-----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, PTDG/vRNFtRgVAKd2dh4zUuNxDTlDmQakTFjvvRuNjzgsksPVwKwhpb3RzNXJowf MR+T58wieWTZ5qYtGC28eg== 0000092122-05-000042.txt : 20050125 0000092122-05-000042.hdr.sgml : 20050125 20050125092650 ACCESSION NUMBER: 0000092122-05-000042 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20050125 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050125 DATE AS OF CHANGE: 20050125 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: 05545962 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: 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: 05545958 BUSINESS ADDRESS: STREET 1: 2992 W BEACH CITY: GULFPORT STATE: MS ZIP: 39501 BUSINESS PHONE: 2288641211 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: 05545957 BUSINESS ADDRESS: STREET 1: 600 BAY ST EAST CITY: SAVANNAH STATE: GA ZIP: 31401 BUSINESS PHONE: 9122327171 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: 05545960 BUSINESS ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045066526 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: 05545956 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 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: 001-31737 FILM NUMBER: 05545959 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 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: 05545961 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 8-K 1 yearend048k.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) January 25, 2005 -------------------------------- 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 addresses of the registrants have not changed since the last report. This combined Form 8-K is furnished 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 each registrant is furnished by each registrant solely on its own behalf. Each registrant makes no representation as to information relating to the other registrants. Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02. Results of Operations and Financial Condition. --------------------------------------------- The information in this Current Report on Form 8-K, 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 January 25, 2005, The Southern Company ("Southern Company") issued a press release regarding its earnings for the quarter and year ended December 31, 2004. 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 the financial results for the quarter and year ended December 31, 2004 is being furnished as Exhibits 99.02 through 99.06 to this Current Report on Form 8-K. Use of Non-GAAP Financial Measures In the press release attached hereto as Exhibit 99.01, Southern Company, in addition to presenting its earnings information in conformity with accounting principles generally accepted in the U.S. ("GAAP"), has also provided non-GAAP earnings data for the quarters and years ended December 31, 2004 and 2003. The non-GAAP earnings data for the quarter and year ended December 31, 2004 reflects an adjustment to exclude a one-time gain related to the resolution of an IRS audit for the years 2000 and 2001, which had the net effect of increasing earnings by $24 million, or 3 cents per share. The non-GAAP earnings data for the quarter and year ended December 31, 2003 reflects an adjustment to exclude a one-time after-tax expense of $37 million, or 5 cents per share, associated with an interim state regulatory order in December 2003 related to the request of Mississippi Power Company to place additional capacity from Plant Daniel into retail rates. In addition, the non-GAAP earnings data for the year ended December 31, 2003 reflects an adjustment to exclude a one-time after-tax gain of $83 million in May 2003, or 11 cents per share, related to the termination of all long-term wholesale contracts with Dynegy, Inc. as adjusted for revenues that would have been recognized for the remainder of the year. Southern Company believes that these non-GAAP financial measures are useful to investors because the items excluded are not indicative of Southern Company's continuing operating results and are excluded by Southern Company's management for planning and forecasting purposes. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP. Exhibits 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. The following exhibits relate to the quarter and year ended December 31, 2004: Exhibit 99.01 Press Release. Exhibit 99.02 Financial Highlights. Exhibit 99.03 Significant Factors Impacting EPS. Exhibit 99.04 Analysis of Consolidated Earnings. Exhibit 99.05 Kilowatt-Hour Sales. Exhibit 99.06 Financial Overview. 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: January 25, 2005 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-99.01 2 x9901.txt 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 Jan. 25, 2005 Economic strength in Southeast drives Southern Company earnings above expectations ATLANTA - Southern Company today reported fourth quarter earnings of $204.5 million, or 27 cents a share, compared with $125.0 million, or 17 cents a share, in the fourth quarter of 2003. For the full year, Southern Company reported earnings of $1.53 billion, or $2.07 per share, compared with reported earnings of $1.47 billion, or 2.03 per share, in 2003. The company's earnings target for 2004 was in a range of $1.94 and $1.99 per share. Continued economic vitality in the Southeast helped boost electricity sales and was a key contributor to the fourth quarter and full-year results, which exceeded analysts' expectations. Businesses and individuals continued to be drawn to the Southeast, boosting the number of customers Southern Company serves by 61,342, or 1.5 percent, in 2004. "We are pleased with the excellent results we achieved in 2004," said Chairman, President and CEO David M. Ratcliffe. "Our people delivered another outstanding performance by continuing to focus on the fundamentals of giving customers reliable power, low prices and great service." The 2004 earnings included one-time items in the fourth quarter related to the resolution of an Internal Revenue Service audit for the years 2000 and 2001, which had the net effect of increasing earnings by $24 million, or 3 cents per share. Excluding the impact of these items, fourth quarter earnings were $180.4 million, or 24 cents a share. Earnings for the full year, excluding the one-time items, were $1.51 billion, or $2.04 per share. The 2003 earnings for the fourth quarter included a one-time after-tax expense related to a regulatory order in Mississippi which reduced earnings for that period by $37 million, or 5 cents a share. Excluding the impact of that one-time item, earnings for the fourth quarter a year ago were $162.3 million, or 22 cents a share. The full-year results for 2003 also included a one-time after-tax gain of $88 million related to the termination of all long-term wholesale power contracts with Dynegy, Inc. After adjusting for revenues that would have been recognized in 2003 had the contracts remained in place, the adjusted gain for 2003 was $83 million, or 11 cents per share. Excluding the impact of the Dynegy settlement and the Mississippi regulatory order, full-year earnings for 2003 were $1.43 billion, or $1.97 per share. The fourth quarter saw a continuation of the economic rebound that helped boost electricity sales, most notably among large industrial customers, throughout 2004. Particularly strong growth in demand for electricity was seen during the fourth quarter in the building materials, carpet, automobile equipment, steel and paper industries. The strong results for 2004 were achieved despite the extensive damage and economic disruption in Florida and Alabama caused by Hurricane Ivan in September. "Because of the outstanding response by Southern Company employees, with assistance from many other companies and organizations, we were able to restore service to our customers in record time and withstand the most severe storm ever to hit our service territory," Ratcliffe said. Revenues for the fourth quarter were $2.72 billion, compared with $2.52 billion in the same period a year ago, an increase of 8.0 percent. Revenues for the full year were $11.90 billion, compared with $11.19 billion in 2003, up 6.4 percent. Kilowatt-hour sales to retail customers in Southern Company's four-state service area increased 3.6 percent in 2004, compared with 2003. Residential electricity use increased 3.9 percent. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms - increased 3.4 percent. Industrial energy use increased 3.6 percent. Total sales of electricity to Southern Company's customers in the Southeast, including wholesale sales, increased 0.1 percent in 2004, compared with the previous year. In conjunction with this earnings announcement, Southern Company has posted on its Web site a package of detailed financial information on its fourth quarter and full-year 2004 performance. These materials are available at 7:30 a.m. EST Jan. 25 at www.southerncompany.com. Southern Company's financial analyst call will be at 1 p.m. EST Jan. 25, at which time Ratcliffe and Chief Financial Officer Tom Fanning will discuss earnings and provide earnings guidance for 2005 as well as 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 more than 4 million customers and nearly 39,000 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 three consecutive years No. 1 on Fortune magazine's "America's Most Admired Companies" list in the Electric and Gas Utility industry. Southern Company has been ranked the nation's top energy utility in the American Customer Satisfaction Index five years in a row. 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 continued customer growth and Southern Company's strategies. 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 suggested 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, 2003, 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, tax 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, regulatory investigations, proceedings or inquiries, including the pending EPA civil actions against certain Southern Company subsidiaries, current IRS audits and Mirant-related matters; the effects, extent and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate; variations in demand for electricity and gas, including those relating to weather, the general economy and population and business growth (and declines); available sources and costs of fuels; ability to control costs; investment performance of Southern Company's employee benefit plans; advances in technology; state and federal rate regulations and the impact of pending and future rate cases and negotiations; 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 ability to obtain new short- and long-term contracts with neighboring utilities; the direct or indirect effect on Southern Company's business resulting from terrorist incidents and the threat of terrorist incidents; interest rate fluctuations and financial market conditions and the results of financing efforts, including Southern Company's credit ratings; the ability of Southern Company and its subsidiaries to obtain additional generating capacity at competitive prices; catastrophic events such as fires, earthquakes, floods, hurricanes or other similar occurrences; the direct or indirect effects on Southern Company's business resulting from incidents similar to the August 2003 power outage in the Northeast; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company and its subsidiaries expressly disclaim any obligation to update any forward-looking information. ### EX-99.02 3 x9902.txt Exhibit 99.02 Southern Company Financial Highlights (In Millions of Dollars Except Earnings Per Share)
3 Months Ended December 12 Months Ended December ----------------------- ------------------------ 2004 2003 2004 2003 ---- ---- ---- ---- (Notes) (Notes) (Notes) (Notes) Consolidated Earnings- (See Notes) Retail Business $ 122 $ 117 $ 1,200 $ 1,153 Competitive Generation 44 30 220 224 ------ ------ ------- ------- Total 166 147 1,420 1,377 Synthetic Fuels 14 14 74 58 Leasing Business 1 8 24 29 Parent Company and Other (1) (7) (10) (36) ------ ------ ------- ------- Net Income - Excluding One-Time Items (See Notes) $ 180 $ 162 $ 1,508 $ 1,428 ====== ====== ======= ======= - As Reported $ 204 $ 125 $ 1,532 $ 1,474 ====== ====== ======= ======= Basic Earnings Per Share-(Notes) - - Excluding One-Time Items (See Notes) $ 0.24 $ 0.22 $ 2.04 $ 1.97 - - As Reported $ 0.27 $ 0.17 $ 2.07 $ 2.03 Operating Revenues $2,721 $2,520 $11,903 $11,186 Average Shares Outstanding (in millions) 741 733 739 727 End of Period Shares Outstanding (in millions) 741 735
Notes - - Excludes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 2001. - - Excludes a one-time after tax gain of $83 million in May 2003 from the previously announced termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. as adjusted for revenues that otherwise would have been recognized for the remainder of the year. - - Excludes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. - - Quarterly Earnings Per Share (EPS) is computed by using the current year-to-date EPS less the previous period year-to-date EPS. As a result of using rounded numbers, the EPS for significant factors may not directly correspond to the variance in millions of dollars shown above. - - 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 audit and adjustments and certain classifications may be different from final results published in the Form 10-K. EX-99.03 4 x9903.txt Exhibit 99.03 Significant Factors Impacting EPS (Notes)
3 Months Ended December 12 Months Ended December ----------------------- ------------------------ 2004 2003 Change 2004 2003 Change ---- ---- ------ ---- ---- ------ Consolidated Earnings- $ 0.24 $ 0.22 $0.02 $2.04 $1.97 $0.07 Significant Factors: Retail Business - 0.06 Competitive Generation 0.02 (0.01) Synthetic Fuels - 0.02 Leasing Business - - Parent Company and Other 0.01 0.04 Impact of Additional Shares (0.01) (0.04) ----- ----- Total $0.02 $0.07 ===== =====
Notes - - Excludes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 2001. - - Excludes a one-time after tax gain of $83 million in May 2003 from the previously announced termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. as adjusted for revenues that otherwise would have been recognized for the remainder of the year. - - Excludes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. - - Quarterly Earnings Per Share (EPS) is computed by using the current year-to-date EPS less the previous period year-to-date EPS. As a result of using rounded numbers, the EPS for significant factors may not directly correspond to the variance in millions of dollars shown above. - - 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 audit and adjustments and certain classifications may be different from final results published in the Form 10-K. EX-99.04 5 x9904.txt Exhibit 99.04 Southern Company Analysis of Consolidated Earnings (In Millions of Dollars)
3 Months Ended December 12 Months Ended December ---------------------------- --------------------------- 2004 2003 Change 2004 2003 Change ---- ---- ------ ---- ---- ------ Income Account- Retail Revenue $2,194 $1,968 $226 $ 9,731 $ 8,875 $856 Wholesale Revenue 305 324 (19) 1,343 1,358 (15) Other Electric Revenues 105 105 - 392 373 19 Contract Termination - - - - 142 (142) Non-regulated Operating Revenues 117 123 (6) 437 438 (1) ------ ------ ----- ------- ------- ---- Total Revenues 2,721 2,520 201 11,903 11,186 717 ------ ------ ----- ------- ------- ---- Fuel and Purchased Power 948 824 124 4,165 3,594 571 Non-fuel O & M 984 953 31 3,329 3,174 155 Depreciation and Amortization 240 263 (23) 955 1,027 (72) Taxes Other Than Income Taxes 153 139 14 627 586 41 ------ ------ ----- ------- ------- ---- Total Operating Expenses 2,325 2,179 146 9,076 8,381 695 ------ ------ ----- ------- ------- ---- Operating Income 396 341 55 2,827 2,805 22 Other Income, net (15) (10) (5) (11) (20) 9 Interest Charges and Dividends 179 180 (1) 698 699 (1) Income Taxes (2) 26 (28) 586 612 (26) ------ ------ ----- ---- ------- ---- NET INCOME AS REPORTED (See Note) $ 204 $ 125 $ 79 $ 1,532 $ 1,474 $ 58 ====== ====== ===== ======= ======= ==== NET INCOME EXCLUDING ONE-TIME ITEMS $ 180 $ 162 $ 18 $ 1,508 $ 1,428 $ 80 ====== ====== ===== ======= ======= ====
Notes - - Includes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 2001. - - Includes a one-time after tax gain of $83 million in May 2003 from the previously announced termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc as adjusted for revenues that otherwise would have been recognized for the remainder of the year. - - Includes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. - - Certain prior year data has been reclassified to conform with current year presentation. - - Information contained in this report is subject to audit and adjustments and certain classifications may be different from final results published in the Form 10-K. EX-99.05 6 x9905.txt Exhibit 99.05 Kilowatt-Hour Sales (In Millions of KWHs)
3 Months Ended December 12 Months Ended December ---------------------------- ---------------------------- 2004 2003 Change 2004 2003 Change ---- ---- ------ ---- ---- ------ Kilowatt-Hour Sales- Total Sales 45,217 47,147 -4.1% 192,382 192,138 0.1% Total Retail Sales- 37,056 35,474 4.5% 157,143 151,618 3.6% Residential 10,748 10,275 4.6% 49,703 47,833 3.9% Commercial 12,020 11,460 4.9% 50,037 48,372 3.4% Industrial 14,039 13,492 4.0% 56,399 54,415 3.6% Total Wholesale Sales 8,161 11,673 -30.1% 35,239 40,520 -13.0%
EX-99.06 7 x9906.txt Exhibit 99.06 Southern Company Financial Overview (In Millions of Dollars)
3 Months Ended December 12 Months Ended December ------------------------------ ----------------------------------- 2004 2003 % Change 2004 2003 % Change ---- ---- -------- ---- ---- -------- Consolidated - Operating Revenues $2,721 $2,520 8.0% $11,903 $11,186 6.4% Earnings Before Income Taxes 202 151 33.9% 2,118 2,086 1.5% Net Income As Reported (See Note) 204 125 63.6% 1,532 1,474 4.0% Alabama Power - Operating Revenues $971 $904 7.5% $4,236 $3,960 7.0% Earnings Before Income Taxes 117 102 13.5% 818 781 4.6% Net Income Available to Common 66 58 14.7% 481 473 1.8% Georgia Power - Operating Revenues $1,238 $1,111 11.5% $5,372 $4,914 9.3% Earnings Before Income Taxes 106 122 -13.0% 1,038 998 4.0% Net Income Available to Common 71 74 -3.7% 658 631 4.3% Gulf Power - Operating Revenues $235 $212 10.8% $960 $878 9.4% Earnings Before Income Taxes 1 4 -76.8% 108 110 -1.8% Net Income Available to Common 0 3 -86.1% 68 69 -1.1% Mississippi Power - Operating Revenues $210 $184 14.1% $911 $870 4.7% Earnings Before Income Taxes 5 (58) - 131 121 8.1% Net Income Available to Common (See Note) 2 (36) - 77 73 4.5% Savannah Electric - Operating Revenues $85 $68 25.6% $355 $314 13.2% Earnings Before Income Taxes 3 (1) - 40 38 4.6% Net Income Available to Common 2 (1) - 24 23 5.1% Southern Power - Operating Revenues $154 $128 20.9% $701 $682 2.9% Earnings Before Income Taxes 43 20 106.2% 185 240 -23.1% Net Income Available to Common (See Note) 25 12 95.2% 112 155 -28.1%
Notes - - Includes a one-time after tax gain of $24 million in December 2004 from the resolution of an IRS audit for the years 2000 and 2001. - - Includes a one-time after tax gain of $83 million in May 2003 from the termination of all long-term wholesale power contracts between Southern Company and Dynegy, Inc. as adjusted for revenues that otherwise would have been recognized for the remainder of the year. - - Includes a regulatory expense of $37 million, after taxes, for Mississippi Power recorded in December, 2003. - - Certain prior year data has been reclassified to conform with current year presentation. - - Information contained in this report is subject to audit and adjustments and certain classifications may be different from final results published in the Form 10-K. -----END PRIVACY-ENHANCED MESSAGE-----