EX-99.02 3 ex9902-financialhighlights.htm EXHIBIT Ex. 99.02 - Financial Highlights Q2 2013


Exhibit 99.02
 
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June
 
Year-to-Date
June
 
 
2013
 
2012
 
2013
 
2012
Consolidated Earnings–As Reported
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
$
268

 
$
549

 
$
334

 
$
889

  Southern Power
 
28

 
47

 
57

 
76

  Total
 
296

 
596

 
391

 
965

  Parent Company and Other
 
1

 
27

 
(13
)
 
26

  Net Income–As Reported
 
$
297

 
$
623

 
$
378

 
$
991

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share
 
$
0.34

 
$
0.71

 
$
0.43

 
$
1.14

 
 
 
 
 
 
 
 
 
  Average Shares Outstanding (in millions)
 
874

 
872

 
872

 
870

  End of Period Shares Outstanding (in millions)
 


 
 
 
874

 
875

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
June
 
Year-to-Date
June
 
 
2013
 
2012
 
2013
 
2012
Consolidated Earnings–Excluding Items
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Net Income–As Reported
 
$
297

 
$
623

 
$
378

 
$
991

  Estimated Loss on Kemper IGCC
 
278

 

 
611

 

  Leveraged Lease Restructure
 

 

 
16

 

  MC Asset Recovery Insurance Settlement, net
 

 
(21
)
 

 
(21
)
  Net Income–Excluding Items
 
$
575

 
$
602

 
$
1,005

 
$
970

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share–Excluding Items
 
$
0.66

 
$
0.69

 
$
1.15

 
$
1.12

 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
- For the three and six months ended June 30, 2013 and 2012, dilution does not change basic earnings per share by more than 1 cent and is not material.
 
 
 
 
 
 
 
 
 
- The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the three and six months ended June 30, 2013 and similar charges are not expected to occur with any regularity in the future, although it is possible such charges could recur.
 
 
 
 
 
 
 
 
 
-The charge related to the restructuring of a leveraged lease investment that was completed on March 1, 2013 impacted the presentation of earnings and earnings per share for the six months ended June 30, 2013 and similar charges are not expected to occur with any regularity in the future, although it is possible such charges could recur.
 
 
 
 
 
 
 
 
 
- Earnings for the three and six months ended June 30, 2012 include an insurance settlement related to the March 2009 litigation settlement with MC Asset Recovery, LLC and similar insurance recoveries are not expected to occur with any regularity in the future.
 
 
 
 
 
 
 
 
 
- Certain prior year data has been reclassified to conform with current year presentation.
 
 
 
 
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.