-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ID20hd3u2ySTiEFPrXqiAyuMcYBiFMO3MSgJ764wawjN/alYvjotmgKVKMT2EpWi foEf1a3z5NP/fWNDbcuZew== 0000950129-03-004007.txt : 20030808 0000950129-03-004007.hdr.sgml : 20030808 20030808163329 ACCESSION NUMBER: 0000950129-03-004007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030808 ITEM INFORMATION: Other events FILED AS OF DATE: 20030808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NABORS INDUSTRIES LTD CENTRAL INDEX KEY: 0001163739 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 980363970 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49887 FILM NUMBER: 03832203 BUSINESS ADDRESS: STREET 1: 2ND FLOOR INT'L TRADING CENTER STREET 2: WARRENS, P.O. BOX 905E CITY: ST. MICHAEL BARBADOS STATE: D0 ZIP: 0000 BUSINESS PHONE: 2464219471 MAIL ADDRESS: STREET 1: 2ND FLOOR INT'L TRADING CENTER STREET 2: WARRENS, P.O. BOX 905E CITY: ST. MICHAEL BARBADOS STATE: D0 ZIP: 0000 8-K 1 h08104e8vk.txt NABORS INDUSTRIES LTD - AUGUST 8, 2003 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): August 8, 2003 NABORS INDUSTRIES LTD. (Exact name of registrant as specified in its charter) Bermuda 000-49887 980363970 (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 2nd Fl. International Trading Centre Warrens PO Box 905E St. Michael, Barbados N/A (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (246) 421-9471 N/A (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS The Securities and Exchange Commission recently issued Regulation G and amended Item 10 of Regulation S-K concerning the use of non-GAAP financial measures (the "Regulations"). The Regulations became effective March 28, 2003. Subsequent to its last fiscal year ended but prior to the effective date of the Regulations, Nabors Industries Ltd. (the "Company") filed a Current Report on Form 8-K on January 30, 2003, amended by a Current Report on Form 8-K/A filed on January 31, 2003, and furnished a Current Report on Form 8-K on January 31, 2003 (the "Current Reports"), each of which included financial information. In anticipation of the filing of one or more registration statements under the Securities Act of 1933, including a registration statement relating to the resale of the Company's Zero Coupon Senior Exchangeable Notes Due 2023, that will incorporate the Current Reports by reference, the Company is filing this Current Report on Form 8-K solely for the purpose of conforming certain information included in the Current Reports to the requirements of the Regulations. The Company presented its cash flow derived from operating activities for all quarterly and annual periods presented in the Current Reports. The components of cash flow derived from operating activities are computed using amounts determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Cash flow derived from operating activities is computed by: subtracting direct costs and general and administrative expenses from Operating revenues and then adding Earnings from unconsolidated affiliates. As part of this Current Report on Form 8-K, we are providing the reconciliation below, for all quarterly and annual periods presented in the Current Reports, of cash flow derived from operating activities, which is a "non-GAAP" financial measure under Regulation G, to net cash provided by operating activities from our consolidated statements of cash flows, which is the most comparable GAAP financial measure. The Company included its cash flow derived from operating activities in the Current Reports because management evaluates the performance of its business units based on several criteria, including cash flow derived from operating activities, and because it believes this financial measure is an accurate reflection of the ongoing performance of our business units.
2001 ----------------------------------------------------------------- 1Q 2Q 3Q 4Q FULL YEAR --------- --------- --------- --------- --------- (IN THOUSANDS) Net cash provided by operating activities from our consolidated statements of cash flows $ 61,954 $ 179,003 $ 268,254 $ 185,874 $ 695,085 Interest expense 12,464 14,513 15,395 18,350 60,722 Interest income (13,260) (15,676) (13,636) (11,401) (53,973) Other income, net (9,268) (3,056) (5,400) (10,926) (28,650) Current income tax expense 14,935 11,388 27,503 29,892 83,718 Deferred financing costs amortization (179) (251) (1,180) (4,729) (6,339) Discount amortization on long-term debt (6,343) (8,444) (8,496) (8,549) (31,832) Amortization of loss on cash flow hedges -- -- -- -- -- Gains (losses) on long-term assets, net 4,427 561 4,816 442 10,246 Gains (losses) on marketable securities 3,862 3,353 904 (8,593) (474) Loss on derivative instruments -- -- -- -- -- Sales of marketable securities, trading -- -- -- -- -- Foreign currency transaction gains (losses) 482 (185) 350 (228) 419 Gain (loss) on early extinguishment of debt -- -- -- 15,330 15,330 Equity in earnings (losses) of unconsolidated affiliates, net of dividends 8,038 4,904 (136) 3,027 15,833 Decrease (increase), net of effects from acquisitions, from changes in balance sheet accounts 90,647 25,522 (68,476) (82,171) (34,478) --------- --------- --------- --------- --------- Cash flow derived from operating activities $ 167,759 $ 211,632 $ 219,898 $ 126,318 $ 725,607 ========= ========= ========= ========= ========= 2002 -------------------------------------------------------------- 1Q 2Q 3Q 4Q FULL YEAR --------- -------- -------- -------- --------- (IN THOUSANDS) Net cash provided by operating activities from our consolidated statements of cash flows $ 103,363 $ 91,322 $ 91,004 $ 86,756 $ 372,445 Interest expense 14,615 14,418 17,772 20,263 67,068 Interest income (9,251) (8,142) (8,145) (8,548) (34,086) Other income, net (497) (2,649) 994 (1,556) (3,708) Current income tax expense 4,443 2,514 1,774 1,454 10,185 Deferred financing costs amortization (1,098) (1,098) (1,598) (1,328) (5,122) Discount amortization on long-term debt (7,597) (7,673) (7,661) (7,859) (30,790) Amortization of loss on cash flow hedges -- -- -- (50) (50) Gains (losses) on long-term assets, net (106) (722) (298) 5,696 4,570 Gains (losses) on marketable securities 2,474 476 (564) 491 2,877 Loss on derivative instruments -- -- -- (1,983) (1,983) Sales of marketable securities, trading -- -- -- -- -- Foreign currency transaction gains (losses) (217) 2,524 (368) (1,453) 486 Gain (loss) on early extinguishment of debt (202) -- -- -- (202) Equity in earnings (losses) of unconsolidated affiliates, net of dividends 3,439 (1,315) (58) 2,834 4,900 Decrease (increase), net of effects from acquisitions, from changes in balance sheet accounts (4,628) (4,151) (8,632) (3,766) (21,177) --------- -------- -------- -------- --------- Cash flow derived from operating activities $ 104,738 $ 85,504 $ 84,220 $ 90,951 $ 365,413 ========= ======== ======== ======== =========
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. NABORS INDUSTRIES LTD. Date: August 8, 2003 By: /s/ Bruce P. Koch -------------------------------- Bruce P. Koch Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----