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): January 29, 2002
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The Williams Companies, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 1-4174 73-0569878
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Williams Center, Tulsa, Oklahoma 74172
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 918/573-2000
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
The Williams Companies, Inc. ("Williams") announced today it expects
to achieve recurring 2001 earnings of $2.35 per share, which includes an
approximate 12 cents per share fourth quarter charge for credit exposure related
to Enron's bankruptcy, vs. recurring earnings of $2.33 per share in the previous
year. Williams' estimated unaudited income from continuing operations is $2.01
per share on a diluted basis for 2001 vs. $2.15 per share in 2000. A
reconciliation of estimated income from continuing operations to recurring
earnings is included in Exhibit 99.1. It includes all non-recurring items,
except the contingency referenced in Exhibit 99.1 related to Williams' former
telecommunications business.
Williams' planned release of complete unaudited 2001 earnings has
been delayed pending an internal assessment of Williams' contingent obligations
related to Williams Communications Group, Inc. (NYSE:WCG). This assessment was
initiated in light of Williams' previously announced intention to eliminate
credit-rating and equity-price triggers as part of contingent financial
commitments associated with the 2001 spin-off of WCG, and because of recent
developments within the telecommunications industry.
Item 7. Financial Statements and Exhibits.
Williams files the following exhibit as part of this report:
Exhibit 99.1 Copy of Williams' press release dated January
29, 2002, publicly announcing the matters reported
herein.
Pursuant to the requirements of the Securities Exchange Act of 1934,
Williams has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE WILLIAMS COMPANIES, INC.
Date: January 30, 2002 /s/ Suzanne H. Costin
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Name: Suzanne H. Costin
Title: Corporate Secretary
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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99.1 Copy of Williams' press release dated January 29, 2002,
publicly announcing the matters reported herein.
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