$WMB
WILLIAMS COMPANIES, INC.

2013 Q1 Form 10-Q Financial Statement

#000119312513205852 Filed on May 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $1.810B $2.019B
YoY Change -10.35% 7.91%
Cost Of Revenue $790.0M $957.0M
YoY Change -17.45% -27.0%
Gross Profit $1.020B $1.062B
YoY Change -3.95% 89.64%
Gross Profit Margin 56.35% 52.6%
Selling, General & Admin $132.0M $129.0M
YoY Change 2.33% 57.32%
% of Gross Profit 12.94% 12.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $201.0M $168.0M
YoY Change 19.64% -55.91%
% of Gross Profit 19.71% 15.82%
Operating Expenses $132.0M $129.0M
YoY Change 2.33% 57.32%
Operating Profit $426.0M $527.0M
YoY Change -19.17% 20.05%
Interest Expense -$97.00M -$31.00M
YoY Change 212.9% -71.03%
% of Operating Profit -22.77% -5.88%
Other Income/Expense, Net -$2.000M -$4.000M
YoY Change -50.0% -166.67%
Pretax Income $327.0M $492.0M
YoY Change -33.54% 45.56%
Income Tax $96.00M $133.0M
% Of Pretax Income 29.36% 27.03%
Net Earnings $161.0M $423.0M
YoY Change -61.94% 31.78%
Net Earnings / Revenue 8.9% 20.95%
Basic Earnings Per Share $0.24 $0.71
Diluted Earnings Per Share $0.23 $0.70
COMMON SHARES
Basic Shares Outstanding 682.1M shares 593.2M shares
Diluted Shares Outstanding 687.1M shares 600.5M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $702.0M $1.100B
YoY Change -36.18% 19.18%
Cash & Equivalents $702.0M $1.100B
Short-Term Investments
Other Short-Term Assets $45.00M $152.0M
YoY Change -70.39% -67.52%
Inventory $190.0M $186.0M
Prepaid Expenses
Receivables $760.0M $641.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.864B $2.119B
YoY Change -12.03% -15.41%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00B $12.96B
YoY Change 23.38% -36.27%
Goodwill $646.0M
YoY Change
Intangibles $1.689B
YoY Change
Long-Term Investments $4.039B $1.418B
YoY Change 184.84% 2.68%
Other Assets $583.0M $621.0M
YoY Change -6.12% -27.45%
Total Long-Term Assets $22.95B $15.67B
YoY Change 46.46% -30.59%
TOTAL ASSETS
Total Short-Term Assets $1.864B $2.119B
Total Long-Term Assets $22.95B $15.67B
Total Assets $24.82B $17.79B
YoY Change 39.49% -29.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $935.0M $676.0M
YoY Change 38.31% -25.96%
Accrued Expenses $624.0M $529.0M
YoY Change 17.96% -39.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $329.0M
YoY Change -99.7% -38.16%
Total Short-Term Liabilities $1.560B $1.534B
YoY Change 1.69% -37.59%
LONG-TERM LIABILITIES
Long-Term Debt $10.61B $8.366B
YoY Change 26.82% -2.46%
Other Long-Term Liabilities $1.761B $1.731B
YoY Change 1.73% 0.58%
Total Long-Term Liabilities $12.37B $10.10B
YoY Change 22.52% -1.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.560B $1.534B
Total Long-Term Liabilities $12.37B $10.10B
Total Liabilities $20.02B $15.85B
YoY Change 26.32% -9.67%
SHAREHOLDERS EQUITY
Retained Earnings -$5.765B -$5.551B
YoY Change 3.86%
Common Stock $11.98B $8.899B
YoY Change 34.57%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.041B $1.041B
YoY Change 0.0%
Treasury Stock Shares 35.00M shares 35.00M shares
Shareholders Equity $4.795B $1.940B
YoY Change
Total Liabilities & Shareholders Equity $24.82B $17.79B
YoY Change 39.49% -29.08%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $161.0M $423.0M
YoY Change -61.94% 31.78%
Depreciation, Depletion And Amortization $201.0M $168.0M
YoY Change 19.64% -55.91%
Cash From Operating Activities $495.0M $434.0M
YoY Change 14.06% -46.49%
INVESTING ACTIVITIES
Capital Expenditures $713.0M -$329.0M
YoY Change -316.72% -37.45%
Acquisitions $0.00 $325.0M
YoY Change -100.0%
Other Investing Activities $2.000M -$12.00M
YoY Change -116.67% -154.55%
Cash From Investing Activities -$808.0M -$491.0M
YoY Change 64.56% -15.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.000M $26.00M
YoY Change -73.08% 0.0%
Debt Paid & Issued, Net $895.0M $25.00M
YoY Change 3480.0% -66.67%
Cash From Financing Activities $176.0M $268.0M
YoY Change -34.33% -357.69%
NET CHANGE
Cash From Operating Activities $495.0M $434.0M
Cash From Investing Activities -$808.0M -$491.0M
Cash From Financing Activities $176.0M $268.0M
Net Change In Cash -$137.0M $211.0M
YoY Change -164.93% 64.84%
FREE CASH FLOW
Cash From Operating Activities $495.0M $434.0M
Capital Expenditures $713.0M -$329.0M
Free Cash Flow -$218.0M $763.0M
YoY Change -128.57% -42.93%

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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0px;">Note 2. Variable Interest Entities</font></p><p style='margin-top:0pt; margin-bottom:0pt'>&#160;</p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Times New Roman;font-size:10pt;margin-left:14.4px;">We consolidate the activities of variable interest entities (VIEs) of which we are the primary beneficiary. The primary beneficiary of a VIE is the entity that has both </font><font style="font-family:Times New Roman;font-size:10pt;">(1) </font><font style="font-family:Times New Roman;font-size:10pt;">the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and </font><font style="font-family:Times New Roman;font-size:10pt;">(2) </font><font style="font-family:Times New Roman;font-size:10pt;">the obligation to absorb losses or </font><font style="font-family:Times New Roman;font-size:10pt;">the </font><font style="font-family:Times New Roman;font-size:10pt;">right to receive benefits that could be significant to the VIE. 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W</font><font style="font-family:Times New Roman;font-size:10pt;">PZ</font><font style="font-family:Times New Roman;font-size:10pt;">, as construction agent for </font><font style="font-family:Times New Roman;font-size:10pt;">Gulfstar</font><font style="font-family:Times New Roman;font-size:10pt;">, will design, construct, and install a proprietary floating-production system, </font><font style="font-family:Times New Roman;font-size:10pt;">Gulfstar</font><font style="font-family:Times New Roman;font-size:10pt;"> FPS</font><font style="font-family:Times New Roman;font-size:10pt;">TM</font><font style="font-family:Times New Roman;font-size:10pt;">, and associated pipelines which will initially provide production handling and gathering services for the Tubular Bells oil and gas discovery in the eastern deepwater Gulf of Mexico. Construction is underway and the project is expected to be in service in 2014. W</font><font style="font-family:Times New Roman;font-size:10pt;">PZ</font><font style="font-family:Times New Roman;font-size:10pt;"> has received</font><font style="font-family:Times New Roman;font-size:10pt;"> certain advance payments from the producer customers</font><font style="font-family:Times New Roman;font-size:10pt;"> and</font><font style="font-family:Times New Roman;font-size:10pt;"> </font><font style="font-family:Times New Roman;font-size:10pt;">is</font><font style="font-family:Times New Roman;font-size:10pt;"> committed to the producer customers to construct this system</font><font style="font-family:Times New Roman;font-size:10pt;">. 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