Williams '96 performance, 7th straight year of improvement

Jan 22, 1997 01:00 AM

US The Williams Companies has reported record financial performance from continuing operations for 1996, the seventh consecutive year of improved results. Williams reported unaudited 1996 net income of $ 362.3 million. That is a 21-% increase from 1995, when the company reported income from continuing operations of $ 299.4 mm. Results in 1995 also included a $1 billion after- tax gain on the sale of a portion of Williams' telecommunications business, which is reported as income from discontinued operations.
A $1.3 bn capital spending and investments program was completed during 1996, with $1.7 bn planned in 1997. Williams' unregulated energy units and its communications and technology companies launched major internal reorganisations during the fall of 1996. When combined with acquisitions and new business alliances, these companies enter 1997 better equipped to compete more aggressively for a larger share of their respective markets. Williams Performance Initiative teams identified and implemented scores of "best practices" to better serve shareholders and customers, reduce cost and create value. In excess of an estimated $ 40 mm in expense and capital cost savings were attributed to this effort in 1996, with a more ambitious goal set for 1997.

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