EX-99.02 3 ex9902-financialhighlights.htm EXHIBIT 99.02 Exhibit


Exhibit 99.02
 
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2015
 
2014
 
2015
 
2014
Consolidated Earnings–As Reported
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
$
874

 
$
658

 
$
1,912

 
$
1,557

  Southern Power
 
102

 
64

 
181

 
128

  Total
 
976

 
722

 
2,093

 
1,685

  Parent Company and Other
 
(17
)
 
(4
)
 
3

 
(5
)
  Net Income–As Reported
 
$
959

 
$
718

 
$
2,096

 
$
1,680

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share
 
$
1.05

 
$
0.80

 
$
2.30

 
$
1.88

 
 
 
 
 
 
 
 
 
  Average Shares Outstanding (in millions)
 
910

 
898

 
910

 
894

  End of Period Shares Outstanding (in millions)
 
 
 
 
 
909

 
900

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
September
 
Year-to-Date
September
 
 
2015
 
2014
 
2015
 
2014
Consolidated Earnings–Excluding Items
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Net Income–As Reported
 
$
959

 
$
718

 
$
2,096

 
$
1,680

  Estimated Loss on Kemper IGCC
 
93

 
258

 
112

 
493

AGL acquisition costs
 
12

 

 
12

 

Additional MCAR settlement costs
 

 

 
4

 

  Net Income–Excluding Items
 
$
1,064

 
$
976

 
$
2,224

 
$
2,173

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share–Excluding Items
 
$
1.17

 
$
1.09

 
$
2.45

 
$
2.43

 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
- For the three and nine months ended September 30, 2015 and 2014, 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 nine months ended September 30, 2015 and 2014. Similar charges may occur with uncertain frequency.
 
- Earnings for the three and nine months ended September 30, 2015 include costs related to the proposed acquisition of AGL Resources Inc. Further costs are expected to continue to occur in connection with the completion of the proposed acquisition and related integration.
 
- Earnings for the nine months ended September 30, 2015 include additional costs related to the discontinued operations of Mirant Corporation and the March 2009 litigation settlement with MC Asset Recovery, LLC. Further charges are not expected to occur.
 
- 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.