FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2003 |
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|
Consolidated Statements of Income |
Swift Energy Company and Subsidiaries |
|
|
| Year ended December 31, | |||
|
|
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| 2003 | 2002 | 2001 | |
| --------------- | --------------- | --------------- | |
| Revenues: | |||
| Oil and gas sales |
$211,032,639 |
$ 141,195,713 | $ 181,184,635 |
| Fees from affiliated limited partnerships |
28,068 |
67,173 | 427,583 |
| Interest income |
184,383 |
263,738 | 49,281 |
| Gain on asset disposition |
--- |
7,332,668 | --- |
| Price-risk management and other, net |
(2,344,107) |
1,110,519 | 2,145,991 |
| --------------- | --------------- | --------------- | |
| 208,900,983 | 149,969,811 | 183,807,490 | |
| --------------- | --------------- | --------------- | |
| Costs and Expenses: | |||
| General and administrative, net |
14,097,066 |
10,564,849 | 8,186,654 |
| Depreciation, depletion, and amortization |
63,072,057 |
56,224,392 | 59,502,040 |
| Accretion of asset retirement obligation |
857,356 |
--- | --- |
| Oil and gas production |
52,866,802 |
41,497,312 | 36,719,609 |
| Interest expense, net |
27,268,524 |
23,274,969 | 12,627,022 |
| Other expenses |
--- |
--- | 2,102,251 |
| Write-down of oil and gas properties |
--- |
--- | 98,862,247 |
| --------------- | --------------- | --------------- | |
| 158,161,805 | 131,561,522 | 217,999,823 | |
| --------------- | --------------- | --------------- | |
| Income (Loss) Before Income Taxes and Change in Accounting Principle |
50,739,178 |
18,408,289 | (34,192,333) |
| Provision (Benefit) for Income Taxes |
16,468,514 |
6,485,062 | (12,237,436) |
| --------------- | --------------- | --------------- | |
| Income (Loss) Before Change in Accounting Principle | $ 34,270,664 | $ 11,923,227 | $ (21,954,897) |
| Cumulative Effect of Change in Accounting Principle (net of taxes) | 4,376,852 | --- | 392,868 |
| --------------- | --------------- | --------------- | |
| Net Income (Loss) | $ 29,893,812 | $ 11,923,227 | $ (22,347,765) |
| ============ | ============ | ============ | |
| Per Share Amounts -- | |||
| Basic: Income (Loss) Before Change in Accounting Principle | $1.25 | $0.45 | $(0.89) |
| Change in Accounting Principle | (0.16) | --- | (0.01) |
| --------------- | --------------- | --------------- | |
| Net Income (Loss) | $1.09 | $0.45 | $(0.90) |
| ============ | ============ | ============ | |
| Diluted: Income (Loss) Before Change in Accounting Principle | $ 1.24 | $ 0.45 | $ (0.89) |
| Change in Accounting Principle | (0.16) | --- | (0.01) |
| --------------- | --------------- | --------------- | |
| Net Income (Loss) | $1.08 | $0.45 | $(0.90) |
| ============ | ============ | ============ | |
| Weighted Average Shares Outstanding | 27,357,579 | 26,382,906 | 24,732,099 |
| ============ | ============ | ============ | |
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