EX-99.02 3 x99-2.htm

Exhibit 99.02

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)

 

 

 

3 Months Ended September

 

Year-to-Date September

 

 

 

2008

 

 

2007

 

 

 

2008

 

 

2007

Consolidated Earnings–As Reported

 

 

(Notes)

 

 

(Notes)

 

 

 

(Notes)

 

 

(Notes)

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional Operating Companies

 

$

727

 

$

714

 

 

$

1,520

 

$

1,382

Southern Power

 

 

59

 

 

52

 

 

 

124

 

 

123

Total

 

 

786

 

 

766

 

 

 

1,644

 

 

1,505

Synthetic Fuels

 

 

0

 

 

15

 

 

 

(1)

 

 

55

Parent Company and Other

 

 

(6)

 

 

(19)

 

 

 

(87)

 

 

(30)

Net Income - As Reported

 

$

780

 

$

762

 

 

$

1,556

 

$

1,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share - (See Notes)

 

$

1.01

 

$

1.00

 

 

$

2.02

 

$

2.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Shares Outstanding (in millions)

 

 

773

 

 

758

 

 

 

769

 

 

755

End of Period Shares Outstanding (in millions)

 

 

 

 

 

 

 

 

 

775

 

 

760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3 Months Ended September

 

Year-to-Date September

 

 

 

2008

 

 

2007

 

 

 

2008

 

 

2007

Consolidated Earnings–Excluding Items

 

 

 

 

 

 

 

 

 

 

 

 

 

(See Notes)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income - As Reported

 

$

780

 

$

762

 

 

$

1,556

 

$

1,530

Leveraged Lease Adjustment

 

 

0

 

 

0

 

 

 

67

 

 

0

Synthetic Fuels

 

 

0

 

 

(15)

 

 

 

1

 

 

(55)

Net Income–Excluding Items

 

$

780

 

$

747

 

 

$

1,624

 

$

1,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share–Excluding Items

 

$

1.01

 

$

0.99

 

 

$

2.11

 

$

1.96

 

Notes

-    For the three months and nine months ended September 30, 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 nine months ended September 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.