EX-99.04 5 ex9904-epsearningsanalysis.htm EXHIBIT Ex. 99.04 - EPS Earnings Analysis Q4 2013


Exhibit 99.04
Southern Company
EPS Earnings Analysis
 
 
 
 
 
Description
 
Three Months Ended
December 2013
Year-to-Date
December 2013
 
 
 
 
Retail Sales
 
 
 
 
 
Retail Revenue Impacts
 
10
 
 
 
 
Weather
 
3
(3)
 
 
 
 
Wholesale Revenues
 
(2)
 
 
 
 
Other Operating Revenues
 
1
2
 
 
 
 
Non-Fuel O&M
 
(2)
(3)
 
 
 
 
Purchased Power Capacity Expense
 
2
 
 
 
 
Depreciation and Amortization
 
(1)
(6)
 
 
 
 
Taxes Other Than Income Taxes
 
(1)
 
 
 
 
Other Income and Deductions
 
2
6
 
 
 
 
Interest Expense
 
1
3
 
 
 
 
Income Taxes
 
2
(2)
 
 
 
 
Total Traditional Operating Companies
 
 
 
 
 
Southern Power
 
(1)
(1)
 
 
 
 
Parent and Other
 
(1)
(1)
 
 
 
 
Increase in Shares
 
(1)
(2)
 
 
 
 
Total Change in EPS (x-Items)
 
 
 
 
 
Estimated Loss on Kemper IGCC
 
(3)
(83)
 
 
 
 
Leveraged Lease Restructure
 
(2)
 
 
 
 
MC Asset Recovery Insurance Settlement
 
2
 
 
 
 
Total Change in EPS (As Reported)
 
(82)¢
 
 
 
 
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 and twelve months ended December 31, 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 twelve months ended December 31, 2013 and similar charges are not expected to occur with any regularity in the future.
 
 
 
 
- Earnings for the three and twelve months ended December 31, 2013 and the twelve months ended December 31, 2012 include insurance settlements 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.
 
 
 
 
- 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-K.