EX-99.02 3 ex9902-financialhighlights.htm EXHIBIT 99.02 Ex. 99.02 - Financial Highlights Q4 2014


Exhibit 99.02
 
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2014
 
2013
 
2014
 
2013
Consolidated Earnings–As Reported
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
$
257

 
$
387

 
$
1,814

 
$
1,486

  Southern Power
 
44

 
24

 
172

 
166

  Total
 
301

 
411

 
1,986

 
1,652

  Parent Company and Other
 
(1
)
 
3

 
(6
)
 
(8
)
  Net Income–As Reported
 
$
300

 
$
414

 
$
1,980

 
$
1,644

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share
 
$
0.33

 
$
0.47

 
$
2.21

 
$
1.88

 
 
 
 
 
 
 
 
 
  Average Shares Outstanding (in millions)
 
906

 
885

 
897

 
877

  End of Period Shares Outstanding (in millions)
 
 
 
 
 
909

 
888

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2014
 
2013
 
2014
 
2013
Consolidated Earnings–Excluding Items
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Net Income–As Reported
 
$
300

 
$
414

 
$
1,980

 
$
1,644

  Estimated Loss on Kemper IGCC
 
43

 
25

 
536

 
729

  Leveraged Lease Restructure
 

 

 

 
16

  MC Asset Recovery Insurance Settlement, net
 

 
(12
)
 

 
(12
)
  Net Income–Excluding Items
 
$
343

 
$
427

 
$
2,516

 
$
2,377

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share–Excluding Items
 
$
0.38

 
$
0.48

 
$
2.80

 
$
2.71

 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
- For the three and twelve months ended December 31, 2014 and 2013, 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 twelve months ended December 31, 2014 and 2013 and any similar charges may occur with uncertain frequency.
 
 
 
 
 
 
 
 
 
- 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 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.
 
 
 
 
 
 
 
 
 
- 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.