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 September

 

Year-to-Date September

 

 

 

2009

 

 

2008

 

 

 

2009

 

 

2008

Consolidated Earnings–As Reported

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional Operating Companies

 

$

726

 

$

727

 

 

$

1,449

 

$

1,520

Southern Power

 

 

67

 

 

59

 

 

 

126

 

 

124

Total

 

 

793

 

 

786

 

 

 

1,575

 

 

1,644

Parent Company and Other

 

 

(3)

 

 

(6)

 

 

 

(181)

 

 

(88)

Net Income –As Reported

 

$

790

 

$

780

 

 

$

1,394

 

$

1,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share -

 

$

0.99

 

$

1.01

 

 

$

1.77

 

$

2.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding (in millions)

 

 

798

 

 

773

 

 

 

790

 

 

769

End of Period Shares Outstanding (in millions)

 

 

 

 

 

 

 

 

 

801

 

 

775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September

 

Year-to-Date September

 

 

 

2009

 

 

2008

 

 

 

2009

 

 

2008

Consolidated Earnings–Excluding Items

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income - As Reported

 

$

790

 

$

780

 

 

$

1,394

 

$

1,556

Leveraged Lease Adjustment

 

 

-

 

 

-

 

 

 

-

 

 

67

MC Asset Recovery Litigation Settlement

 

 

-

 

 

-

 

 

 

202

 

 

-

Net Income–Excluding Items

 

$

790

 

$

780

 

 

$

1,596

 

$

1,623

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share–Excluding Items

 

$

0.99

 

$

1.01

 

 

$

2.02

 

$

2.11

 

Notes

-    For the three months and nine months ended September 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 nine months ended September 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 nine months ended September 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.