Comstock Resources Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Comstock Resources Inc. on September 22, 2009. The filing serves to update specific financial information previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008 (originally filed February 25, 2009).
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it references updated financial data contained in Exhibits 99.1 through 99.3, which reflect the retrospective adoption of new accounting standards. The filing explicitly states that it does not update the Management's Discussion and Analysis regarding current uncertainties, transactions, or risks.
Material Changes Versus Prior Period
The primary material change is the retrospective application of two accounting pronouncements to the 2008 fiscal year data:
- SFAS 160: "Noncontrolling Interests in Consolidated Financial Statements—An Amendment of ARB No. 51."
- FSP EITF 03-6-1: "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities."
These updates align the 2008 Form 10-K data with the presentation used in the company's quarterly reports (Form 10-Q) for the periods ended March 31, 2009, and June 30, 2009. Sections Items 6, 8, and 15 of the original Form 10-K are affected.
Guidance, Outlook, and Risks
The filing contains no new guidance, outlook, or management commentary regarding future operations. It explicitly disclaims any update to the Management's Discussion and Analysis of Financial Condition and Results of Operations found in the original Form 10-K. Investors are directed to other SEC filings for more current information regarding uncertainties, trends, risks, and events.
Investor Verification Checklist
- Review Exhibits 99.1, 99.2, and 99.3 attached to this filing for the specific updated financial tables and statements.
- Compare the updated 2008 figures in this filing against the original February 25, 2009, Form 10-K to quantify the impact of SFAS 160 and FSP EITF 03-6-1.
- Consult the most recent Form 10-Q filings for current operational trends and risk factors, as this 8-K does not update those disclosures.
- Verify the impact of the accounting changes on earnings per share and noncontrolling interest calculations.