FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2002

Consolidated Statements of Income

Swift Energy Company and Subsidiaries
Year ended December 31,
2002 2001 2000
--------------- --------------- ---------------
Revenues:
   Oil and gas sales $ 141,195,713 $ 181,184,635 $ 189,138,947
   Fees from limited partnerships and joint ventures 67,173 427,583 331,497
   Interest income 263,738 49,281 1,339,386
   Gain on asset disposition 7,332,668 --- ---
   Price-risk management and other, net 1,110,519 2,145,991 815,116
--------------- --------------- ---------------
149,969,811 183,807,490 191,624,946
--------------- --------------- ---------------
Costs and Expenses:
   General and administrative, net 10,564,849 8,186,654 5,585,487
   Depreciation, depletion, and amortization 56,224,392 59,502,040 47,771,393
   Oil and gas production 41,497,312 36,719,609 29,220,315
   Interest expense, net 23,274,969 12,627,022 15,968,405
   Other expenses --- 2,102,251 ---
   Write-down of oil and gas properties --- 98,862,247 ---
--------------- --------------- ---------------
131,561,522 217,999,823 98,545,600
--------------- --------------- ---------------
Income (Loss) Before Income Taxes, Extraordinary Item and Change in Accounting Principle 18,408,289 (34,192,333) 93,079,346
Provision (Benefit) for Income Taxes 6,485,062 (12,237,436) 33,265,480
--------------- --------------- ---------------
Income (Loss) Before Extraordinary Item and Change in Accounting Principle $ 11,923,227 $ (21,954,897) $ 59,813,866
Extraordinary Loss on Early Extinguishment of Debt (net of taxes) --- --- 629,858
Cumulative Effect of Change in Accounting Principle (net of taxes) --- 392,868 ---
--------------- --------------- ---------------
Net Income (Loss)  $ 11,923,227 $ (22,347,765) $ 59,184,008
============ ============ ============
Per Share Amounts --
   Basic: Income (Loss) Before Extraordinary Item and Change in Accounting Principle $0.45 $(0.89) $2.82
               Extraordinary Loss --- --- (0.03)
               Change in Accounting Principle --- (0.01) ---
--------------- --------------- ---------------
               Net Income (Loss) $0.45 $(0.90) $2.79
============ ============ ============
   Diluted: Income (Loss) Before Extraordinary Item and Change in Accounting Principle $ 0.45 $ (0.89) $ 2.53
               Extraordinary Loss --- --- (0.02)
               Change in Accounting Principle --- (0.01) ---
--------------- --------------- ---------------
               Net Income (Loss) $0.45 $(0.90) $2.51
============ ============ ============
Weighted Average Shares Outstanding 26,382,906 24,732,099 21,244,684
============ ============ ============

 

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