Zapata Corp. announced consolidated financial results for the third quarter and nine month ended September 30, 2009. For the quarter, the company reported operating loss of $1,401,000, loss before income taxes of $515,000, net loss attributable to company of $345,000 or $0.02 per diluted share against operating loss of $856,000, loss before income taxes of $363,000, net loss attributable to company of $188,000 or $0.01 per diluted share a year ago. For the nine months, the company reported operating loss of $3,775,000, Loss before income taxes of $2,332,000, net loss attributable to company of $1,533,000 or $0.08 per diluted share against operating loss of $2,409,000, income before income taxes of $502,000, net income attributable to company of $444,000 or $0.02 per diluted share a year ago.

Zapata Corp. announced that on October 7, 2009, Ms. Corrine Glass resigned from the Board of Directors of the company resulting in a total of three vacancies on the Board of Directors. On October 7, 2009, the Board of Directors of the company elected Messrs. Keith Hladek and Thomas Hudgins as directors to fill two of the three vacancies. Mr. Hladek has been elected as a Class II director and will hold office until the company's Annual Meeting to be held in 2012. It is not expected that Mr. Hladek will be named to any committees of the company. Keith M. Hladek, 34, is Chief Financial Officer of Harbinger Capital Partners. Mr. Hladek is responsible for all accounting and operations of the funds and management companies including, portfolio accounting, valuation, settlement, custody, and administration of investments. Prior to joining Harbinger Capital Partners in 2009, Mr. Hladek was Controller at Silver Point Capital where he was responsible for accounting, operations and valuation for the funds and related financing vehicles. Mr. Hudgins has been elected as a Class I director and will hold office until the Company's Annual Meeting to be held in 2011. Mr. Hudgins was also appointed as Chairman of the Company's Audit Committee. Mr. Hudgins, 69, is a retired partner of Ernst & Young LLP. From 1993 to 1998, he served as E&Y's Managing Partner of its New York Office with over 1,200 audit and tax professionals and staff personnel. As coordinating partner, he had the lead responsibility for the world-wide delivery of audit, tax and management consulting services to these clients.

Zapata Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2009. For the quarter, the company loss before income taxes of $716,000, net loss of $463,000, net loss attributable to common shareholders of $462,000 or $0.02 basic and diluted per share and operating loss of $1,173,000 against income before income taxes of $180,000, net income of $311,000, net income attributable to common shareholders of $312,000 or $0.02 basic and diluted per share and operating loss of $688,000 for the same period a year ago. For the six months, the company loss before income taxes of $1,818,000, net loss of $1,190,000, net loss attributable to common shareholders of $1,189,000 or $0.06 basic and diluted per share and operating loss of $2,373,000 against income before income taxes of $865,000, net income of $631,000, net income attributable to common shareholders of $632,000 or $0.03 basic and diluted per share and operating loss of $1,552,000 for the same period a year ago. The change from net income to net loss for the three and six month periods ended June 30, 2009 resulted primarily from a decrease in interest income arising from sustained lower interest rates on the Company's invested funds during 2009 as compared to 2008.