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| Financial, Operating, & Investor
Highlights for 2003 |
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2003 |
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2002 |
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Percent
Change
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| Revenues
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$208,900,983
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$149,969,811
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39%
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| Oil and Gas Sales
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$211,032,639
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$141,195,713
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49%
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| Costs & Expenses
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$158,161,805
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$131,561,522
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20%
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| Income Before Change in
Accounting Principle
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$34,270,664
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$11,923,227
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187%
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| Cumulative Effect of
Change in Accounting Principle (Net of Taxes)
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($4,376,852)
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---
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NA
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| Net Income
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$29,893,812
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$11,923,227
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151%
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| Basic Earnings per Share
Before Change in Accounting Principle
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$1.25
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$0.45
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178%
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| Change in Accounting
Principle (per share)
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($0.16)
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---
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NA
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| Earnings per Share--Basic
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$1.09
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$0.45
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142%
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| Earnings per Share--Diluted
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$1.08
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$0.45
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140%
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| Total Assets
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$861,054,932
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$767,005,859
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12%
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| Working Capital
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$(35,099,058)
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$(17,115,985)
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(105%)%
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| Current Ratio
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.50
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.63
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(21%)%
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| Long-Term Debt
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$340,254,783
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$324,271,973
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5%
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| Stockholders' Equity
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$397,391,264
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$365,073,184
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9%
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| Long-Term
Debt to Equity Ratio
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.86
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.89
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(3)%
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| Return
on Assets (net income / average assets)
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3.7%
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1.7%
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118%
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| Return
on Stockholders’ Equity (net income / average equity)
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7.8%
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3.5%
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123%
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| Net Cash Provided by Operating Activities
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$110,827,279
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$71,626,314
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55%
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| Natural Gas Production (Mcf)
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28,002,719
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27,131,578
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3%
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| Oil & Condensate Production (Bbls)
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3,369,398
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2,596,624
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30%
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| Natural Gas Liquids
Production (Bbls)
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823,214
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1,173,504
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(30)%
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| Total Production (Mcfe)
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53,158,384
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49,752,346
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7%
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| Average Natural Gas Prices Received ($/Mcf)
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$3.42
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$2.30
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49%
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| Average Oil & Condensate Prices Received ($/Bbl)
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$29.89
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$24.52
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22%
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| Average Natural Gas
Liquids Prices Received ($/Bbl)
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$17.60
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$12.82
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37%
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| Average Composite Prices Received ($/Mcfe)
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$3.97
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$2.84
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40%
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| Proved Natural Gas Reserves (Mcf)
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335,804,862
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326,731,672
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3%
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| Proved Oil & Condensate Reserves
(Bbls)
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63,808,873
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52,446,486
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22%
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| Proved Natural Gas Liquids
Reserves (Bbls)
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16,951,030
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17,992,477
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(6)%
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| Total Proved Reserves (Mcfe)
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820,364,284
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749,365,449
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9%
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| Weighted Average Shares Outstanding
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27,357,579
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26,382,906
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4%
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| Year-End Shares Outstanding
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27,484,091
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27,201,509
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1%
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| Number of Shareholders of Record
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348
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366
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(5)%
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| Number of Shareholders in Street Name
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5,775
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6,980
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(17)%
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| Market Price of Common Stock at Year-End
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$16.85
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$9.67
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74%
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| Number of Employees
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241
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234
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3%
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® are registered service marks of Swift Energy Company.