Comstock Resources Inc. - Form 8-K Summary
Business Context and Reporting Period
Comstock Resources, Inc. filed this Current Report on Form 8-K on February 25, 2005, to announce financial results for the three months and fiscal year ended December 31, 2004. The company is incorporated in Nevada and maintains its 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 report references an attached press release (Exhibit 99.1) containing these details, including non-GAAP measures such as Operating Cash Flow and EBITDAX (Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization, and Exploration Expense).
Material Changes
The filing does not contain specific data regarding material changes versus prior periods. It notes that the attached press release includes reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.
Management Commentary and Non-GAAP Measures
- Operating Cash Flow: Management presents this metric as useful to investors.
- EBITDAX: Defined as results from operations before interest, income taxes, and certain non-cash items (depreciation, depletion, amortization, and exploration expense). Management considers this a common alternative measure of operating performance.
- Disclaimer: The filing explicitly states that non-GAAP measures should be considered in addition to, but not as a substitute for, GAAP measures.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific revenue, net income, and cash flow figures for the periods ended December 31, 2004.
- Verify the reconciliation tables between non-GAAP measures (EBITDAX, Operating Cash Flow) and GAAP net income.
- Confirm year-over-year percentage changes in production volumes and commodity prices, which are typically detailed in the full press release.
- Check for any updates on exploration expenses or capital expenditure plans mentioned in the full earnings release.