FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 1997

Item 6. Selected Financial Data
1997 1996 1995 1994 (1) 1993 1992 1991 1990 1989 1988 1987
Revenues
   Oil and Gas Sales $69,015,189 $52,770,672 $22,527,892 $19,802,188 $15,535,671 $12,420,222 $8,361,771 $7,328,190 $3,984,835 $2,838,433 $2,097,815
   Supervision Fees $5,210,022 $4,470,206 $3,838,815 $3,751,061 $3,718,829 $3,443,777 $3,362,800 $2,149,079 $1,651,839 $1,118,794 $1,065,820
   Fees and Earned Interests (2) $745,856 $937,238 $590,441 $701,528 $4,071,970 $2,716,277 $2,231,729 $9,882,953 $8,802,816 $8,073,530 $7,956,895
   Interest Income $2,395,406 $433,352 $212,329 $47,980 $201,584 $113,387 $192,694 $705,786 $260,286 $165,909 $125,459
   Other, net $2,555,729 $2,156,764 $1,761,568 $1,072,535 $604,599 $515,931 $541,502 $323,981 $232,261 $488,131 $452,059
Total Revenues $79,922,202 $60,768,232 $28,931,045 $25,375,292 $24,132,653 $19,209,594 $14,690,496 $20,389,989 $14,932,037 $12,684,797 $11,698,048
Operating Income $33,129,606 $28,785,783 $6,894,537 $4,837,829 $6,628,608 $4,687,519 $3,748,741 $10,811,044 $8,716,673 $7,040,165 $6,632,631
Net Income (Loss) $22,310,189 $19,025,450 $4,912,512 ($13,047,027) $4,896,253 $4,084,760 $2,512,815 $7,170,642 $5,709,098 $4,678,317 $4,024,003
Net Cash Provided by Operating Activities $55,255,965 $37,102,578 $14,376,463 $10,394,514 $7,238,340 $6,349,080 $5,911,588 $4,813,435 $2,751,381 $393,564 $1,705,616
Per Share Data
   Weighted Shares Outstanding (3) 16,492,856 15,000,901 10,035,143 7,308,673 7,246,884 6,748,548 5,899,629 5,806,436 5,129,654 4,897,379 4,822,366
   Net Income (Loss) per Share--Basic (3) $1.35 $1.27 $0.49 ($1.79) $0.68 $0.61 $0.43 $1.23 $1.11 $0.96 $0.83
   Net Income (Loss) per Share--Diluted (3) $1.26 $1.25 $0.49 ($1.79) $0.64 $0.61 $0.43 $1.23 $1.11 $0.96 $0.83
   Shares Outstanding at Year End 16,459,156 15,176,417 12,509,700 6,685,137 6,001,075 5,968,579 4,955,134 4,848,315 4,764,862 4,068,968 4,025,108
   Book Value per Share $9.69 $9.41 $7.46 $6.30 $9.08 $8.26 $7.80 $7.36 $5.84 $3.88 $2.70
   Market Price (3)
      High $34.20 $28.86 $11.48 $10.35 $11.57 $7.85 $9.09 $10.65 $11.15 $8.68 $15.40
      Low $16.93 $9.89 $7.05 $7.75 $7.14 $4.65 $4.34 $6.93 $5.78 $5.58 $3.41
      Year-End Close $21.06 $27.16 $10.91 $8.86 $7.85 $7.55 $4.95 $8.57 $9.50 $5.68 $6.20
Pro forma amounts assuming 1994 change in
accounting principle is applied retroactively:(2)
   Net Income $22,310,189 $19,025,450 $4,912,512 $3,725,671 $4,322,478 $3,729,851 $2,950,245 $3,107,451 $2,185,276 $898,962 $561,509
   Net Income per Share--Basic (3) $1.35 $1.27 $0.49 $0.51 $0.60 $0.55 $0.50 $0.54 $0.43 $0.18 $0.12
   Net Income per Share--Diluted (3) $1.26 $1.25 $0.49 $0.51 $0.57 $0.55 $0.50 $0.54 $0.43 $0.18 $0.12
Assets
   Current Assets $29,981,786 $101,619,478 $43,380,454 $39,208,418 $65,307,120 $30,830,173 $47,859,278 $72,537,521 $54,818,404 $9,304,370 $8,396,944
   Oil and Gas Properties, Net of Accumulated
      Depreciation, Depletion, and Amortization $301,312,847 $200,010,375 $125,217,872 $88,415,612 $89,656,577 $64,301,509 $47,655,917 $41,952,212 $27,935,170 $19,973,454 $13,092,526
Total Assets $339,115,390 $310,375,264 $175,252,707 $135,672,743 $160,892,917 $100,243,469 $101,421,573 $118,227,480 $85,007,293 $31,463,220 $23,745,504
Liabilities
   Current Liabilities $28,517,664 $32,915,616 $40,133,269 $52,345,859 $55,565,437 $27,876,687 $50,851,447 $71,514,938 $49,354,128 $9,756,431 $8,342,755
   Long-Term Debt and Bank Borrowings $122,915,000 $115,000,000 $28,750,000 $28,750,000 $28,750,000 $0 $0 $0 $0 $0 $0
Total Liabilities $179,714,470 $167,613,654 $81,906,742 $93,545,612 $106,427,203 $50,962,183 $62,761,217 $82,559,406 $57,198,476 $15,694,272 $12,874,849
Stockholders’ Equity $159,400,920 $142,761,610 $93,345,965 $42,127,131 $54,465,714 $49,281,286 $38,660,356 $35,668,074 $27,808,817 $15,768,948 $10,870,655
Number of Employees 194 191 176 209 188 178 171 164 131 116 94
Producing Wells
   Swift Operated 650 842 767 750 795 688 674 691 579 491 405
   Outside Operated 917 986 3,316 3,422 3,407 1,978 2,331 2,228 1,537 857 547
Total Producing Wells 1,567 1,828 4,083 4,172 4,202 2,666 3,005 2,919 2,116 1,348 952
Wells Drilled (Gross) 182 153 76 44 34 40 27 23 21 12 14
Proved Reserves
   Natural Gas (Mcf) 314,305,669 225,758,201 143,567,520 76,263,964 64,462,805 41,638,100 36,685,881 30,731,741 14,945,348 11,293,268 7,229,352
   Oil & Condensate (barrels) 7,858,918 5,484,309 5,421,981 4,553,267 4,271,069 2,901,621 1,950,209 1,690,520 1,422,815 840,144 597,174
Total Proved Reserves (Mcf equivalent) 361,459,177 258,664,055 176,099,406 103,583,566 90,089,219 59,047,824 48,387,138 40,874,862 23,482,236 16,334,130 10,812,396
Production (Mcf equivalent) (4) 25,393,744 19,437,114 11,186,573 9,600,867 7,368,757 5,678,772 3,980,460 3,303,750 1,900,302 1,440,690 875,547
Average Sales Price
   Natural Gas (per Mcf) $2.68 $2.57 $1.77 $1.93 $1.96 $1.90 $1.58 $1.72 $1.73 $1.67 $1.78
   Oil (per barrel) $17.59 $19.82 $15.66 $14.35 $15.10 $17.19 $18.26 $22.70 $17.93 $14.38 $17.39

1Additional 1994 Data: Income Before Cumulative Effect of Change in Accounting Principle–$3,725,671; Cumulative Effect of Change in Accounting Principle–$(16,772,698); Per Share Amounts–Basic–Income Before Cumulative Effect of Change in Accounting Principle–$0.51, Cumulative Effect of Change in Accounting Principle–$(2.29); Per Share Amounts–Diluted–Income Before Cumulative Effect of Change in Accounting Principle–$0.51, Cumulative Effect of Change in Accounting Principle–$(2.29).

2As of January 1, 1994, the Company changed its revenue recognition policy for earned interests. Accordingly, 1997, 1996, 1995, and 1994 "Fees and Earned Interests" does not include earned interests revenues.

3Amounts have been retroactively restated in all periods presented to give recognition to: (a) an equivalent change in capital structure as a result of two 10% stock dividends, one in September 1994, the other in October 1997 (see Note 2 to the Company’s financial statements); and (b) the adoption of Statement of Financial Accounting Standards No. 128, "Earnings per Share" (see Note 2 to the Company’s financial statements).

4Natural gas production for 1992, 1993, 1994, 1995, 1996, and 1997 includes 1,148,862, 1,581,206, 1,358,375, 1,211,255, 1,156,361, and 1,015,226 Mcf, respectively, delivered under the Company’s volumetric production payment agreement (see Note 1 to the Company’s financial statements).

Go to...

This page was last updated on Saturday, February 08, 2003 , at 07:46:29 PM .

Copyright © 1994-2008 by Swift Energy Company.
Click here to go to our home page or search page.
Please note the terms of use for the Swift Energy web site.
If you have comments or questions, see our feedback or requests pages.
Contact Swift Energy Company Stockholder Relations through e-mail info@swiftenergy.com or telephone (281) 874-2700.