EX-99.02 3 x99-2.htm

Exhibit 99.02

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)

 

 

 

Three Months Ended December

 

Year-to-Date December

 

 

 

2008

 

 

2007

 

 

 

2008

 

 

2007

Consolidated Earnings–As Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional Operating Companies

 

$

183

 

$

202

 

 

$

1,703

 

$

1,584

Southern Power

 

 

20

 

 

8

 

 

 

145

 

 

132

Total

 

 

203

 

 

210

 

 

 

1,848

 

 

1,716

Synthetic Fuels

 

 

1

 

 

8

 

 

 

(1)

 

 

61

Parent Company and Other

 

 

(18)

 

 

(14)

 

 

 

(105)

 

 

(43)

Net Income –As Reported

 

$

186

 

$

204

 

 

$

1,742

 

$

1,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share -

 

$

0.24

 

$

0.27

 

 

$

2.26

 

$

2.29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding (in millions)

 

 

776

 

 

762

 

 

 

771

 

 

756

End of Period Shares Outstanding (in millions)

 

 

 

 

 

 

 

 

 

778

 

 

763

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December

 

Year-to-Date December

 

 

 

2008

 

 

2007

 

 

 

2008

 

 

2007

Consolidated Earnings–Excluding Items

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income - As Reported

 

$

186

 

$

204

 

 

$

1,742

 

$

1,734

Leveraged Lease Adjustments

 

 

16

 

 

-

 

 

 

83

 

 

-

Synthetic Fuels

 

 

(1)

 

 

(8)

 

 

 

1

 

 

(61)

Net Income–Excluding Items

 

$

201

 

$

196

 

 

$

1,826

 

$

1,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share–Excluding Items

 

$

0.26

 

$

0.26

 

 

$

2.37

 

$

2.21

 

Notes

-    For the three months and twelve months ended December 31, 2008 and 2007, diluted earnings per share are not more than 1 cent per share and are not material.

 

-    The charges related to Southern Company's investments in leveraged lease transactions significantly impacted the presentation of earnings and earnings per share for the three months and twelve months ended December 31, 2008, and significant charges related to these investments are not expected to occur on a regular basis.

 

-    Tax credits associated with Southern Company's synthetic fuel investments expired December 31, 2007. Synthetic fuel related income no longer materially contributes to Southern Company's earnings or earnings per share.

 

-   Certain prior year data has been reclassified to conform with current year presentation.

 

-    Information contained in this report is subject to audit and adjustments. Certain classifications may be different from final results published in the Form 10-K.