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)
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Delaware
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0-9592
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34-1312571
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(State or other
jurisdiction of
incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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777 Main Street
Ft. Worth, Texas
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76102
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(Address of
principal executive offices)
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(Zip Code)
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Registrants
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 Companys latest Form 10-K.
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Year Ended December 31,
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2000
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2001
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2002
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(in thousands, except per share data)
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Revenues:
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Oil and gas
sales
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$ 173,082
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$ 208,854
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$ 190,954
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Transportation and
processing
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5,306
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3,435
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3,495
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IPF
Income
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7,162
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6,646
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3,789
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Gain on retirement
of securities(1)
....................
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17,763
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3,951
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3,098
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Other
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(722)
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490
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(2,900)
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Total
revenues
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202,591
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223,376
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198,436
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Expenses:
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Direct
operating
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40,552
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43,430
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40,443
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IPF
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1,974
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3,761
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6,847
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Exploration
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3,187
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5,879
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11,525
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General and
administrative
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14,953
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12,212
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17,240
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Debt conversion and
extinguishment expense
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-
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-
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-
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Interest expense and
dividends on our 5.75%
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Trust convertible
preferred securities
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39,953
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32,179
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23,153
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Depletion,
depreciation and amortization
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66,968
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77,573
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76,820
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Provision for
impairment
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-
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31,085
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-
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Total
expenses
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167,587
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206,119
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176,028
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Income before income tax
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35,004
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17,257
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22,408
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Income tax (benefit)
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Current
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(1,574)
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(406)
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(4)
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Deferred
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-
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-
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(3,354))
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Net
income
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36,578
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17,663
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25,766
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Gain on retirement of
preferred securities
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5,966
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556
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-
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Preferred
dividends
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(1,554)
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(10)
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-
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Net income available to
common stockholders
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$ 40,990
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$ 18,209
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$ 25,766
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Comprehensive income
(loss)
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$ 35,570
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$ 63,825
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$ (40,908))
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Earnings per share:
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- Basic
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$ 0.97
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$ 0.36
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$ 0.49
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- Diluted
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$ 0.96
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$ 0.36
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$ 0.47
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(1) Includes
adoption of FAS 145, whereby gains from early extinguishment of debt is
reported in income from continuing operations.
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
Rodney
L. Waller
Senior
Vice President
Date: July 11, 2003
