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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
February 12, 2004
Date of Report (Date of earliest event reported)
ENERGY PARTNERS, LTD.
(Exact name of registrant as specified in its charter)
Delaware 001-16179 72-1409562
(State or other (Commission file number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or
organization)
201 St. Charles Avenue, Suite 3400
New Orleans, Louisiana 70170
(Address of principal executive offices)
(504) 569-1875
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 12. Results of Operations and Financial Condition
On February 12, 2004, we issued a press release with respect to our 2003 fourth
quarter and 2003 year end earnings. The press release is furnished as Exhibit
99.1 to this Current Report and incorporated by reference herein. The press
release contains certain measures (discussed below), which may be deemed
"non-GAAP financial measures" as defined in Item 10 of Regulation S-K of the
Securities Exchange Act of 1934, as amended.
The information furnished pursuant to this Item 12, including Exhibit 99.1,
shall not be deemed to be "filed" for the purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and will not be incorporated by
reference into any registration statement filed under the Securities Act of
1933, as amended, unless specifically identified therein as being incorporated
therein by reference.
Management discloses discretionary cash flow. This non-GAAP financial measure
and reconciliation to the most comparable GAAP financial measure for the fourth
quarter and full year of 2003 are included in Exhibit 99.1 to this Current
Report, furnished to the Securities and Exchange Commission.
Discretionary cash flow is defined as cash flow from operations before changes
in working capital and exploration expenditures.
Discretionary cash flow is widely accepted as a financial indicator of an oil
and natural gas company's ability to generate cash, which is used to internally
fund exploration and development activities, pay dividends and service debt.
Discretionary cash flow is presented based on management's belief that this
non-GAAP measure is useful information to investors because it is widely used by
professional research analysts in the valuation, comparison, rating and
investment recommendations of companies within the oil and natural gas
exploration and production industry. The Company does not use this non-GAAP
measure for any other purpose. Many investors use the published research of
these analysts in making their investment decisions. Discretionary cash flow is
not a measure of financial performance under GAAP and should not be considered
as an alternative to cash flows from operating activities, as defined by GAAP,
or as a measure of liquidity, or an alternative to net income. Investors should
be cautioned that discretionary cash flow as reported by us may not be
comparable in all instances to discretionary cash flow as reported by other
companies.
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press release, dated February 12, 2004
announcing earnings for the quarter
and year ended December 31, 2003.
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SIGNATURES
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 hereunto duly authorized.
Dated: February 12, 2004
ENERGY PARTNERS, LTD.
By: /s/ Suzanne V. Baer
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Suzanne V. Baer
Executive Vice President and Chief
Financial Officer
(Authorized Officer and Principal
Financial Officer)
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