-----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, QrNp+GcjzhS1R0gVsShSQ9d+BnUud6sdrYLP00PjLQZBr44KEjjQ/Nb4e1cBBMdt QglTxMG0AWEVRv+i1VPJNA== 0000092122-04-000390.txt : 20041021 0000092122-04-000390.hdr.sgml : 20041021 20041021090318 ACCESSION NUMBER: 0000092122-04-000390 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20041021 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20041021 DATE AS OF CHANGE: 20041021 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: 041088657 BUSINESS ADDRESS: STREET 1: 2992 W BEACH CITY: GULFPORT STATE: MS ZIP: 39501 BUSINESS PHONE: 2288641211 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: 041088653 BUSINESS ADDRESS: STREET 1: 600 BAY ST EAST CITY: SAVANNAH STATE: GA ZIP: 31401 BUSINESS PHONE: 9122327171 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: 041088655 BUSINESS ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045066526 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: 041088656 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: 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: 041088654 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: 041088652 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 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: 041088651 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 8-K 1 earnings3rd04.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) October 21, 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. Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. 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 October 21, 2004, The Southern Company ("Southern Company") issued a press release regarding its earnings for the periods ended September 30, 2004. 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 three months and nine months ended September 30, 2004 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 for the nine months ended September 30, 2003 to exclude a one-time after-tax gain of $88 million related to the termination of all long-term wholesale power contracts with Dynegy, Inc. After adjusting for revenues that would have been recognized in 2003 had the contracts remained in place, the adjusted gain for 2003 was $83 million, or 11 cents per share. Including the impact of the Dynegy settlement, reported earnings for the nine months ended September 30, 2003 were $1.35 billion, or $1.86 per share. Southern Company believes that this non-GAAP financial measure is useful to investors because the item excluded is not indicative of Southern Company's continuing operating results and is 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 Company, Savannah Electric and Power Company and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant. The following exhibits relate to the periods ended September 30, 2004: 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: October 21, 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 2 x9901.txt Exhibit 99.01 News [LOGO} 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 Oct. 21, 2004 Southern Company third quarter earnings meet expectations as increased industrial sales, customer growth continue ATLANTA - Southern Company today said its third quarter earnings were $644.5 million, or 87 cents per share, meeting expectations. The results compared with earnings of $618.8 million, or 85 cents per share, in the third quarter a year ago. Earnings for the first nine months of 2004 were $1.33 billion, or $1.80 per share. The nine-month results compared with earnings - excluding a one-time gain in 2003 - of $1.27 billion, or $1.75 per share in the same period a year ago. The results for the first nine months of 2003 included a one-time after-tax gain of $88 million related to the termination of all long-term wholesale power contracts with Dynegy, Inc. After adjusting for revenues that would have been recognized in 2003 had the contracts remained in place, the adjusted gain for 2003 was $83 million, or 11 cents per share. Including the impact of the Dynegy settlement, reported earnings for the first nine months of 2003 were $1.35 billion, or $1.86 per share. The solid earnings in the third quarter were achieved despite mild weather in the Southeast and extensive infrastructure damage, especially in northwest Florida and southwest Alabama, caused in September by Hurricane Ivan, the most destructive storm in the company's history. At its peak, Ivan left 1.6 million customers - nearly 40 percent of Southern Company's total customer base - without power. However, electric service was restored within a week to 94 percent of customers, and within two weeks to all customers who were able to accept power. "Superior performance by Southern Company people and their commitment to serving customers were on full display as we dealt with this terrible storm," said David M. Ratcliffe, chairman, president and chief executive officer. "From getting workers on site to securing huge amounts of equipment, our ability to respond quickly and efficiently helped millions of people cope with the storm's devastation and also helped minimize the financial impact on the company." The third quarter saw mild weather across Southern Company's four-state service area, including the second-coolest August temperatures in 25 years. The impact on earnings from the cooler-than-normal summer weather was offset in part by increased energy use in the industrial sector, reflecting ongoing economic progress - most notably in the automotive, steel and chemical industries in Alabama - that began late last year and continued in the third quarter. Another primary factor contributing positively to earnings was continued customer growth. Southern Company served about 70,000 more customers as of Sept. 30 than it did at the same time a year earlier, an increase of 1.7 percent. "By successfully executing our conservative strategy centered on long-term performance, we continued to deliver solid results in the third quarter," Ratcliffe said. Third quarter revenues were $3.44 billion, compared with $3.30 billion in the same period a year ago, an increase of 4.2 percent. Revenues for the first nine months of this year were $9.18 billion, compared with $8.67 billion in the same period of 2003, an increase of 6.0 percent. Kilowatt-hour sales to retail customers in Southern Company's four-state service area increased 0.8 percent in the third quarter, compared with the same period in 2003. Residential electricity use declined 0.9 percent. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms - increased 0.8 percent. Industrial energy use increased 2.7 percent. Total sales of electricity to Southern Company's customers in the Southeast, including wholesale sales, decreased 2.7 percent, compared with the third quarter last year. In conjunction with this earnings announcement, Southern Company has posted on its Web site a package of detailed financial information on its third quarter performance. These materials are available at www.southerncompany.com. Southern Company's financial analyst call will be at 1 p.m. EDT Oct. 21, at which time Chief Financial Officer Tom Fanning will discuss earnings and earnings guidance as well as provide 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 three 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 five years in a row. 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 strategies. 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, 2003, 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 employee benefit plans; 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 state of the 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 ability to obtain new short- and long-term contracts with neighboring utilities; the direct or indirect effect on Southern Company's business resulting from the terrorist incidents on Sept. 11, 2001, or any similar incidents or responses to such incidents; financial market conditions and the results of financing efforts, including Southern Company's and its subsidiaries' 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 and indirect effects on Southern Company's business resulting from incidents similar to the August 2003 power outage in the Northeast; and the effect of accounting pronouncements issued periodically by standard-setting bodies. ### EX-99.02 3 x9902.txt Exhibit 99.02 Southern Company Financial Highlights (In Millions of Dollars Except Earnings Per Share)
3 Months Ended September 9 Months Ended September ------------------------ -------------------------- 2004 2003 2004 2003 ---- ---- ---- ---- (Notes) (Notes) (Notes) (Notes) Consolidated Earnings- (See Notes) Retail Business $ 555 $ 525 $1,081 $1,036 Competitive Generation 74 78 177 194 ------ ------ ------ ------ Total 629 603 1,258 1,230 Synthetic Fuels 20 14 62 42 Leasing Business 9 7 23 21 Parent Company and Other (13) (5) (15) (27) ------ ------ ------ ------ Net Income - Excluding One-Time Items (See Notes)$ 645 $ 619 $1,328 $1,266 ====== ====== ====== ====== - As Reported $ 645 $ 619 $1,328 $1,349 ====== ====== ====== ====== Basic Earnings Per Share-(Notes) - - Excluding One-Time Items (See Notes) $ 0.87 $ 0.85 $ 1.80 $ 1.75 - - As Reported $ 0.87 $ 0.85 $ 1.80 $ 1.86 Operating Revenues $3,441 $3,301 $9,182 $8,666 Average Shares Outstanding (in millions) 739 730 738 724 End of Period Shares Outstanding (in millions) 740 731
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. - -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-Q. EX-99.03 4 x9903.txt Exhibit 99.03 Significant Factors Impacting EPS (Notes)
3 Months Ended September 9 Months Ended September ------------------------------------- -------------------------------------- 2004 2003 Change 2004 2003 Change ---- ---- ------ ---- ---- ------ Consolidated Earnings- $ 0.87 $ 0.85 $0.02 $1.80 $1.75 $0.05 Significant Factors: Retail Business 0.04 0.06 Competitive Generation (0.01) (0.03) Synthetic Fuels 0.01 0.03 Leasing Business - - Parent Company and Other (0.01) 0.02 Impact of Additional Shares (0.01) (0.03) ----- ----- Total $0.02 $0.05 ===== =====
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. - -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-Q. EX-99.04 5 x9904.txt Exhibit 99.04 Southern Company Analysis of Consolidated Earnings (In Millions of Dollars)
3 Months Ended September 9 Months Ended September ------------------------------- ---------------------------------- 2004 2003 Change 2004 2003 Change ---- ---- ------ ---- ---- ------ Income Account- Retail Revenue $2,915 $2,757 $158 $7,537 $6,907 $630 Wholesale Revenue 343 376 (33) 1,038 1,034 4 Other Electric Revenues 100 91 9 287 268 19 Contract Termination - - - - 142 (142) Non-regulated Operating Revenues 83 77 6 320 315 5 ------ ------ ----- ------ ------ ---- Total Revenues 3,441 3,301 140 9,182 8,666 516 ------ ------ ----- ------ ------ ---- Fuel and Purchased Power 1,170 1,074 96 3,217 2,770 447 Non-fuel O & M 756 716 40 2,345 2,221 124 Depreciation and Amortization 241 261 (20) 715 764 (49) Taxes Other Than Income Taxes 161 155 6 474 447 27 ------ ------ ----- ------ ------ ---- Total Operating Expenses 2,328 2,206 122 6,751 6,202 549 ------ ------ ----- ------ ------ ---- Operating Income 1,113 1,095 18 2,431 2,464 (33) Other Income, net 10 (26) 36 4 (10) 14 Interest Charges and Dividends 172 171 1 519 519 - Income Taxes 306 279 27 588 586 2 ------ ------ ----- ------ ------ ---- NET INCOME AS REPORTED (See Note) $ 645 $ 619 $ 26 $1,328 $1,349 $(21) ====== ====== ===== ====== ====== ===== NET INCOME EXCLUDING DYNEGY $ 645 $ 619 $ 26 $1,328 $1,266 $ 62 ====== ====== ===== ====== ====== ====
Note - -Includes in 2003 a one-time after tax gain of $88 million in May 2003 from the 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 was $83 million. EX-99.05 6 x9905.txt Exhibit 99.05 Kilowatt-Hour Sales (In Millions of KWHs)
3 Months Ended September 9 Months Ended September ---------------------------------- -------------------------------- 2004 2003 Change 2004 2003 Change ---- ---- ------ ---- ---- ------ Kilowatt-Hour Sales- Total Sales 52,803 54,247 -2.7% 147,174 144,991 1.5% Total Retail Sales- 43,905 43,537 0.8% 120,087 116,144 3.4% Residential 15,074 15,211 -0.9% 38,955 37,558 3.7% Commercial 13,995 13,878 0.8% 38,017 36,912 3.0% Industrial 14,580 14,193 2.7% 42,360 40,923 3.5% Total Wholesale Sales 8,898 10,710 -16.9% 27,087 28,847 -6.1%
EX-99.06 7 x9906.txt Exhibit 99.06 Southern Company Financial Overview (In Millions of Dollars)
3 Months Ended September 9 Months Ended September ------------------------------- ----------------------------------- 2004 2003 % Change 2004 2003 % Change ---- ---- -------- ---- ---- -------- Consolidated - Operating Revenues $3,441 $3,301 4.2% $9,182 $8,666 6.0% Earnings Before Income Taxes 951 898 5.8% 1,916 1,935 -1.0% Net Income As Reported (See Note) 645 619 4.1% 1,328 1,349 -1.5% Alabama Power - Operating Revenues $1,246 $1,216 2.5% $3,265 $3,056 6.8% Earnings Before Income Taxes 372 357 4.2% 708 679 4.3% Net Income Available to Common 224 217 3.5% 419 415 1.0% Georgia Power - Operating Revenues $1,581 $1,487 6.4% $4,134 $3,803 8.7% Earnings Before Income Taxes 447 412 8.6% 932 876 6.4% Net Income Available to Common 287 265 8.5% 587 557 5.4% Gulf Power - Operating Revenues $269 $253 6.5% $725 $666 8.9% Earnings Before Income Taxes 50 53 -5.9% 107 106 1.5% Net Income Available to Common 32 33 -2.7% 68 66 3.3% Mississippi Power - Operating Revenues $259 $228 13.5% $701 $686 2.2% Earnings Before Income Taxes 58 56 3.7% 126 179 -29.3% Net Income Available to Common (See Note) 36 34 3.6% 75 109 -31.3% Savannah Electric - Operating Revenues $105 $99 6.3% $270 $246 9.8% Earnings Before Income Taxes 20 23 -15.0% 37 39 -5.7% Net Income Available to Common 12 14 -17.4% 22 24 -7.5% Southern Power - Operating Revenues $189 $209 -9.5% $547 $554 -1.3% Earnings Before Income Taxes 61 53 15.3% 142 220 -35.2% Net Income Available to Common (See Note) 37 40 -6.8% 87 143 -39.0%
Note - -Includes in 2003 a one-time after tax gain of $88 million in May 2003 from the 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 in net income for 2003 was $83 million for consolidated, $37 million for Mississippi Power, and $46 million for Southern Power. -----END PRIVACY-ENHANCED MESSAGE-----