Summary
ONEOK Inc. (OKE) filed an 8-K on August 9, 2001, to correct previously released financial information for the six months ended June 30, 2001 and 2000. The company clarified that previously reported figures for "income available for shareholders" were actually net income. This filing provides updated net income figures, with net income for the first six months of 2001 being $88.5 million, an increase from the prior $69.9 million. The diluted earnings per share of 74 cents for H1 2001 remained accurate. For the comparable period in 2000, net income was restated to $73.8 million (62 cents per diluted share), excluding a non-recurring pretax gain of $26.7 million from a gas processing plant sale in Q1 2000, which had resulted in a previously reported net income of $55.2 million (47 cents per diluted share).
Key Highlights
- 1ONEOK Inc. issued a correction to its financial results reported on August 1, 2001.
- 2Net income for the six months ended June 30, 2001, was revised upwards to $88.5 million.
- 3Diluted earnings per share for the first six months of 2001 remained unchanged at $0.74.
- 4Net income for the six months ended June 30, 2000, was restated to $73.8 million ($0.62 per diluted share), excluding a $26.7 million non-recurring gain.
- 5The average selling price increase for natural gas in the production operation for H1 2001 was corrected to 119%, from a previously stated 54%.
- 6The filing was signed by Jim Kneale, Senior Vice President, Treasurer and Chief Financial Officer.