EX-99.02 3 x99-02.htm

Exhibit 99.02

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)

 

 

 

Three Months Ended June

 

Year-to-Date June

 

 

 

2009

 

 

2008

 

 

 

2009

 

 

2008

Consolidated Earnings–As Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional Operating Companies

 

$

420

 

$

452

 

 

$

723

 

$

794

Southern Power

 

 

31

 

 

35

 

 

 

59

 

 

64

Total

 

 

451

 

 

487

 

 

 

782

 

 

858

Parent Company and Other

 

 

27

 

 

(70)

 

 

 

(178)

 

 

(82)

Net Income –As Reported

 

$

478

 

$

417

 

 

$

604

 

$

776

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share -

 

$

0.61

 

$

0.54

 

 

$

0.77

 

$

1.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding (in millions)

 

 

791

 

 

769

 

 

 

785

 

 

768

End of Period Shares Outstanding (in millions)

 

 

 

 

 

 

 

 

 

796

 

 

771

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June

 

Year-to-Date June

 

 

 

2009

 

 

2008

 

 

 

2009

 

 

2008

Consolidated Earnings–Excluding Items

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income - As Reported

 

$

478

 

$

417

 

 

$

604

 

$

776

Leveraged Lease Adjustment

 

 

-

 

 

67

 

 

 

-

 

 

67

MC Asset Recovery Litigation Settlement

 

 

-

 

 

-

 

 

 

202

 

 

-

Net Income–Excluding Items

 

$

478

 

$

484

 

 

$

806

 

$

843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share–Excluding Items

 

$

0.61

 

$

0.63

 

 

$

1.03

 

$

1.10

 

Notes

-    For the three months and six months ended June 30, 2009 and 2008, diluted earnings per share are not more than 1 cent per share and are not material.

 

-    The charge related to Southern Company's tax treatment of investments in leveraged leases significantly impacted the presentation of earnings and earnings per share for the three months and six months ended June 30, 2008, and such charges related to these investments are not expected to occur in the future.

 

-    The charge related to Southern Company's MC Asset Recovery litigation settlement significantly impacted the presentation of earnings and earnings per share for the six months ended June 30, 2009, and significant charges related to the Mirant spin-off are not expected to occur in the future.

 

-   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-Q.