EX-99.2 4 x99-2.htm

Exhibit 99.02

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended June

 

Year-to-Date June

 

 

 

 

2008

 

 

2007

 

 

 

2008

 

 

2007

 

Consolidated Earnings–As Reported

 

(Notes)

 

 

(Notes)

 

 

 

(Notes)

 

 

(Notes)

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional Operating Companies

 

$

452

 

$

383

 

 

$

794

 

$

668

 

Southern Power

 

 

35

 

 

40

 

 

 

64

 

 

72

 

Total

 

 

487

 

 

423

 

 

 

858

 

 

740

 

Synthetic Fuels

 

 

1

 

 

12

 

 

 

(1)

 

 

41

 

Parent Company and Other

 

 

(72)

 

 

(6)

 

 

 

(81)

 

 

(13)

 

Net Income - As Reported

 

$

416

 

$

429

 

 

$

776

 

$

768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share - (See Notes)

$

0.54

 

$

0.57

 

 

$

1.01

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding (in millions)

769

 

 

755

 

 

 

768

 

 

753

 

End of Period Shares Outstanding (in millions)

 

 

 

 

 

 

771

 

 

757

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended June

 

Year-to-Date June

 

 

 

 

2008

 

 

2007

 

 

 

2008

 

 

2007

 

Consolidated Earnings–Excluding Items

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income - As Reported

 

$

416

 

$

429

 

 

$

776

 

$

768

 

Leveraged Lease Adjustment

 

 

67

 

 

-

 

 

 

67

 

 

-

 

Synthetic Fuels

 

 

(1)

 

 

(12)

 

 

 

1

 

 

(41)

 

Net Income–Excluding Items

 

$

482

 

$

417

 

 

$

844

 

$

727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share–Excluding Items

$

0.63

 

$

0.55

 

 

$

1.10

 

$

0.97

 

 

 

Notes

-

For the 3 months and 6 months ended June 2008 and 2007, diluted earnings per share are not more than 1 cent per share and are not material.

 

-

The charge related to Southern Company's investments in leveraged lease transactions significantly impacted the presentation of earnings and earnings per share for the three months and six months ended June 30, 2008, and significant charges related to these investments are not expected to occur on a regular basis.

 

-

Tax credits associated with Southern Company's synthetic fuel investments expired December 31, 2007. Synthetic fuel related income no longer materially contributes to Southern Company's earnings or earnings per share.

 

-

Certain prior year data has been reclassified to conform with current year presentation.

 

-

Information contained in this report is subject to audit and adjustments. Certain classifications may be different from final results published in the Form 10-Q.