Swift Energy Receives Continued Listing Standard Notice From NYSE
Aug 17 15
Swift Energy Company announced that on August 14, 2015, the New York Stock Exchange (NYSE) notified the Company that it is not in compliance with the continued listing standards set forth in Sections 802.01B and 802.01C of the NYSE’s Listed Company Manual. Specifically, the NYSE notified the Company that the average closing price per share of the Company’s common stock over the preceding 30 trading-day period was $0.96 as of August 12, 2015 and, therefore, that the Company’s common stock had fallen below the required minimum average closing price of Section 802.01C of $1.00 per share over a consecutive 30 trading-day period. Additionally, the NYSE notified the Company that the Company’s average global market capitalization for the prior 30 trading-day period is below $50 million, and the Company’s stockholders’ equity is less than $50 million, which are the NYSE minimum requirements under Section 802.01B. In compliance with NYSE procedures, the Company intends to notify the NYSE within ten business days of its intent to cure both deficiencies and return to compliance with the NYSE continued listing requirements. Under Section 802.01C (i.e., stock price standard), the Company has six months following the NYSE notification to regain compliance with the minimum share price requirement. The Company can regain compliance with Section 802.01C at any time during the six-month cure period if the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or the last trading day of the cure period. To indicate the Company’s desire and ability to regain compliance with Section 802.01B (i.e., market capitalization standard) within 18 months, the Company will submit a business plan to the NYSE within 45 days from receipt of the notice from the NYSE. If the NYSE approves the Company’s business plan, the Company’s shares will continue to be listed and traded on the NYSE during the 18 month cure period, subject to its compliance with other NYSE continued listing standards. There is no immediate impact on the listing of the Company’s common stock, which will continue to trade on the NYSE, subject to the Company’s compliance with other listing standards. If the Company determines to remedy the non-compliance by taking action that will require shareholder approval, the Company must obtain shareholder approval by no later than its next annual meeting and implement such action promptly thereafter. The Company will continue to work directly with the NYSE to ensure the NYSE is aware of the Company’s progress.
Swift Energy Co. Reports Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Production Guidance for the Third Quarter of 2015; Revises Production and Capital Expenditures Guidance for the Year 2015
Aug 6 15
Swift Energy Co. reported unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company's total revenue was $66,169,000 against $155,994,000 a year ago. Net loss was $292,867,000 or $6.58 diluted per share against net income of $6,827,000 or $0.15 diluted per share a year ago. Net cash provided by operating activities was $30,209,000 against $100,604,000 a year ago. EBITDA was $29,205,000 against $104,915,000 a year ago. Income before income taxes was $293,509,000. CapEx on an accrual basis was $33.2 million. Adjusted net loss was $32.9 million or $0.74 per diluted share, which excludes the effects of noncash ceiling test write-down. Adjusted net loss for the second quarter of 2014 was $36.5 million.
For the six months, the company's total revenue was $134,506,000 against $300,174,000 a year ago. Net loss was $769,944,000 or $17.35 diluted per share against net income of $12,269,000 or $0.28 diluted per share a year ago. Net cash provided by operating activities was $29,439,000 against $170,303,000 a year ago. EBITDA was $55,497,000 against $199,108,000 a year ago. Income before income taxes was $850,077,000. Additions to property and equipment were $104,997,000 against $208,979,000 a year ago.
For the quarter, the company's production was 2.88 MMBoe against 3.45 MMBoe a year ago.
For the six months, the company's production was 5.94 MMBoe against 6.39 MMBoe a year ago.
The company is targeting third quarter 2015 production levels of 2.77 MMBoe to 2.82 MMBoe, including 11.23 Bcf to 11.43 Bcf of natural gas production, 0.55 MMBbl to 0.56 MMBbl of crude oil production, and 0.34 MMBbl to 0.35 MMBbl of natural gas liquids production. This level of production is based on $35 million to $40 million in capital expenditures for the quarter.
For the full year 2015, the company revised its guided production range to 11.5 MMBoe to 11.6 MMBoe and planned full-year capital expenditures to $110 million to $120 million. The company currently plans to balance its revised 2015 capital expenditures with its operating cash flow, line of credit borrowings, and proceeds from asset dispositions and/or joint ventures.