EX-99.02 3 ex99-02.htm ex99-02.htm

Exhibit 99.02
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)

 
Three Months Ended December
Year-to-Date December
  
   
2009
    
2008
    
2009
    
2008
  
Consolidated Earnings–As Reported
                        
(See Notes)
                        
Traditional Operating Companies
   $ 231     $ 183     $ 1,680     $ 1,703  
Southern Power
     30       20       156       145  
Total
     261       203       1,836       1,848  
Parent Company and Other
     (10 )     (17 )     (191 )     (106 )
Net Income–As Reported
   $ 251     $ 186     $ 1,645     $ 1,742  
                                 
Basic Earnings Per Share -
   $ 0.31     $ 0.24     $ 2.07     $ 2.26  
                                 
                                 
Average Shares Outstanding (in millions)
     810       776       795       771  
End of Period Shares Outstanding (in millions)
                     820       778  
                                 
 
Three Months Ended December
Year-to-Date December
  
      2009       2008       2009       2008  
Consolidated Earnings–Excluding Items
                                
(See Notes)
                                
Net Income - As Reported
   $ 251     $ 186     $ 1,645     $ 1,742  
Leveraged Lease Adjustment
     -       16       -       83  
MC Asset Recovery Litigation Settlement
     -       -       202       -  
Net Income–Excluding Items
   $ 251     $ 202     $ 1,847     $ 1,825  
                                 
Basic Earnings Per Share–Excluding Items
   $ 0.31     $ 0.26     $ 2.32     $ 2.37  

Notes
 
-      For the three months and twelve months ended December 31, 2009 and 2008, diluted earnings per share are not more than 1 cent per share and are not material.
 
-      The charges 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 twelve months ended December 31, 2008, and such charges are not expected to occur on a regular basis.
 
-      The charge related to Southern Company's MC Asset Recovery litigation settlement significantly impacted the presentation of earnings and earnings per share for the twelve months ended December 31, 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-K.