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 17, 2004, to announce financial and operating results for the three months and fiscal year ended December 31, 2003. 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 a press release (Exhibit 99.1) containing these details, including non-GAAP measures such as Operating Cash Flow and EBITDAX, but the specific figures are not included in the body of this 8-K document.
Material Changes
The filing does not contain specific data regarding material changes versus prior comparable periods. It notes that the attached press release includes reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.
Guidance, Outlook, and Management Commentary
Management commentary indicates that Operating Cash Flow and EBITDAX are presented as useful alternative measures of operating performance. EBITDAX is defined as results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion, amortization, and exploration expense. The filing explicitly states that these non-GAAP measures should be considered in addition to, but not as a substitute for, GAAP measures. No specific forward-looking guidance or risk contingencies are detailed in this text.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated February 17, 2004) for specific revenue, net income, and cash flow figures.
- Verify the reconciliation between reported non-GAAP measures (EBITDAX, Operating Cash Flow) and GAAP measures.
- Confirm the specific impact of exploration expenses and depreciation on the fiscal year 2003 results.
- Check for any updated debt covenants or liquidity positions detailed in the full press release.