Summary
Williams Companies, Inc. (WMB) reported a significant consolidated net loss of $477.7 million ($0.95 per diluted share) for the fiscal year 2001. This loss was heavily impacted by pre-tax charges totaling $2.05 billion (after-tax $1.31 billion, or $2.62 per diluted share) stemming from contingent obligations associated with its former telecommunications subsidiary, Williams Communications Group, Inc. (WCG). Despite this substantial net loss, the company highlighted record recurring earnings for 2001, reaching $2.35 per share, an increase from $2.33 per share in 2000, indicating operational resilience outside of the specific charges.
Key Highlights
- 1Reported a 2001 consolidated net loss of $477.7 million ($0.95 per diluted share).
- 2The net loss included significant pre-tax charges of $2.05 billion related to former telecom subsidiary Williams Communications Group, Inc. (WCG).
- 3The after-tax impact of WCG charges was $1.31 billion, or $2.62 per diluted share.
- 4Income from continuing operations for 2001 was $835.4 million ($1.67 per diluted share), down from $965.4 million ($2.15 per diluted share) in 2000.
- 5Continuing operations results for 2001 included $213 million pre-tax charges related to WCG and $37 million related to a Texas Supreme Court decision.
- 6Reported record recurring earnings of $2.35 per share for 2001, slightly up from $2.33 per share in 2000.
- 7A reconciliation of reported to recurring earnings is available in Exhibit 99.1.