, 2007 as compared to the comparable quarter of the prior year was primarily the result of increased selling, general and administrative expenses partially offset by an increase in interest income.

About Zapata:

Zapata is a holding company which has approximately $154.3 million in consolidated cash, cash equivalents and short-term investments as of December 31, 2007 and owns 98% of Zap.Com Corporation (OTBB: ZPCM), which is a public shall 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. Factors that could cause actual results, events and developments to differ include, without limitation, 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. There is no assurance that Zapata Corporation will successfully identify, pursue, or operate any future businesses or operations in the future. 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.

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