Comstock Resources, Inc. - Form 8-K Summary
Business Context and Reporting Period
Comstock Resources, Inc. filed this Form 8-K on August 3, 2009, to announce financial results for the three months and six months ended June 30, 2009. The company is incorporated in Nevada and operates with principal executive offices in Frisco, Texas.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a notification that these results are detailed in an attached press release (Exhibit 99.1). The company reports non-GAAP measures including Operating Cash Flow and EBITDAX (Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization, and Exploration Expense) alongside GAAP measures.
Material Changes and Comparisons
Comstock has adjusted selected financial and operating data for the three and six months ended June 30, 2008, to exclude results from oil and gas properties disposed of in 2008. This adjustment is intended to facilitate comparative analysis with the current period. Specific quantitative changes versus the prior period are not listed in this filing text.
Management Commentary and Non-GAAP Measures
Management considers Operating Cash Flow and EBITDAX useful alternative measures of operating performance for investors and analysts. The filing explicitly states that these non-GAAP measures should be considered in addition to, not as a substitute for, GAAP measures. Reconciliations between non-GAAP and GAAP figures are provided in the attached press release.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and cash flow figures.
- Examine the reconciliation tables in the press release to understand the difference between GAAP and non-GAAP EBITDAX.
- Verify the impact of the 2008 property disposals on year-over-year comparisons.
- Check for any specific guidance or outlook statements contained within the attached press release.