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.