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): May 7, 2003
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
(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 May 7, 2003.
Item 9. Regulation FD Disclosure.
The following information is furnished pursuant to Item 9, "Regulation FD
Disclosure," and Item 12, "Results of Operations and Financial Condition."
On May 7, 2003, Swift Energy Company announced first quarter 2003 earnings. The
press release is included in this report, a copy of which is attached as Exhibit
99.1. Swift Energy Company does not intend for this Item 9 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 (certain) 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 are useful to investors because
they permit investors to view the Company's performance on the same basis used
by management and are often used by research analysts in the comparison of
entities within the oil and gas exploration and production industry.
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: May 7, 2003
Swift Energy Company
By: /s/ Bruce Vincent
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Bruce Vincent
Executive Vice President - Corporate
Development and Secretary