-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OkuYzWqAPgZknl+LorLh2Beul9UHtT2AsEtc7kbvBSfagGaCHvKOP23xKVw1HphC TjcZljFVSXf2KhvWntKwpw== 0000092122-04-000029.txt : 20040129 0000092122-04-000029.hdr.sgml : 20040129 20040129094800 ACCESSION NUMBER: 0000092122-04-000029 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20040129 ITEM INFORMATION: FILED AS OF DATE: 20040129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALABAMA POWER CO CENTRAL INDEX KEY: 0000003153 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 630004250 STATE OF INCORPORATION: AL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03164 FILM NUMBER: 04550799 BUSINESS ADDRESS: STREET 1: 600 N 18TH ST STREET 2: P O BOX 2641 CITY: BIRMINGHAM STATE: AL ZIP: 35291 BUSINESS PHONE: 2052571000 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEORGIA POWER CO CENTRAL INDEX KEY: 0000041091 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 580257110 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06468 FILM NUMBER: 04550798 BUSINESS ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045066526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAVANNAH ELECTRIC & POWER CO CENTRAL INDEX KEY: 0000086940 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 580418070 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05072 FILM NUMBER: 04550795 BUSINESS ADDRESS: STREET 1: 600 BAY ST EAST CITY: SAVANNAH STATE: GA ZIP: 31401 BUSINESS PHONE: 9122327171 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISSISSIPPI POWER CO CENTRAL INDEX KEY: 0000066904 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 640205820 STATE OF INCORPORATION: MS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11229 FILM NUMBER: 04550796 BUSINESS ADDRESS: STREET 1: 2992 W BEACH CITY: GULFPORT STATE: MS ZIP: 39501 BUSINESS PHONE: 2288641211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN CO CENTRAL INDEX KEY: 0000092122 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 580690070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03526 FILM NUMBER: 04550793 BUSINESS ADDRESS: STREET 1: 270 PEACHTREE ST CITY: ATLANTA STATE: GA ZIP: 30303 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 270 PEACHTREE STREET CITY: ATLANTA STATE: GA ZIP: 30303 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULF POWER CO CENTRAL INDEX KEY: 0000044545 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590276810 STATE OF INCORPORATION: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31737 FILM NUMBER: 04550797 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520-0102 BUSINESS PHONE: 8504446111 MAIL ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520-0102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN POWER CO CENTRAL INDEX KEY: 0001160661 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 582598670 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-98553 FILM NUMBER: 04550794 BUSINESS ADDRESS: STREET 1: 600 N 18TH ST. CITY: BIRMINGHAM STATE: AL ZIP: 35291 BUSINESS PHONE: 4045067146 MAIL ADDRESS: STREET 1: 241 RALPH MCGILL BLVD STREET 2: NE BIN 10116 CITY: ATLANTA STATE: GA ZIP: 30308 8-K 1 earnings12038k.txt 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, 2004 ------------------------------- Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. 1-3526 The Southern Company 58-0690070 (A Delaware Corporation) 270 Peachtree Street, N.W. Atlanta, Georgia 30303 (404) 506-5000 1-3164 Alabama Power Company 63-0004250 (An Alabama Corporation) 600 North 18th Street Birmingham, Alabama 35291 (205) 257-1000 1-6468 Georgia Power Company 58-0257110 (A Georgia Corporation) 241 Ralph McGill Boulevard, N.E. Atlanta, Georgia 30308 (404) 506-6526 0-2429 Gulf Power Company 59-0276810 (A Maine Corporation) One Energy Place Pensacola, Florida 32520 (850) 444-6111 001-11229 Mississippi Power Company 64-0205820 (A Mississippi Corporation) 2992 West Beach Gulfport, Mississippi 39501 (228) 864-1211 1-5072 Savannah Electric and Power Company 58-0418070 (A Georgia Corporation) 600 East Bay Street Savannah, Georgia 31401 (912) 644-7171 333-98553 Southern Power Company 58-2598670 (A Delaware Corporation) 270 Peachtree Street, N.W. Atlanta, Georgia 30303 (404) 506-5000 The addresses of the registrants have not changed since the last report. This combined Form 8-K is filed separately by seven registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company and Southern Power Company. Information contained herein relating to each registrant is filed by each registrant solely on its own behalf. Each registrant makes no representation as to information relating to the other registrants. Item 12. Results of Operations and Financial Condition. --------------------------------------------- The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. On January 29, 2004, The Southern Company ("Southern Company") issued a press release regarding its earnings for the quarter and year ended December 31, 2003. A copy of this release is being furnished as Exhibit 99.01 to this Current Report on Form 8-K. In addition, certain additional information regarding the financial results for the quarter and year ended December 31, 2003 is being furnished as Exhibits 99.02 through 99.06 to this Current Report on Form 8-K. Use of Non-GAAP Financial Measures In the press release attached hereto as Exhibit 99.01, Southern Company, in addition to presenting its earnings information in conformity with accounting principles generally accepted in the U.S. ("GAAP"), has also provided non-GAAP earnings data that reflect adjustments to exclude a one-time after-tax expense of $37 million, or 5 cents per share, associated with an interim state regulatory order in December 2003 related to the request of Mississippi Power Company ("Mississippi Power") to place additional capacity from Plant Daniel into retail rates and to exclude a one-time after-tax gain of $88 million, or 11 cents per share, in May 2003 associated with the termination of all long-term wholesale contracts between subsidiaries of Dynegy, Inc. and each of Mississippi Power and Southern Power Company ("Southern Power"). Southern Company believes that these non-GAAP financial measures are useful to investors because the items excluded are not indicative of Southern Company's continuing operating results and are excluded by Southern Company's management for planning and forecasting purposes. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP. Exhibits The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power, Savannah Electric and Power Company and Southern Power. Accordingly, this report is also being furnished on behalf of each such registrant. The following exhibits relate to the quarter and year ended December 31, 2003: Exhibit 99.01 Press Release. Exhibit 99.02 Financial Highlights. Exhibit 99.03 Significant Factors Impacting EPS. Exhibit 99.04 Analysis of Consolidated Earnings. Exhibit 99.05 Kilowatt Hour Sales. Exhibit 99.06 Financial Overview. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 29, 2004 THE SOUTHERN COMPANY By /s/W. Dean Hudson W. Dean Hudson Comptroller ALABAMA POWER COMPANY GEORGIA POWER COMPANY GULF POWER COMPANY MISSISSIPPI POWER COMPANY SAVANNAH ELECTRIC AND POWER COMPANY SOUTHERN POWER COMPANY By /s/Wayne Boston Wayne Boston Assistant Secretary EX-99.01 3 x9901.txt EXHIBIT 99.01 NEWS Media Contact: Marc Rice 404-506-5333 or 1-866-506-5333 MEDIA@SOUTHERNCOMPANY.COM WWW.SOUTHERNCOMPANY.COM Investor Relations Contact: Glen Kundert 404-506-5135 GAKUNDER2@SOUTHERNCO.COM Jan. 29, 2004 Southern Company reports earnings for fourth quarter, full-year 2003 ATLANTA - Southern Company today reported fourth quarter earnings of $125 million, or 17 cents a share, compared with $167 million, or 23 cents a share, in the fourth quarter of 2002. The fourth quarter results included a one-time after-tax expense of $37 million, or 5 cents a share, associated with an interim state regulatory order in December related to Mississippi Power's request to place additional capacity from Plant Daniel into retail rates. This one-time expense substantially offsets a one-time gain realized earlier in the year by Mississippi Power in connection with Southern Company's settlement of a power sales contract with Dynegy, Inc. Excluding the one-time expense, the adjusted earnings for the fourth quarter of 2003 were $162 million, or 22 cents a share. Mild weather in the fourth quarter, compared with unusually cold weather in the same period a year earlier, reduced electricity sales to residential customers. However, continued customer growth during the quarter partially offset the weather's impact on earnings. Reported full-year earnings for 2003 were $1.47 billion, or $2.03 per share, compared with earnings of $1.32 billion, or $1.86 per share, in 2002. As previously reported, Southern Company's results for the second quarter of 2003 included a one-time after-tax gain of 11 cents per share from the termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. The net impact of both this one-time gain and the one-time expense in the fourth quarter related to the Mississippi regulatory order was positive 6 cents per share for the year. Excluding these one-time items, earnings for 2003 were $1.43 billion, or $1.97 per share. The Southeast remained a draw for people and businesses throughout the year, and the number of customers served by Southern Company increased by 68,000, or 1.7 percent, during 2003. CEO Allen Franklin said Southern Company's business units performed well overall in 2003, operating at historically high levels of reliability, achieving industry-leading customer satisfaction levels and continuing to offer retail prices below the national average. "Southern Company people did an outstanding job in 2003 to meet or exceed our financial, operational and customer service goals," Franklin said. "Our commitment to deliver good results for customers and shareholders remains strong in 2004." Revenues for the fourth quarter were $2.56 billion, compared with $2.46 billion in the same period a year ago, an increase of 4.4 percent. Revenues for the full year were $11.28 billion, compared with $10.55 billion in 2002, up 6.9 percent. Kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 0.2 percent in 2003, compared with 2002. Residential electricity use decreased 1.9 percent. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms - increased 0.3 percent. Industrial energy use increased 1.0 percent. Total sales of electricity to Southern Company's customers in the Southeast, including wholesale sales, increased 4.2 percent in 2003, compared with the previous year. In conjunction with this earnings announcement, Southern Company has posted on its Web site a package of detailed financial information on its fourth quarter and full-year 2003 performance. These materials are available at 7:30 a.m. EST Jan. 29 at www.southerncompany.com. Southern Company's financial analyst call will be at 1 p.m. EST Jan. 29, at which time Franklin and Chief Financial Officer Tom Fanning will discuss earnings and provide earnings guidance for 2004 as well as a general business update. Investors, media and the public may listen to a live Webcast of the call at www.southerncompany.com. A replay of the Webcast will be available at the site for 12 months. With more than 4 million customers and nearly 39,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier super-regional energy company in the Southeast and a leading U.S. producer of electricity. Southern Company owns electric utilities in four states, a growing competitive generation company, an energy services business and a competitive retail natural gas business, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are 15 percent below the national average. Southern Company has been named two consecutive years No. 1 on Fortune magazine's "America's Most Admired Companies" list in the Electric and Gas Utility industry. Southern Company has been ranked the nation's top energy utility in the American Customer Satisfaction Index four years in a row, and in the latest survey tied for the highest score among all service industry companies. Southern Company has more than 500,000 shareholders, making its common stock one of the most widely held in the United States. Visit the Southern Company Web site at www.southerncompany.com. Forward Looking Statements Note: Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning continued customer growth and Southern Company's ability to achieve long-term success. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such indicated results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended Dec. 31, 2002, and subsequent securities filings, could cause results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory change, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, and also changes in environmental, tax and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings or inquiries, including the pending EPA civil actions against certain Southern Company subsidiaries and current IRS audits; the effects, extent and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate; the impact of fluctuations in commodity prices, interest rates and customer demand; available sources and costs of fuels; ability to control costs; investment performance of Southern Company's pension plan; advances in technology; state and federal rate regulations and pending and future rate cases and negotiations; effects of, and changes in, political, legal and economic conditions and developments in the United States, including the current soft economy; the performance of projects undertaken by the non-traditional business and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due; the direct or indirect effect on Southern Company's business resulting from the terrorist incidents on Sept. 11, 2001, or any similar such incidents or responses to such incidents; financial market conditions and the results of financing efforts, including Southern Company's credit ratings; the ability of Southern Company and its subsidiaries to obtain additional generating capacity at competitive prices; weather and other natural phenomena; the direct or indirect effects on Southern Company's business resulting from the August 2003 power outage in the Northeast, or any similar such incidents; and the effect of accounting pronouncements issued periodically by standard-setting bodies. # # # EX-99.02 4 x9902.txt Exhibit 99.02 SOUTHERN COMPANY FINANCIAL HIGHLIGHTS (In Millions of Dollars Except Earnings Per Share)
3 Months Ended December 12 Months Ended December ----------------------- ------------------------ 2003 2002 2003 2002 ---- ---- ---- ---- (Notes) (Notes) (Notes) (Notes) Consolidated Earnings-(See Notes) Retail Business $ 117 $ 101 $ 1,153 $ 1,129 Competitive Generation 30 34 224 168 ----- ----- ------- ------- Total 147 135 1,377 1,297 Synthetic Fuels 13 11 55 38 Leasing Business 8 8 29 24 Parent Company and Other (6) 13 (33) (41) ----- ----- ------- ------- Net Income - Excluding One-Time Items (See Notes) $ 162 $ 167 $ 1,428 $ 1,318 ===== ===== ======= ======= - As Reported $ 125 $ 167 $ 1,474 $ 1,318 ===== ===== ======= ======= Basic Earnings Per Share-(Notes) - - Excluding One-Time Items (See Notes) $ 0.22 $ 0.23 $ 1.97 $ 1.86 - - As Reported $ 0.17 $ 0.23 $ 2.03 $ 1.86 Operating Revenues $ 2,564 $ 2,457 $ 11,276 $ 10,549 Average Shares Outstanding (in millions) 733 715 727 708 End of Period Shares Outstanding (in millions) 735 716
Notes - - Excludes a one-time after tax gain of $88 million in May 2003 from the previously announced termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 million. - - Excludes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. - - Quarterly Earnings Per Share (EPS) is computed by using the current year-to-date EPS less the previous period year-to-date EPS. As a result of using rounded numbers, the EPS for significant factors may not directly correspond to the variance in millions of dollars shown above. - - Diluted earnings per share are not more than 1 cent for any period reported above and are not material. - - Certain prior year data has been reclassified to conform with current year presentation. - - Information contained in this report is subject to review and adjustments and certain classifications may be different from final results published in the Form 10-K. EX-99.03 5 x9903.txt Exhibit 99.03 SIGNIFICANT FACTORS IMPACTING EPS (NOTES)
3 Months Ended December 12 Months Ended December ----------------------- ------------------------ 2003 2002 Change 2003 2002 Change ---- ---- ------ ---- ---- ------ Consolidated Earnings Excluding One-Time Items- $ 0.22 $ 0.23 $(0.01) $1.97 $1.86 $0.11 Significant Factors: Retail Business 0.03 0.04 Competitive Generation - 0.08 Synthetic Fuels 0.01 0.03 Leasing Business - 0.01 Parent Company and Other (0.05) - Impact of Additional Shares - (0.05) ------ ----- Total $(0.01) $0.11 ====== =====
Notes - - Excludes a one-time after tax gain of $88 million in May 2003 from the previously announced termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 million. - - Excludes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. - - Quarterly Earnings Per Share (EPS) is computed by using the current year-to-date EPS less the previous period year-to-date EPS. As a result of using rounded numbers, the EPS for significant factors may not directly correspond to the variance in millions of dollars shown above. - - Diluted earnings per share are not more than 1 cent for any period reported above and are not material. - - Certain prior year data has been reclassified to conform with current year presentation. - - Information contained in this report is subject to review and adjustments and certain classifications may be different from the final results published in the Form 10-K. EX-99.04 6 x9904.txt Exhibit 99.04 SOUTHERN COMPANY ANALYSIS OF CONSOLIDATED EARNINGS (In Millions of Dollars)
3 Months Ended December 12 Months Ended December --------------------------------------- ---------------------------------------- 2003 2002 Change 2003 2002 Change ---- ---- ------ ---- ---- ------ Income Account- Retail Revenue $1,968 $1,950 $ 18 $ 8,875 $ 8,728 $147 Wholesale Revenue 347 298 49 1,383 1,168 215 Other Electric Revenues 105 233 (128) 514 310 204 Non-regulated Operating Revenues 144 131 13 504 343 161 ----- ----- ---- ------- ------- ---- Total Revenues 2,564 2,457 107 11,276 10,549 727 ----- ----- ---- ------- ------- ---- Fuel and Purchased Power 847 799 48 3,619 3,280 339 Non-fuel O & M 973 904 69 3,239 3,084 155 Depreciation and Amortization 263 282 (19) 1,027 1,047 (20) Taxes Other Than Income Taxes 139 132 7 586 557 29 ----- ----- ---- ------- ------- ---- Total Operating Expenses 2,222 2,117 105 8,471 7,968 503 ----- ----- ---- ------- ------- ---- Operating Income 342 340 2 2,805 2,581 224 Other Income, net (10) (11) 1 (19) (51) 32 Interest Charges and Dividends 181 172 9 700 684 16 Income Taxes 26 (10) 36 612 528 84 ----- ----- ----- ------- ------- ---- NET INCOME AS REPORTED $ 125 $ 167 $ (42) $ 1,474 $ 1,318 $156 ===== ===== ===== ======= ======= ==== NET INCOME EXCLUDING ONE-TIME ITEMS $ 162 $ 167 $ (5) $ 1,428 $ 1,318 $110 ===== ===== ===== ======= ======= ====
EX-99.05 7 x9905.txt Exhibit 99.05 KILOWATT-HOUR SALES (In Millions of KWHs)
3 Months Ended December 12 Months Ended December --------------------------------------- ---------------------------------------- 2003 2002 Change 2003 2002 Change ---- ---- ------ ---- ---- ------ Kilowatt-Hour Sales- Total Sales 45,514 44,677 1.9% 192,138 184,436 4.2% Total Retail Sales- 35,475 35,419 0.2% 151,618 151,885 -0.2% Residential 10,275 10,730 -4.2% 47,833 48,784 -1.9% Commercial 11,460 11,302 1.4% 48,372 48,250 0.3% Industrial 13,492 13,140 2.7% 54,415 53,851 1.0% Total Wholesale Sales 10,039 9,258 8.4% 40,520 32,551 24.5%
EX-99.06 8 x9906.txt Exhibit 99.06 SOUTHERN COMPANY FINANCIAL OVERVIEW (In Millions of Dollars) 3 Months Ended December 12 Months Ended December ------------------------------------ --------------------------------------- 2003 2002 % Change 2003 2002 % Change ---- ---- -------- ---- ---- -------- Consolidated - Operating Revenues $2,564 $2,457 4.4% $11,276 $10,549 6.9% Earnings Before Income Taxes 151 157 -3.4% 2,086 1,846 13.0% Net Income As Reported 125 167 -25.0% 1,474 1,318 11.8% Net Income Excluding One-Time Items (Note) 162 167 -2.8% 1,428 1,318 8.3% Alabama Power - Operating Revenues $912 $865 5.4% $3,968 $3,711 6.9% Earnings Before Income Taxes 102 121 -15.0% 781 768 1.7% Net Income Available to Common 58 72 -20.1% 473 461 2.5% Georgia Power - Operating Revenues $1,120 $1,094 2.3% $4,923 $4,822 2.1% Earnings Before Income Taxes 122 72 69.8% 998 976 2.2% Net Income Available to Common 74 49 52.2% 631 618 2.1% Gulf Power - Operating Revenues $212 $203 4.1% $878 $820 7.0% Earnings Before Income Taxes 4 11 -59.3% 110 104 5.5% Net Income Available to Common 3 8 -56.0% 69 67 2.9% Mississippi Power - Operating Revenues $186 $192 -3.7% $872 $824 5.8% Earnings Before Income Taxes (58) 9 - 121 121 -0.1% Net Income Available to Common (36) 5 - 73 73 0.7% Savannah Electric - Operating Revenues $69 $67 3.5% $317 $300 5.9% Earnings Before Income Taxes (1) 0 - 38 35 7.4% Net Income Available to Common (1) 1 - 23 23 -0.3% Southern Power - Operating Revenues $129 $86 51.0% $683 $299 128.7% Earnings Before Income Taxes 20 23 -8.1% 240 83 190.1% Net Income Available to Common 12 13 -7.6% 155 54 185.9%
Note: Excludes a one-time after tax gain of $88 million in May 2003 from the previously announced termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 million. Also excludes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. -----END PRIVACY-ENHANCED MESSAGE-----