-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JJX2XJeJti4IeD9V/64KXzDMm2PlESMiyM3OqEVqhB3G07b8Ksyc3nIqy8mOjyq4 Fo9VzNkkzJ/Bl3i5MeYQ3g== 0000092122-03-000089.txt : 20030430 0000092122-03-000089.hdr.sgml : 20030430 20030430112253 ACCESSION NUMBER: 0000092122-03-000089 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20030430 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SAVANNAH ELECTRIC & POWER CO CENTRAL INDEX KEY: 0000086940 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 580418070 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05072 FILM NUMBER: 03671297 BUSINESS ADDRESS: STREET 1: 600 BAY ST EAST CITY: SAVANNAH STATE: GA ZIP: 31401 BUSINESS PHONE: 9122327171 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: 03671298 BUSINESS ADDRESS: STREET 1: 2992 W BEACH CITY: GULFPORT STATE: MS ZIP: 39501 BUSINESS PHONE: 2288641211 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: 03671300 BUSINESS ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045066526 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: 03671301 BUSINESS ADDRESS: STREET 1: 600 N 18TH ST STREET 2: P O BOX 2641 CITY: BIRMINGHAM STATE: AL ZIP: 35291 BUSINESS PHONE: 2052571000 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: 03671296 BUSINESS ADDRESS: STREET 1: 600 N 18TH ST. CITY: BIRMINGHAM STATE: AL ZIP: 35291 BUSINESS PHONE: 4045067146 MAIL ADDRESS: STREET 1: 241 RALPH MCGILL BLVD STREET 2: NE BIN 10116 CITY: ATLANTA STATE: GA ZIP: 30308 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: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-02429 FILM NUMBER: 03671299 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520-0102 BUSINESS PHONE: 8504446111 MAIL ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520-0102 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: 03671302 BUSINESS ADDRESS: STREET 1: 270 PEACHTREE ST CITY: ATLANTA STATE: GA ZIP: 30303 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 270 PEACHTREE STREET CITY: ATLANTA STATE: GA ZIP: 30303 8-K 1 earnings8k303.txt 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) April 30, 2003 ------------------------------- Commission Registrant, State of Incorporation, I.R.S. Employer File Number Address and Telephone Number Identification No. 1-3526 The Southern Company 58-0690070 (A Delaware Corporation) 270 Peachtree Street, N.W. Atlanta, Georgia 30303 (404) 506-5000 1-3164 Alabama Power Company 63-0004250 (An Alabama Corporation) 600 North 18th Street Birmingham, Alabama 35291 (205) 257-1000 1-6468 Georgia Power Company 58-0257110 (A Georgia Corporation) 241 Ralph McGill Boulevard, N.E. Atlanta, Georgia 30308 (404) 506-6526 0-2429 Gulf Power Company 59-0276810 (A Maine Corporation) One Energy Place Pensacola, Florida 32520 (850) 444-6111 001-11229 Mississippi Power Company 64-0205820 (A Mississippi Corporation) 2992 West Beach Gulfport, Mississippi 39501 (228) 864-1211 1-5072 Savannah Electric and Power Company 58-0418070 (A Georgia Corporation) 600 East Bay Street Savannah, Georgia 31401 (912) 644-7171 333-98553 Southern Power Company 58-2598670 (A Delaware Corporation) 270 Peachtree Street, N.W. Atlanta, Georgia 30303 (404) 506-5000 The address of the registrants has not changed since the last report. This combined Form 8-K is filed separately by seven registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company and Southern Power Company. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating to the other registrants. Item 9. Regulation FD Disclosure. This information set forth under "Item 9. Regulation FD Disclosure" is intended to be furnished under said Item 9 and also under "Item 12. Results of Operations and Financial Condition" in accordance with SEC Release No. 33-8216. Such information, 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 April 30, 2003, The Southern Company issued a press release regarding its earnings for the first quarter ended March 31, 2003. 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 first quarter 2003 financial results is being furnished as Exhibits 99.02 through 99.06 to this Current Report on Form 8-K. The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant. Exhibit 99.01 Press Release for the Three Months Ended March 31, 2003. Exhibit 99.02 Financial Highlights for the Three Months Ended March 31, 2003. Exhibit 99.03 Significant Factors Impacting Reported EPS for the Three Months Ended March 31, 2003. Exhibit 99.04 Analysis of Consolidated Earnings for the Three Months Ended March 31, 2003. Exhibit 99.05 Kilowatt Hour Sales for the Three Months Ended March 31, 2003. Exhibit 99.06 Financial Overview for the Three Months Ended March 31, 2003. 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: April 30, 2003 THE SOUTHERN COMPANY By /s/W. Dean Hudson W. Dean Hudson Comptroller ALABAMA POWER COMPANY GEORGIA POWER COMPANY GULF POWER COMPANY MISSISSIPPI POWER COMPANY SAVANNAH ELECTRIC AND POWER COMPANY SOUTHERN POWER COMPANY By /s/Wayne Boston Wayne Boston Assistant Secretary EX-99 3 x99_01.txt EXHIBIT 99.01 Exhibit 99.01 NEWS Media Contact: Marc Rice 404-506-5333 or 1-866-506-5333 MEDIA@SOUTHERNCOMPANY.COM WWW.SOUTHERNCOMPANY.COM Investor Relations Contact: Glen Kundert 404-506-5135 GAKUNDER2@SOUTHERNCO.COM April 30, 2003 Southern Company announces first quarter earnings ATLANTA - Southern Company today reported earnings of $298 million, or 41 cents per share, in the first quarter. Cold weather and continued customer growth in the Southeast helped boost demand for electricity, and the company also had a solid performance from its competitive generation business. The results compared with earnings of $224 million, or 32 cents per share, in the same period a year ago. "By continuing to focus on the fundamentals that have made us successful, we are off to a good start in 2003," said Allen Franklin, chairman, president and chief executive officer. "Our commitment is to execute our strategy to meet our financial, operational and customer satisfaction goals for the full year." As of March 31, Southern Company had 64,000 more customers than at the end of the first quarter a year earlier, as people and businesses continued to move into the region. Lower than normal temperatures in January and February also contributed to increased electricity sales. In addition, the first quarter results included a continued positive overall impact from rate proceedings in Alabama and Florida. These factors helped offset the negative effect of higher operating costs related to new generating units that were placed in service last year. First quarter revenues were $2.55 billion, compared with $2.21 billion in the first quarter of 2002. Southern Company also said it expects to realize a one-time after-tax gain of about $88 million, or 12 cents per share, in the second quarter upon the closing of the previously announced early termination of all long-term wholesale power contracts between the company and Dynegy, Inc. Reviewing operations, Franklin said electricity use by retail customers in Southern Company's four-state service area increased 3.2 percent in the first quarter, compared with the same period in 2002. In-home electricity needs were up 4.3 percent. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms - increased 1.1 percent. Industrial energy use increased 4.0 percent. Total sales of electricity to Southern Company's customers in the Southeast, including sales to other utilities, increased 9.1 percent. In conjunction with this earnings announcement, Southern Company has posted on its Web site a package of detailed financial information on its first quarter performance. These materials are available at 7:30 a.m. EDT April 30 at www.southerncompany.com. Southern Company's financial analyst call will be at 1 p.m. EDT April 30, at which time Franklin and Chief Financial Officer Tom Fanning will discuss earnings and earnings guidance and provide a general business update. Investors, media and the public may listen to a live Webcast of the call at www.southerncompany.com. A replay of the Webcast will be available at the site for 12 months. With 4 million customers and nearly 37,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier super-regional energy company in the Southeast and a leading U.S. producer of electricity. Southern Company owns electric utilities in four states, a growing competitive generation company, an energy services business and a competitive retail natural gas business, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are 15 percent below the national average. Southern Company has been named two consecutive years No. 1 on Fortune magazine's "America's Most Admired Companies" list in the Electric and Gas Utility industry. Southern Company has more than 500,000 shareholders, making its common stock one of the most widely held in the United States. Visit the Southern Company Web site at www.southerncompany.com. Forward Looking Statements Note: Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning Southern Company's commitment to execute its strategy to meet its financial, operational and customer satisfaction goals for the full year 2003. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such indicated results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended Dec. 31, 2002, and subsequent securities filings, could cause results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory change, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry and also changes in environmental and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; current and future litigation, including the EPA civil action against certain subsidiaries of Southern Company; the effects, extent and timing of additional competition in the markets in which Southern Company's subsidiaries operate; the impact of fluctuations in commodity prices, interest rates and customer demand; state and federal rate regulation; political and legal conditions and developments in the United States; the performance of projects undertaken by the non-traditional business and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due; the effects of, and changes in, economic conditions in the areas in which Southern Company's subsidiaries operate, including the current soft economy; the direct or indirect effects on Southern Company's business resulting from the terrorist incidents on Sept. 11, 2001, or any similar such incidents or responses to such incidents; financial market conditions and the results of financing efforts; the timing and acceptance of Southern Company's new product and service offerings; the ability of Southern Company to obtain additional generating capacity at competitive prices; and weather and other natural phenomena. # # # EX-99 4 x99_02.txt EXHIBIT 99.02 Exhibit 99.02 SOUTHERN COMPANY FINANCIAL HIGHLIGHTS (In Millions of Dollars Except Earnings Per Share) 3 Months Ended March 2003 2002 ---- ---- (Notes) (Notes) Consolidated Earnings- Southern Company Regulated Retail Business $ 225 $ 199 Competitive Generation 57 29 --- ---- Total 282 228 Synthetic Fuels 9 6 Products and Services 13 3 Leasing Business 8 6 Parent Company and Other (14) (19) ---- ---- Net Income $ 298 $ 224 ====== ===== Basic Earnings Per Share-(Notes) $ 0.41 $ 0.32 Operating Revenues $2,553 $2,214 Earnings Before Income Taxes 419 335 Average Shares Outstanding (in millions) 719 701 End of Period Shares Outstanding (in millions) 721 703 Notes - - Diluted earnings per share are not more than 1 cent for any period reported above and are not material. - - Certain prior year data has been reclassified to conform with current year presentation. - - Information contained in this report is subject to review and adjustments and may be different from final results published in the Form 10-Q. EX-99 5 x99_03.txt EXHIBIT 99.03 Exhibit 99.03 SIGNIFICANT FACTORS IMPACTING REPORTED EPS 3 Months Ended March ------------------------------------------------- 2003 2002 Change ---- ---- ------ Consolidated Earnings- $0.41 $0.32 $0.09 Significant Factors: Regulated Retail Business 0.03 Competitive Generation 0.04 Synthetic Fuels 0.00 Products and Services 0.02 Leasing Business 0.00 Parent Company and Other 0.01 Impact of Additional Shares (0.01) ------ Total $0.09 ====== EX-99 6 x99_04.txt EXHIBIT 99.04 Exhibit 99.04 SOUTHERN COMPANY ANALYSIS OF CONSOLIDATED EARNINGS (In Millions of Dollars) 3 Months Ended March ---------------------------------------------- 2003 2002 Change ---- ---- ------ Income Account- Retail Revenue $ 1,974 $ 1,844 $130 Wholesale Revenue 339 233 106 Other Electric Revenues 93 68 25 Other Operating Revenues 147 69 78 ---- --- ---- Total Revenues 2,553 2,214 339 ------ ------ ---- Fuel and Purchased Power 847 642 205 Non-fuel O & M 724 674 50 Depreciation and Amortization 245 246 (1) Taxes Other Than Income Taxes 149 140 9 Total Operating Expenses 1,965 1,702 263 ------ ------ ---- Operating Income 588 512 76 Other Income, net (1) (9) 8 Interest Charges and Dividends 168 168 - Income Taxes 121 111 10 ---- ---- ---- NET INCOME $ 298 $ 224 $ 74 ====== ====== ==== EX-99 7 x99_05.txt EXHIBIT 99.05 Exhibit 99.05 KILOWATT-HOUR SALES (In Millions of KWHs) 3 Months Ended March ----------------------------------------------------- 2003 2002 Change ---- ---- ------ Kilowatt-Hour Sales- Total Sales 44,407 40,706 9.1% Total Retail Sales- 35,421 34,338 3.2% Residential 11,457 10,981 4.3% Commercial 10,927 10,811 1.1% Industrial 12,786 12,300 4.0% EX-99 8 x99_06.txt EXHIBIT 99.06 Exhibit 99.06 SOUTHERN COMPANY FINANCIAL OVERVIEW (In Millions of Dollars) 3 Months Ended March ------------------------------------------- 2003 2002 % Change ---- ---- -------- Consolidated - Operating Revenues $2,553 $2,214 15.3% Earnings Before Income Taxes 419 335 24.8% Net Income 298 224 32.8% Alabama Power - Operating Revenues $895 $802 11.5% Earnings Before Income Taxes 155 124 25.2% Net Income Available to Common 92 73 26.6% Georgia Power - Operating Revenues $1,126 $1,007 11.9% Earnings Before Income Taxes 209 202 3.4% Net Income Available to Common 133 127 5.1% Gulf Power - Operating Revenues $198 $161 22.9% Earnings Before Income Taxes 22 17 29.7% Net Income Available to Common 14 12 19.2% Mississippi Power - Operating Revenues $194 $183 5.9% Earnings Before Income Taxes 35 23 52.0% Net Income Available to Common 21 14 53.0% Savannah Electric - Operating Revenues $69 $57 20.2% Earnings Before Income Taxes 6 3 97.5% Net Income Available to Common 4 2 94.7% Southern Power - Operating Revenues $107 $19 - Earnings Before Income Taxes 37 7 - Net Income Available to Common 23 4 - -----END PRIVACY-ENHANCED MESSAGE-----