UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
July 9, 2003
RANGE RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 0-9592 34-1312571
---------------------------------- ------------------------------------- -------------------------------
(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
777 MAIN STREET
FT. WORTH, TEXAS 76102
----------------------------------- --------------------------------
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (817) 870-2601
Former name or former address, if changed since last report: Not applicable
ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE
As of January 1, 2003, Range Resources Corporation (the "Company") adopted
Statement of Financial Accounting Standards No. 145 "Recession of FASB
Statements No. 4, 44 and 64, amendment of FASB Statement 13 and Technical
corrections" ("SFAS 145"). As a result, gains from early extinguishment of debt
which had previously been shown as an extraordinary item (net of tax), are now
required to be reported in income from continuing operations. The following
table presents the effect of this change on the Statement of Operations for the
years ended 2000, 2001 and 2002. The following table should be read in
conjunction with the Company's latest Form 10-K.
Year Ended December 31,
---------------------------------------
2000 2001 2002
---------- ---------- ----------
(in thousands, except per share data)
Revenues:
Oil and gas sales ............................. $ 173,082 $ 208,854 $ 190,954
Transportation and processing ................. 5,306 3,435 3,495
IPF Income .................................... 7,162 6,646 3,789
Gain on retirement of securities(1) ........... 17,763 3,951 3,098
Other ......................................... (722) 490 (2,900)
--------- --------- ---------
Total revenues ............................ 202,591 223,376 198,436
--------- --------- ---------
Expenses:
Direct operating .............................. 40,552 43,430 40,443
IPF ........................................... 1,974 3,761 6,847
Exploration ................................... 3,187 5,879 11,525
General and administrative .................... 14,953 12,212 17,240
Debt conversion and extinguishment expense .... -- -- --
Interest expense and dividends on our 5.75%
Trust convertible preferred securities ...... 39,953 32,179 23,153
Depletion, depreciation and amortization ...... 66,968 77,573 76,820
Provision for impairment ...................... -- 31,085 --
--------- --------- ---------
Total expenses ............................ 167,587 206,119 176,028
--------- --------- ---------
Income before income tax ........................... 35,004 17,257 22,408
Income tax (benefit)
Current ....................................... (1,574) (406) (4)
Deferred ...................................... -- -- (3,354)
--------- --------- ---------
Net income ......................................... 36,578 17,663 25,766
Gain on retirement of preferred securities .... 5,966 556 --
Preferred dividends ........................... (1,554) (10) --
--------- --------- ---------
Net income available to common stockholders ........ $ 40,990 $ 18,209 $ 25,766
========= ========= =========
Comprehensive income (loss) ........................ $ 35,570 $ 63,825 $ (40,908)
========= ========= =========
Earnings per share:
- Basic ..................................... $ 0.97 $ 0.36 $ 0.49
========= ========= =========
- Diluted ................................... $ 0.96 $ 0.36 $ 0.47
========= ========= =========
(1) Includes adoption of FAS 145, whereby gains from early extinguishment of
debt is reported in income from continuing operations.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RANGE RESOURCES CORPORATION
By: /s/ RODNEY L. WALLER
-----------------------------------
Rodney L. Waller
Senior Vice President
Date: July 11, 2003
3
