0000092122-13-000073.txt : 20131030 0000092122-13-000073.hdr.sgml : 20131030 20131030083858 ACCESSION NUMBER: 0000092122-13-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20131030 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20131030 DATE AS OF CHANGE: 20131030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN CO CENTRAL INDEX KEY: 0000092122 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 580690070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03526 FILM NUMBER: 131177833 BUSINESS ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD., N.W. CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD., N.W. CITY: ATLANTA STATE: GA ZIP: 30308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHERN POWER CO CENTRAL INDEX KEY: 0001160661 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 582598670 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-98553 FILM NUMBER: 131177834 BUSINESS ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MISSISSIPPI POWER CO CENTRAL INDEX KEY: 0000066904 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 640205820 STATE OF INCORPORATION: MS FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11229 FILM NUMBER: 131177835 BUSINESS ADDRESS: STREET 1: 2992 WEST BEACH CITY: GULFPORT STATE: MS ZIP: 39501 BUSINESS PHONE: 2288641211 MAIL ADDRESS: STREET 1: 2992 WEST BEACH CITY: GULFPORT STATE: MS ZIP: 39501 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GULF POWER CO CENTRAL INDEX KEY: 0000044545 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590276810 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31737 FILM NUMBER: 131177836 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520 BUSINESS PHONE: 8504446111 MAIL ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GEORGIA POWER CO CENTRAL INDEX KEY: 0000041091 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 580257110 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06468 FILM NUMBER: 131177837 BUSINESS ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045066526 MAIL ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALABAMA POWER CO CENTRAL INDEX KEY: 0000003153 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 630004250 STATE OF INCORPORATION: AL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03164 FILM NUMBER: 131177838 BUSINESS ADDRESS: STREET 1: 600 N 18TH ST STREET 2: P O BOX 2641 CITY: BIRMINGHAM STATE: AL ZIP: 35291 BUSINESS PHONE: 2052571000 MAIL ADDRESS: STREET 1: 600 N 18TH ST CITY: BIRMINGHAM STATE: AL ZIP: 35291 8-K 1 a8-kearningsreleaseq32013.htm 8-K 8-K Earnings Release Q3 2013


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)    October 30, 2013    

Commission
File Number
Registrant, State of Incorporation,
Address and Telephone Number
I.R.S. Employer
Identification No.
 
 
 
1-3526
The Southern Company
(A Delaware Corporation)
30 Ivan Allen Jr. Blvd., N.W.
Atlanta, Georgia 30308
(404) 506-5000
58-0690070
1-3164
Alabama Power Company
(An Alabama Corporation)
600 North 18th Street
Birmingham, Alabama 35203
(205) 257-1000
63-0004250
1-6468
Georgia Power Company
(A Georgia Corporation)
241 Ralph McGill Boulevard, N.E.
Atlanta, Georgia 30308
(404) 506-6526
58-0257110
001-31737
Gulf Power Company
(A Florida Corporation)
One Energy Place
Pensacola, Florida 32520
(850) 444-6111
59-0276810
001-11229
Mississippi Power Company
(A Mississippi Corporation)
2992 West Beach Boulevard
Gulfport, Mississippi 39501
(228) 864-1211
64-0205820
333-98553
Southern Power Company
(A Delaware Corporation)
30 Ivan Allen Jr. Blvd., N.W.
Atlanta, Georgia 30308
(404) 506-5000
58-2598670

The names and addresses of the registrants have not changed since the last report.






This combined Form 8-K is furnished separately by six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company. Information contained herein relating to each registrant is furnished by each registrant solely on its own behalf. Each registrant makes no representation as to information relating to the other registrants.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))







Item 2.02
Results of Operations and Financial Condition

The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On October 30, 2013, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the periods ended September 30, 2013. A copy of this release is being furnished as Exhibit 99.01 to this Current Report on Form 8-K. In addition, certain additional information regarding the financial results for the three month and nine month periods ended September 30, 2013 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.

Use of Non-GAAP Financial Measures

Exhibits 99.01, 99.02, 99.03 and 99.04 to this Current Report on Form 8-K, in addition to including earnings and earnings per share in accordance with generally accepted accounting principles (“GAAP”) for the three month and nine month periods ended September 30, 2013, also include earnings and earnings per share (1) for the three month and nine month periods ended September 30, 2013 excluding charges for estimated probable losses relating to Mississippi Power Company’s construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi, (2) for the nine month period ended September 30, 2012 excluding an insurance recovery received in June 2012 that related to the March 2009 settlement agreement with MC Asset Recovery, LLC, and (3) for the nine month period ended September 30, 2013 excluding a charge related to the restructuring of a leveraged lease investment that was completed in March 2013. These charges and the insurance recovery significantly impacted the presentation of earnings and earnings per share for the respective periods. Similar charges and the insurance recoveries are not expected to occur with any regularity as part of Southern Company’s ongoing business activities, although it is possible such charges could recur. Southern Company believes the presentation of earnings and earnings per share, excluding these charges and the insurance recovery, is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company’s ongoing business activities.  Southern Company management also uses earnings and earnings per share, excluding the effect of these charges and the insurance recovery, to evaluate the performance of Southern Company’s ongoing business activities.  The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.


Exhibits

The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant.






The following exhibits relate to the periods ended September 30, 2013:
 

 
Exhibit 99.01
Press Release.
 
Exhibit 99.02
Financial Highlights.
 
Exhibit 99.03
Significant Factors Impacting EPS.
 
Exhibit 99.04
EPS Earnings Analysis.
 
Exhibit 99.05
Consolidated Earnings.
 
Exhibit 99.06
Kilowatt-Hour Sales.
 
Exhibit 99.07
Financial Overview.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 30, 2013
THE SOUTHERN COMPANY



By    /s/Ann P. Daiss            
                       Ann P. Daiss
                      Comptroller
 
 
 
ALABAMA POWER COMPANY
GEORGIA POWER COMPANY
GULF POWER COMPANY
MISSISSIPPI POWER COMPANY
SOUTHERN POWER COMPANY



By    /s/Melissa K. Caen            
                  Melissa K. Caen
                Assistant Secretary






- 2 -



EX-99.01 2 ex9901-pressreleaseq32013.htm EXHIBIT Ex. 99.01 - Press Release Q3 2013


 
 
Exhibit 99.01
 
News
 
 
 
 
Media Contact:
Southern Company Media Relations
 
 
404-506-5333 or 1-866-506-5333
 
 
www.southerncompany.com
 
 
 
 
Investor Relations Contact:
 
 
Dan Tucker
 
 
404-506-5310
 
 
dstucker@southernco.com
 
 
 
 
 
October 30, 2013
Southern Company reports third quarter earnings

ATLANTA - Southern Company today reported third quarter 2013 earnings of $852 million, or 97 cents per share, compared with earnings of $976 million, or $1.11 per share, in the third quarter of 2012.

For the nine months ended Sept. 30, 2013, Southern Company’s earnings were $1.23 billion, or $1.41 per share, compared with earnings of $1.97 billion, or $2.26 per share, for the same period a year ago.

Earnings for the three months and nine months ended Sept. 30, 2013, include after-tax charges of $93 million (11 cents per share) and $704 million (81 cents per share), respectively, related to increased cost estimates for the construction of Mississippi Power’s Kemper County project. Earnings for the nine months ended Sept. 30, 2013, also include a $16 million (2 cents per share) after-tax charge related to the restructuring of a leveraged lease investment. Earnings for the nine months ended Sept. 30, 2012, include $21 million (2 cents per share) of insurance recovery related to the March 2009 litigation settlement agreement with MC Asset Recovery, LLC.

Excluding these items, Southern Company earned $945 million, or $1.08 per share, in the third quarter of 2013, compared with earnings of $976 million, or $1.11 per share, during the third quarter of 2012.

For the first nine months of both 2013 and 2012, excluding these items, Southern Company earned $1.95 billion, or $2.24 per share. 

Earnings were negatively influenced by cooler-than-normal temperatures and unusually heavy rainfall in the third quarter of 2013 compared with the third quarter of 2012.

“During the past quarter, our service territory experienced its highest level of rainfall in nearly 100 years,” said Thomas A. Fanning, Southern Company chairman, president and CEO. “At the same time, cooler temperatures prevailed across our territory. For instance, in metro Atlanta - where we would normally expect to see more than 100 hours of summer temperatures above 90 degrees - we only saw one such hour. This unique combination of circumstances resulted in one of the mildest southeastern summers in the last 20 years.”






Third quarter 2013 operating revenues were $5.02 billion, compared with $5.05 billion for the same period in 2012, a decrease of 0.6 percent. Year-to-date 2013 revenues were $13.16 billion, compared with $12.83 billion for the same period in 2012, a 2.5 percent increase.

Kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 1.5 percent in the third quarter of 2013 compared with the third quarter of 2012. Residential and commercial energy sales decreased 5.3 percent and 1.3 percent, respectively, while industrial energy sales increased 2.6 percent.

For the year to date, retail sales decreased 0.9 percent compared with the same period in 2012. Residential and commercial energy sales decreased 1.4 percent and 1.5 percent, respectively, while industrial energy sales increased 0.4 percent.

Total energy sales to Southern Company’s customers in the Southeast, including wholesale sales, decreased 2.9 percent in the third quarter of 2013 compared with the same period in 2012. For the year to date, total energy sales decreased 1.2 percent compared with the same period in 2012.

Southern Company’s financial analyst call will begin at 1 p.m. Eastern time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com/events.cfm. A replay of the webcast only will be available at the site for 12 months.

Southern Company has also posted on its website detailed financial information on its third quarter performance. These materials are available at www.southerncompany.com.

With 4.4 million customers and nearly 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for energy innovation, excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company and its subsidiaries are leading the nation’s nuclear renaissance through the construction of the first new nuclear units to be built in a generation of Americans and are demonstrating their commitment to energy innovation through the development of a state-of-the-art coal gasification plant. Southern Company has been recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer and listed by DiversityInc as a top company for Blacks. The company received the 2012 Edison Award from the Edison Electric Institute for its leadership in new nuclear development, was named Electric Light & Power magazine's Utility of the Year for 2012 and is continually ranked among the top utilities in Fortune’s annual Worlds Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.

# # #


EX-99.02 3 ex9902-financialhighlights.htm EXHIBIT Ex. 99.02 - Financial Highlights Q3 2013


Exhibit 99.02
 
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2013
 
2012
 
2013
 
2012
Consolidated Earnings–As Reported
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
$
766

 
$
908

 
$
1,100

 
$
1,797

  Southern Power
 
85

 
68

 
142

 
144

  Total
 
851

 
976

 
1,242

 
1,941

  Parent Company and Other
 
1

 

 
(12
)
 
26

  Net Income–As Reported
 
$
852

 
$
976

 
$
1,230

 
$
1,967

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share
 
$
0.97

 
$
1.11

 
$
1.41

 
$
2.26

 
 
 
 
 
 
 
 
 
  Average Shares Outstanding (in millions)
 
878

 
876

 
874

 
872

  End of Period Shares Outstanding (in millions)
 
 
 
 
 
882

 
875

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2013
 
2012
 
2013
 
2012
Consolidated Earnings–Excluding Items
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Net Income–As Reported
 
$
852

 
$
976

 
$
1,230

 
$
1,967

  Estimated Loss on Kemper IGCC
 
93

 

 
704

 

  Leveraged Lease Restructure
 

 

 
16

 

  MC Asset Recovery Insurance Settlement, net
 

 

 

 
(21
)
  Net Income–Excluding Items
 
$
945

 
$
976

 
$
1,950

 
$
1,946

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share–Excluding Items
 
$
1.08

 
$
1.11

 
$
2.24

 
$
2.24

 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
- For the three months ended September 30, 2013 and 2012, dilution does not change basic earnings per share by more than 1 cent and is not material. For the nine months ended September 30, 2013 and 2012, dilution does not change basic earnings per share by more than 3 cents 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 nine months ended September 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 nine months ended September 30, 2013 and similar charges are not expected to occur with any regularity in the future.
 
 
 
 
 
 
 
 
 
- Earnings for the nine months ended September 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.
 


EX-99.03 4 ex9903-significantfactorsi.htm EXHIBIT Ex. 99.03 - Significant Factors Impacting EPS Q3 2013


Exhibit 99.03
 
Southern Company
Significant Factors Impacting EPS
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Consolidated Earnings Per Share–
 
 
 
 
 
 
 
 
 
 
 
 
As Reported (See Notes)
 
$
0.97

 
$
1.11

 
$
(0.14
)
 
$
1.41

 
$
2.26

 
$
(0.85
)
 
 
 
 
 
 
 
 
 
 
 
 
 
  Significant Factors:
 
 
 
 
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
 
 
 
 
(0.16
)
 
 
 
 
 
(0.80
)
  Southern Power
 
 
 
 
 
0.02

 
 
 
 
 

  Parent Company and Other
 
 
 
 
 

 
 
 
 
 
(0.04
)
  Increase in Shares
 
 
 
 
 

 
 
 
 
 
(0.01
)
  Total–As Reported
 
 
 
 
 
$
(0.14
)
 
 
 
 
 
$
(0.85
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Consolidated Earnings Per Share–
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Items (See Notes)
 
$
1.08

 
$
1.11

 
$
(0.03
)
 
$
2.24

 
$
2.24

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
  Total–As Reported
 
 
 
 
 
(0.14
)
 
 
 
 
 
(0.85
)
  Estimated Loss on Kemper IGCC
 
 
 
 
 
0.11

 
 
 
 
 
0.81

  Leveraged Lease Restructure
 
 
 
 
 

 
 
 
 
 
0.02

  MC Asset Recovery Insurance Settlement
 
 
 
 
 

 
 
 
 
 
0.02

  Total–Excluding Items
 


 


 
$
(0.03
)
 
 
 
 
 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
- For the three months ended September 30, 2013 and 2012, dilution does not change basic earnings per share by more than 1 cent and is not material. For the nine months ended September 30, 2013 and 2012, dilution does not change basic earnings per share by more than 3 cents 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 nine months ended September 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 nine months ended September 30, 2013 and similar charges are not expected to occur with any regularity in the future.
 
 
 
 
 
 
 
 
 
 
 
 
 
- Earnings for the nine months ended September 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.


EX-99.04 5 ex9904-epsearningsanalysis.htm EXHIBIT Ex. 99.04 - EPS Earnings Analysis Q3 2013


Exhibit 99.04
Southern Company
EPS Earnings Analysis
Three Months Ended September 2013
 
 
 
Cents
 
Description
 
 
 
 
Retail Sales
 
 
 
2
 
Retail Revenue Impacts
 
 
 
(7)
 
Weather
 
 
 
(2)
 
Non-Fuel O&M
 
 
 
(2)
 
Depreciation and Amortization
 
 
 
2
 
Other Income and Deductions
 
 
 
1
 
Interest Expense
 
 
 
(5)¢
 
Total Traditional Operating Companies
 
 
 
2
 
Southern Power
 
 
 
(3)¢
 
Total Change in QTD EPS (x-Items)
 
 
 
(11)
 
Estimated Loss on Kemper IGCC
 
 
 
(14)¢
 
Total Change in QTD EPS (As Reported)
 
 
 
Notes
 
 
- The estimated probable loss 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 months ended September 30, 2013 and similar charges are not expected to occur with any regularity in the future, although it is possible such charges could recur.
 
 
 
- 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.
 


EX-99.05 6 ex9905-consolidatedearning.htm EXHIBIT Ex. 99.05 - Consolidated Earnings Q3 2013


Exhibit 99.05
 
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
 
 
 
 
 
 
 
Three Months Ended September
 
Year-to-Date
September
 
 
2013
 
2012
 
Change
 
2013
 
2012
 
Change
Income Account-
 
 
 
 
 
 
 
 
 
 
 
 
Retail Revenues-
 
 
 
 
 
 
 
 
 
 
 
 
Fuel
 
$
1,435

 
$
1,445

 
$
(10
)
 
$
3,830

 
$
3,709

 
$
121

Non-Fuel
 
2,884

 
2,934

 
(50
)
 
7,407

 
7,359

 
48

Wholesale Revenues
 
520

 
497

 
23

 
1,406

 
1,261

 
145

Other Electric Revenues
 
166

 
157

 
9

 
477

 
459

 
18

Non-regulated Operating Revenues
 
12

 
16

 
(4
)
 
40

 
46

 
(6
)
Total Revenues
 
5,017

 
5,049

 
(32
)
 
13,160

 
12,834

 
326

Fuel and Purchased Power
 
1,725

 
1,717

 
8

 
4,583

 
4,362

 
221

Non-fuel O & M
 
928

 
906

 
22

 
2,849

 
2,817

 
32

MC Asset Recovery Insurance Settlement
 

 

 

 

 
(19
)
 
19

Depreciation and Amortization
 
480

 
449

 
31

 
1,422

 
1,335

 
87

Taxes Other Than Income Taxes
 
243

 
237

 
6

 
710

 
690

 
20

Estimated Loss on Kemper IGCC
 
150

 

 
150

 
1,140

 

 
1,140

Total Operating Expenses
 
3,526

 
3,309

 
217

 
10,704

 
9,185

 
1,519

Operating Income
 
1,491

 
1,740

 
(249
)
 
2,456

 
3,649

 
(1,193
)
Allowance for Equity Funds Used During Construction
 
53

 
39

 
14

 
139

 
102

 
37

Leveraged Lease Income (Loss)
 
5

 
5

 

 
(11
)
 
16

 
(27
)
Interest Expense, Net of Amounts Capitalized
 
202

 
218

 
(16
)
 
628

 
649

 
(21
)
Other Income (Expense), net
 
(10
)
 
(4
)
 
(6
)
 
(20
)
 
(4
)
 
(16
)
Income Taxes
 
468

 
569

 
(101
)
 
657

 
1,098

 
(441
)
Net Income
 
869

 
993

 
(124
)
 
1,279

 
2,016

 
(737
)
Dividends on Preferred and Preference Stock of Subsidiaries
 
17

 
17

 

 
49

 
49

 

NET INCOME AFTER DIVIDENDS ON PREFERRED AND PREFERENCE STOCK
 
$
852

 
$
976

 
$
(124
)
 
$
1,230

 
$
1,967

 
$
(737
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
- 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 


EX-99.06 7 ex9906-kilowattxhoursalesq.htm EXHIBIT Ex. 99.06 - Kilowatt-Hour Sales Q3 2013


Exhibit 99.06
 
Southern Company
Kilowatt-Hour Sales
(In Millions of KWHs)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended September
 
Year-to-Date September
As Reported
(See Notes)
 
2013
 
2012
 
Change
 
Weather Adjusted Change
 
2013
 
2012
 
Change
 
Weather Adjusted Change*
Kilowatt-Hour Sales-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Sales
 
51,040

 
52,586

 
(2.9
)%
 
 
 
139,418

 
141,074

 
(1.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Retail Sales-
 
43,454

 
44,137

 
(1.5
)%
 
1.0
 %
 
118,922

 
119,945

 
(0.9
)%
 
(0.1
)%
Residential
 
14,653

 
15,479

 
(5.3
)%
 
(0.3
)%
 
38,770

 
39,315

 
(1.4
)%
 
(0.5
)%
Commercial
 
14,836

 
15,032

 
(1.3
)%
 
1.1
 %
 
40,108

 
40,734

 
(1.5
)%
 
 %
Industrial
 
13,738

 
13,394

 
2.6
 %
 
2.6
 %
 
39,363

 
39,206

 
0.4
 %
 
0.4
 %
Other
 
227

 
232

 
(1.9
)%
 
(1.6
)%
 
681

 
690

 
(1.4
)%
 
(1.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholesale Sales
 
7,586

 
8,449

 
(10.2
)%
 
N/A

 
20,496

 
21,129

 
(3.0
)%
 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
* Also reflects reclassification of January 2012 KWH sales among customer classes consistent with actual advanced meter data. Use of actual advanced meter data was implemented during the first quarter of 2012.


EX-99.07 8 ex9907-financialoverviewq3.htm EXHIBIT Ex. 99.07 - Financial Overview Q3 2013


Exhibit 99.07
 
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2013
 
2012
 
% Change
 
2013
 
2012
 
% Change
Consolidated –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
5,017

 
$
5,049

 
(0.6
)%
 
$
13,160

 
$
12,834

 
2.5
 %
Earnings Before Income Taxes
 
1,337

 
1,562

 
(14.4
)%
 
1,936

 
3,114

 
(37.8
)%
Net Income Available to Common
 
852

 
976

 
(12.7
)%
 
1,230

 
1,967

 
(37.5
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Alabama Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
1,604

 
$
1,637

 
(2.0
)%
 
$
4,304

 
$
4,230

 
1.7
 %
Earnings Before Income Taxes
 
442

 
474

 
(6.8
)%
 
992

 
1,015

 
(2.3
)%
Net Income Available to Common
 
258

 
280

 
(7.9
)%
 
572

 
591

 
(3.2
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Georgia Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
2,484

 
$
2,498

 
(0.6
)%
 
$
6,408

 
$
6,263

 
2.3
 %
Earnings Before Income Taxes
 
790

 
843

 
(6.3
)%
 
1,579

 
1,558

 
1.3
 %
Net Income Available to Common
 
487

 
525

 
(7.2
)%
 
966

 
987

 
(2.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Gulf Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
399

 
$
422

 
(5.3
)%
 
$
1,097

 
$
1,108

 
(1.0
)%
Earnings Before Income Taxes
 
75

 
80

 
(5.7
)%
 
168

 
172

 
(2.7
)%
Net Income Available to Common
 
45

 
48

 
(6.3
)%
 
99

 
103

 
(4.1
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Mississippi Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
325

 
$
305

 
6.5
 %
 
$
878

 
$
800

 
9.7
 %
Earnings Before Income Taxes
 
(56
)
 
77

 
N/M

 
(843
)
 
159

 
N/M

Net Income Available to Common
 
(24
)
 
55

 
N/M

 
(490
)
 
115

 
N/M

 
 
 
 
 
 
 
 
 
 
 
 
 
Southern Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
365

 
$
355

 
2.8
 %
 
$
975

 
$
894

 
9.0
 %
Earnings Before Income Taxes
 
103

 
102

 
1.2
 %
 
180

 
220

 
(18.4
)%
Net Income Available to Common
 
85

 
68

 
24.5
 %
 
142

 
144

 
(1.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
N/M - not meaningful
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
- Mississippi Power Company restated its 2012 financial statements to reflect a pre-tax charge to income for the estimated probable loss on Kemper IGCC of $78 million ($48 million after tax) in 2012. Southern Company evaluated the portion of the estimated probable loss related to 2012 and concluded it was not material to Southern Company. Therefore, Southern Company reflected the pre-tax charge to income for this portion of the estimated probable loss related to 2012 in the first quarter 2013.
 
 
 
 
 
 
 
 
 
 
 
 
 
- 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.
 


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