UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (or Date of Earliest Event Reported): February 11, 2004
SWIFT ENERGY COMPANY
(Exact name of Registrant as specified in its charter)
TEXAS 1-8754 74-2073055
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
16825 Northchase Drive, Suite 400
Houston, Texas 77060
(Address of principal executive offices)
(281) 874-2700
(Registrant's telephone number)
Not Applicable
(Former Name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(a). Financial Statements. Not applicable.
(b). Pro Forma Financial Information. Not applicable.
(c). Exhibits. The following exhibits are filed with this report on Form 8-K:
Exhibit No. Exhibit Description
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99.1 Swift Energy Company press release dated February 11, 2004.
Item 12. Results of Operations and Financial Condition
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On February 11, 2004, Swift Energy Company announced fourth quarter and full
year 2003 earnings. The press release is attached as Exhibit 99.1. Swift Energy
Company does not intend for this Item 12 or Exhibit 99.1 to be incorporated by
reference into its filings under the Securities Exchange Act of 1934.
The attached press release contains non-GAAP financial measures. A non-GAAP
financial measure is a numerical measure of a company's financial performance
that excludes or includes specified amounts, which results in the non-GAAP
financial measure being different than the most directly comparable measure
calculated and presented in accordance with GAAP in the statements of income,
balance sheet or statements of cash flows of a company. Pursuant to Regulation
G, the Company has provided, as a part of the attached press release, a
reconciliation of each of the non-GAAP financial measures to the most directly
comparable GAAP financial measure.
The non-GAAP financial measures used in the Company's earnings release are:
- EBITDA, which excludes income taxes, net interest expense,
depreciation, depletion and amortization expenses, and cumulative
effect of accounting change from net income before income taxes and
accounting change.
- Cash Flow Before Working Capital Changes, which is Net Cash Provided
by Operating Activities before any changes in the balances of accounts
receivable and payable, accrued liabilities and income taxes
receivable since December 31, 2002.
These non-GAAP financial measures should be considered in addition to, but not
as a substitute for, the GAAP measures contained on the Company's statements of
cash flows. The Company has used these two non-GAAP financial measures included
in the press release for several years. Management of the Company believes that
these measures and the information they provide can be useful to investors by
enabling investors to view the Company's performance on a basis used by
management and often used by research analysts in the comparison of entities
within the oil and gas exploration and production industry. EBITDA and cash flow
before working capital changes are widely accepted as financial indicators of an
oil and gas company's ability to generate cash that is used to internally fund
exploration and development activities and to service debt. However, EBITDA and
cash flow before working capital changes are not measures of financial
performance under GAAP and should not be considered as an alternative to cash
flows from operating, investing, or financing activities, as an indicator of
cash flows, or as a measure of liquidity.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Dated: February 12, 2004
Swift Energy Company
/s/ Bruce H. Vincent
By: _____________________________________
Bruce H. Vincent
Executive Vice President - Corporate
Development and Secretary
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of Swift Energy Company dated February 11, 2004