0000092122-13-000008.txt : 20130130 0000092122-13-000008.hdr.sgml : 20130130 20130130083704 ACCESSION NUMBER: 0000092122-13-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130130 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20130130 DATE AS OF CHANGE: 20130130 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: 13557221 BUSINESS ADDRESS: STREET 1: 600 N 18TH ST STREET 2: P O BOX 2641 CITY: BIRMINGHAM STATE: AL ZIP: 35291 BUSINESS PHONE: 2052571000 MAIL ADDRESS: STREET 1: 600 N 18TH ST CITY: BIRMINGHAM STATE: AL ZIP: 35291 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: 13557220 BUSINESS ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045066526 MAIL ADDRESS: STREET 1: 241 RALPH MCGILL BOULEVARD 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: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31737 FILM NUMBER: 13557219 BUSINESS ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520 BUSINESS PHONE: 8504446111 MAIL ADDRESS: STREET 1: ONE ENERGY PLACE CITY: PENSACOLA STATE: FL ZIP: 32520 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: 13557218 BUSINESS ADDRESS: STREET 1: 2992 WEST BEACH CITY: GULFPORT STATE: MS ZIP: 39501 BUSINESS PHONE: 2288641211 MAIL ADDRESS: STREET 1: 2992 WEST BEACH CITY: GULFPORT STATE: MS ZIP: 39501 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: 13557216 BUSINESS ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD., N.W. CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD., N.W. CITY: ATLANTA STATE: GA ZIP: 30308 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: 13557217 BUSINESS ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 BUSINESS PHONE: 4045065000 MAIL ADDRESS: STREET 1: 30 IVAN ALLEN JR. BLVD CITY: ATLANTA STATE: GA ZIP: 30308 8-K 1 a8-kearningsrelease12x31x2.htm 8-K 8-K Earnings Release 12-31-2012




UNITED STATES
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 30, 2013

Commission
File Number
Registrant, State of Incorporation,
Address and Telephone Number
I.R.S. Employer
Identification No.
 
 
 
1-3526
The Southern Company
(A Delaware Corporation)
30 Ivan Allen Jr. Blvd., N.W.
Atlanta, Georgia 30308
(404) 506-5000
58-0690070
1-3164
Alabama Power Company
(An Alabama Corporation)
600 North 18th Street
Birmingham, Alabama 35203
(205) 257-1000
63-0004250
1-6468
Georgia Power Company
(A Georgia Corporation)
241 Ralph McGill Boulevard, N.E.
Atlanta, Georgia 30308
(404) 506-6526
58-0257110
001-31737
Gulf Power Company
(A Florida Corporation)
One Energy Place
Pensacola, Florida 32520
(850) 444-6111
59-0276810
001-11229
Mississippi Power Company
(A Mississippi Corporation)
2992 West Beach Boulevard
Gulfport, Mississippi 39501
(228) 864-1211
64-0205820
333-98553
Southern Power Company
(A Delaware Corporation)
30 Ivan Allen Jr. Blvd., N.W.
Atlanta, Georgia 30308
(404) 506-5000
58-2598670

The names and addresses of the registrants have not changed since the last report.

This combined Form 8-K is furnished separately by six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi 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 30, 2013, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the quarter and year ended December 31, 2012. 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, 2012 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.

Use of Non-GAAP Financial Measures

Exhibits 99.01, 99.02, 99.03 and 99.04 to this Current Report on Form 8-K, in addition to including earnings and earnings per share in accordance with generally accepted accounting principles (“GAAP”) for the twelve months ended December 31, 2012, also include earnings and earnings per share for such period excluding an insurance recovery received in June 2012 that related to the March 2009 settlement agreement with MC Asset Recovery, LLC (“MCAR”) to resolve a lawsuit arising out of the 2003 bankruptcy of Mirant Corporation, a Southern Company subsidiary until its April 2001 spin-off.  The insurance recovery related to the MCAR settlement agreement impacted the presentation of earnings and earnings per share for the twelve months ended December 31, 2012, and similar recoveries are not expected to occur with any regularity as part of Southern Company’s ongoing business activities. Accordingly, Southern Company believes the presentation of earnings and earnings per share excluding the insurance recovery related to the MCAR settlement agreement is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company’s ongoing business activities.  Southern Company management also uses earnings and earnings per share excluding the insurance recovery related to the settlement agreement with MCAR to evaluate the performance of Southern Company’s ongoing business activities.  The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.











- 1 -






Exhibits

The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi 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 periods ended December 31, 2012:
 

Exhibit 99.01
Press Release.
Exhibit 99.02
Financial Highlights.
Exhibit 99.03
Significant Factors Impacting EPS.
Exhibit 99.04
EPS Earnings Analysis.
Exhibit 99.05
Consolidated Earnings.
Exhibit 99.06
Kilowatt-Hour Sales.
Exhibit 99.07
Financial Overview.
















- 2 -







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 30, 2013
THE SOUTHERN COMPANY



By /s/W. Ron Hinson
           W. Ron Hinson
              Comptroller
 
 
 
ALABAMA POWER COMPANY
GEORGIA POWER COMPANY
GULF POWER COMPANY
MISSISSIPPI POWER COMPANY
SOUTHERN POWER COMPANY



By /s/Melissa K. Caen
           Melissa K. Caen
         Assistant Secretary















- 3 -



EX-99.01 2 ex9901-pressrelease.htm EXHIBIT Ex. 99.01 - Press Release


Exhibit 99.01
 
News    

  
 
Media Contact:    Southern Company Media Relations
404-506-5333 or 1-866-506-5333
www.southerncompany.com

Investor Relations Contact:
Dan Tucker
404-506-5310
dstucker@southernco.com

Jan. 30, 2013

Southern Company earnings benefit from operating efficiencies

ATLANTA -- Southern Company today reported fourth quarter 2012 earnings of $383 million, or 44 cents a share, compared with earnings of $261 million, or 30 cents a share, in the fourth quarter of 2011. Southern Company also reported full-year 2012 earnings of $2.35 billion, or $2.70 a share, compared with earnings for 2011 of $2.20 billion, or $2.57 a share.

Earnings for the full year included 2 cents a share of insurance recovery related to the March 2009 settlement agreement with MC Asset Recovery, LLC (MCAR) to resolve a lawsuit arising out of the 2003 bankruptcy of Mirant Corp., a Southern Company subsidiary until its 2001 spinoff.  Excluding the impact of the MCAR insurance recovery, Southern Company earned $2.68 a share in 2012, compared with $2.57 a share for 2011. 

Earnings for the fourth quarter of 2012 and the full year were positively influenced by reduced non-fuel operations and maintenance expenses and by other retail revenue effects across Southern Company's traditional operating companies. Full-year 2012 earnings were negatively affected by significantly milder weather throughout the year as compared with 2011.

“Our employees continue to find ways to make our business more efficient, while delivering customer service that is among the best in our industry,” said Thomas A. Fanning, Southern Company chairman, president and chief executive officer. “Their efforts demonstrate the effectiveness of our business model - which succeeds by placing customers at the center of everything we do - and reaffirm our commitment to providing clean, safe, reliable, affordable electricity.”

Fanning said that economic prospects in the Southeast remain bright, but that expansion and hiring decisions continue to be delayed pending longer-term congressional action on fiscal issues.

Operating revenues for the full year were $16.54 billion, compared with $17.66 billion in 2011, a 6.3 percent decrease that was due primarily to lower fuel costs being passed on to customers. Fourth quarter revenues were $3.703 billion, compared with $3.696 billion for the same period in 2011, an increase of 0.2 percent.






Kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 2.3 percent in 2012, compared with 2011. Residential and commercial energy sales - both of which were affected by milder weather in 2012 - decreased 5.4 percent and 1.6 percent, respectively, while industrial energy sales increased 0.2 percent.

Total energy sales to Southern Company's customers in the Southeast, including wholesale sales, decreased 3.4 percent in 2012 compared with 2011.

Southern Company's financial analyst call will begin at 1 p.m. Eastern time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com/events.cfm. A replay of the webcast only will be available at the site for 12 months.

Southern Company has also posted on its website detailed financial information on its fourth quarter and full-year performance. These materials are available at www.southerncompany.com.

With 4.4 million customers and more than 43,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for energy innovation, excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company and its subsidiaries are leading the nation's nuclear renaissance through the construction of the first new nuclear units to be built in a generation of Americans and are demonstrating their commitment to energy innovation through the development of a state-of-the-art coal gasification plant. Southern Company has been recognized by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer and listed by DiversityInc as a top company for Blacks. The company received the 2012 Edison Award from the Edison Electric Institute for its leadership in new nuclear development, was named Electric Light & Power magazine's Utility of the Year for 2012 and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.

Cautionary Note Regarding Forward-Looking Statements:
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 the economy and customer growth. 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 December 31, 2011, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, implementation of the Energy Policy Act of 2005, environmental laws including regulation of water, coal combustion byproducts, and emissions of sulfur,





nitrogen, carbon, soot, particulate matter, hazardous air pollutants, including mercury, and other substances, financial reform legislation, and also changes in 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 Environmental Protection Agency civil actions against certain Southern Company subsidiaries, Federal Energy Regulatory Commission matters, and Internal Revenue Service and state tax audits; 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, including those relating to weather, the general economy and recovery from the recent recession, population and business growth (and declines), the effects of energy conservation measures, and any potential economic impacts resulting from federal fiscal and budgetary decisions; available sources and costs of fuels; effects of inflation; ability to control costs and avoid cost overruns during the development and construction of facilities, which includes projects involving facility designs that have not been finalized or previously constructed; investment performance of Southern Company's employee benefit plans and nuclear decommissioning trust funds; advances in technology; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; regulatory approvals and actions related to the Plant Vogtle expansion, including Georgia Public Service Commission approvals, Nuclear Regulatory Commission actions, and potential U.S. Department of Energy loan guarantees; regulatory approvals and actions related to the Kemper County integrated coal gasification combined cycle facility, including Mississippi Public Service Commission approvals, the South Mississippi Electric Power Association purchase decision, satisfaction of requirements to utilize investment tax credits and grants, and the outcome of any further proceedings regarding the Mississippi Public Service Commission's issuance of the certificate of public convenience and necessity; the performance of projects undertaken by the non-utility businesses 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 and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business resulting from terrorist incidents and the threat of terrorist incidents, including cyber intrusion; interest rate fluctuations and financial market conditions and the results of financing efforts, including Southern Company's and its subsidiaries' credit ratings; the impacts of any potential U.S. credit rating downgrade or other sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the availability or benefits of proposed U.S. Department of Energy loan guarantees; the ability of Southern Company and its subsidiaries to obtain additional generating capacity at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, hurricanes, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effects on the Southern Company system's business resulting from incidents affecting the U.S. electric grid or operation of generating resources; and the effect of accounting pronouncements issued periodically by standard setting bodies. Southern Company expressly disclaims any obligation to update any forward-looking information.


# # #




EX-99.02 3 ex9902-financialhighlights.htm EXHIBIT Ex. 99.02 - Financial Highlights


Exhibit 99.02
 
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2012
 
2011
 
2012
 
2011
Consolidated Earnings–As Reported
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
$
349

 
$
248

 
$
2,146

 
$
2,052

  Southern Power
 
31

 
24

 
175

 
162

  Total
 
380

 
272

 
2,321

 
2,214

  Parent Company and Other
 
3

 
(11
)
 
29

 
(11
)
  Net Income–As Reported
 
$
383

 
$
261

 
$
2,350

 
$
2,203

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share
 
$
0.44

 
$
0.30

 
$
2.70

 
$
2.57

 
 
 
 
 
 
 
 
 
  Average Shares Outstanding (in millions)
 
869

 
865

 
871

 
857

  End of Period Shares Outstanding (in millions)
 
 
 
 
 
868

 
867

 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2012
 
2011
 
2012
 
2011
Consolidated Earnings–Excluding Items
 
 
 
 
 
 
 
 
(See Notes)
 
 
 
 
 
 
 
 
  Net Income–As Reported
 
$
383

 
$
261

 
$
2,350

 
$
2,203

  MC Asset Recovery Insurance Settlement, net
 

 

 
(21
)
 

  Net Income–Excluding Items
 
$
383

 
$
261

 
$
2,329

 
$
2,203

 
 
 
 
 
 
 
 
 
  Basic Earnings Per Share–Excluding Items
 
$
0.44

 
$
0.30

 
$
2.68

 
$
2.57

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
- For the three months and twelve months ended December 31, 2012 and 2011, dilution does not change basic earnings per share by more than 3 cents and is not material.
 
 
 
 
 
 
 
 
 
- In March 2009, Southern Company recorded a charge related to a settlement agreement with MC Asset Recovery, LLC (MCAR) to settle a lawsuit. Southern Company filed an insurance claim for a portion of the MCAR settlement amount. In June 2012, Southern Company received an insurance recovery related to this claim. Earnings for the twelve months ended December 31, 2012 include 2 cents a share for the MCAR insurance recovery.
 
 
 
 
 
 
 
 
 
- Certain prior year data has been reclassified to conform with current year presentation.
 
 
 
 
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal year-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-K.
 



EX-99.03 4 ex9903-significantfactorsi.htm EXHIBIT Ex. 99.03 - Significant Factors Impacting EPS


Exhibit 99.03
 
Southern Company
Significant Factors Impacting EPS
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2012
 
2011
 
Change
 
2012
 
2011
 
Change
Consolidated Earnings Per Share–
 
 
 
 
 
 
 
 
 
 
 
 
As Reported (See Notes)
 
$
0.44

 
$
0.30

 
$
0.14

 
$
2.70

 
$
2.57

 
$
0.13

 
 
 
 
 
 
 
 
 
 
 
 
 
  Significant Factors:
 
 
 
 
 
 
 
 
 
 
 
 
  Traditional Operating Companies
 
 
 
 
 
0.12

 
 
 
 
 
0.11

  Southern Power
 
 
 
 
 
0.01

 
 
 
 
 
0.02

  Parent Company and Other
 
 
 
 
 
0.01

 
 
 
 
 
0.05

  Additional Shares
 
 
 
 
 

 
 
 
 
 
(0.05
)
  Total–As Reported
 
 
 
 
 
$
0.14

 
 
 
 
 
$
0.13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2012
 
2011
 
Change
 
2012
 
2011
 
Change
Consolidated Earnings Per Share–
 
 
 
 
 
 
 
 
 
 
 
 
Excluding Items (See Notes)
 
$
0.44

 
$
0.30

 
$
0.14

 
$
2.68

 
$
2.57

 
$
0.11

 
 
 
 
 
 
 
 
 
 
 
 
 
  Total–As Reported
 
 
 
 
 
0.14

 
 
 
 
 
0.13

  MC Asset Recovery Insurance Settlement
 
 
 
 
 

 
 
 
 
 
(0.02
)
  Total–Excluding Items
 


 


 
$
0.14

 
 
 
 

$
0.11

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
- For the three months and twelve months ended December 31, 2012 and 2011, dilution does not change basic earnings per share by more than 3 cents and is not material.
 
 
 
 
 
 
 
 
 
 
 
 
 
- In March 2009, Southern Company recorded a charge related to a settlement agreement with MC Asset Recovery, LLC (MCAR) to settle a lawsuit. Southern Company filed an insurance claim for a portion of the MCAR settlement amount. In June 2012, Southern Company received an insurance recovery related to this claim. Earnings for the twelve months ended December 31, 2012 include 2 cents a share for the MCAR insurance recovery.
 
 
 
 
 
 
 
 
 
 
 
 
 
- Certain prior year data has been reclassified to conform with current year presentation.
 
 
 
 
 
 
 
 
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal year-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-K.


EX-99.04 5 ex9904-epsearningsanalysis.htm EXHIBIT Ex. 99.04 - EPS Earnings Analysis


 
 
Exhibit 99.04
Southern Company
EPS Earnings Analysis

 
 
 
 
 
Description
 
Three Months Ended
December 2012
 
Year-to-Date
December 2012
 
 
 
 
 
Retail Sales
 
 
 
 
 
 
 
Retail Revenue Impacts
 
2
 
22
 
 
 
 
 
Weather
 
1
 
(20)
 
 
 
 
 
Other Operating Revenues
 
1
 
 
 
 
 
 
Non-Fuel O&M
 
9
 
11
 
 
 
 
 
Purchased Power Capacity Expense
 
1
 
5
 
 
 
 
 
Depreciation and Amortization
 
(1)
 
(4)
 
 
 
 
 
Taxes Other Than Income Taxes
 
(1)
 
(1)
 
 
 
 
 
Other Income and Deductions
 
 
(1)
 
 
 
 
 
Interest Expense
 
 
(2)
 
 
 
 
 
Income Taxes
 
(3)
 
(1)
 
 
 
 
 
Total Traditional Operating Companies
 
12¢
 
11¢
 
 
 
 
 
Southern Power
 
1
 
2
 
 
 
 
 
Parent and Other
 
1
 
3
 
 
 
 
 
Increase in Shares
 
 
(5)
 
 
 
 
 
Total Change in EPS (x-items)
 
14¢
 
11¢
 
 
 
 
 
MC Asset Recovery Insurance Settlement
 
 
2
 
 
 
 
 
Total Change in EPS (As Reported)
 
14¢
 
13¢
 
 
 
 
 
Notes
 
 
 
 
- In March 2009, Southern Company recorded a charge related to a settlement agreement with MC Asset Recovery, LLC (MCAR) to settle a lawsuit. Southern Company filed an insurance claim for a portion of the MCAR settlement amount. In June 2012, Southern Company received an insurance recovery related to this claim. Earnings for the twelve months ended December 31, 2012 include 2 cents a share for the MCAR insurance recovery.
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal year-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-K.
 


EX-99.05 6 ex9905-consolidatedearnings.htm EXHIBIT Ex. 99.05 - Consolidated Earnings


Exhibit 99.05
 
Southern Company
Consolidated Earnings
(In Millions of Dollars)
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2012
 
2011
 
Change
 
2012
 
2011
 
Change
Income Account-
 
 
 
 
 
 
 
 
 
 
 
 
Retail Revenues-
 
 
 
 
 
 
 
 
 
 
 
 
Fuel
 
$
1,034

 
$
1,144

 
$
(110
)
 
$
4,743

 
$
5,686

 
$
(943
)
Non-Fuel
 
2,085

 
1,996

 
89

 
9,444

 
9,385

 
59

Wholesale Revenues
 
414

 
392

 
22

 
1,675

 
1,905

 
(230
)
Other Electric Revenues
 
157

 
147

 
10

 
616

 
611

 
5

Non-regulated Operating Revenues
 
13

 
17

 
(4
)
 
59

 
70

 
(11
)
Total Revenues
 
3,703

 
3,696

 
7

 
16,537

 
17,657

 
(1,120
)
Fuel and Purchased Power
 
1,239

 
1,353

 
(114
)
 
5,601

 
6,870

 
(1,269
)
Non-fuel O & M
 
974

 
1,101

 
(127
)
 
3,791

 
3,938

 
(147
)
MC Asset Recovery Insurance Settlement
 

 

 

 
(19
)
 

 
(19
)
Depreciation and Amortization
 
452

 
438

 
14

 
1,787

 
1,717

 
70

Taxes Other Than Income Taxes
 
224

 
215

 
9

 
914

 
901

 
13

Total Operating Expenses
 
2,889

 
3,107

 
(218
)
 
12,074

 
13,426

 
(1,352
)
Operating Income
 
814

 
589

 
225

 
4,463

 
4,231

 
232

Allowance for Equity Funds Used During Construction
 
41

 
40

 
1

 
143

 
153

 
(10
)
Interest Income
 
6

 
7

 
(1
)
 
40

 
21

 
19

Interest Expense, Net of Amounts Capitalized
 
210

 
219

 
(9
)
 
859

 
857

 
2

Other Income (Expense), net
 
(16
)
 
(44
)
 
28

 
(38
)
 
(61
)
 
23

Income Taxes
 
236

 
96

 
140

 
1,334

 
1,219

 
115

Net Income
 
399

 
277

 
122

 
2,415

 
2,268

 
147

Dividends on Preferred and Preference Stock of Subsidiaries
 
16

 
16

 

 
65

 
65

 

NET INCOME AFTER DIVIDENDS ON PREFERRED AND PREFERENCE STOCK (See Notes)
 
$
383

 
$
261

 
$
122

 
$
2,350

 
$
2,203

 
$
147


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
- Certain prior year data has been reclassified to conform with current year presentation.
 
 
 
 
 
 
 
 
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal year-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-K.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


EX-99.06 7 ex9906-kilowattxhoursales.htm EXHIBIT Ex. 99.06 - Kilowatt-Hour Sales


Exhibit 99.06
 
Southern Company
Kilowatt-Hour Sales
(In Millions of KWHs)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended December
 
Year-to-Date December
As Reported
(See Notes)
 
2012
 
2011
 
Change
 
Weather
Adjusted Change
 
2012
 
2011
 
Change
 
Weather
Adjusted Change
Kilowatt-Hour Sales-
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Sales
 
42,543

 
41,558

 
2.4
 %
 
 
 
183,617

 
190,047

 
(3.4
)%
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Retail Sales-
 
36,109

 
35,183

 
2.6
 %
 
1.7
 %
 
156,054

 
159,702

 
(2.3
)%
 
0.4
 %
Residential
 
11,140

 
10,447

 
6.6
 %
 
5.2
 %
 
50,454

 
53,341

 
(5.4
)%
 
1.1
 %
Commercial
 
12,273

 
12,183

 
0.7
 %
 
(0.7
)%
 
53,007

 
53,855

 
(1.6
)%
 
(0.2
)%
Industrial
 
12,468

 
12,323

 
1.2
 %
 
1.2
 %
 
51,674

 
51,570

 
0.2
 %
 
0.2
 %
Other
 
228

 
230

 
(0.7
)%
 
(0.8
)%
 
919

 
936

 
(1.8
)%
 
(1.4
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Wholesale Sales
 
6,434

 
6,375

 
0.9
 %
 
N/A

 
27,563

 
30,345

 
(9.2
)%
 
N/A

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- Certain prior year data has been reclassified to conform with current year presentation.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal year-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-K.


EX-99.07 8 ex9907-financialoverview.htm EXHIBIT Ex. 99.07 - Financial Overview


Exhibit 99.07
 
Southern Company
Financial Overview
(In Millions of Dollars)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
December
 
Year-to-Date
December
 
 
2012
 
2011
 
% Change
 
2012
 
2011
 
% Change
Consolidated –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
3,703

 
$
3,696

 
0.2
 %
 
$
16,537

 
$
17,657

 
(6.3
)%
Earnings Before Income Taxes
 
635

 
373

 
70.2
 %
 
3,749

 
3,487

 
7.5
 %
Net Income Available to Common
 
383

 
261

 
46.7
 %
 
2,350

 
2,203

 
6.7
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Alabama Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
1,290

 
$
1,271

 
1.5
 %
 
$
5,520

 
$
5,702

 
(3.2
)%
Earnings Before Income Taxes
 
205

 
182

 
12.6
 %
 
1,220

 
1,225

 
(0.4
)%
Net Income Available to Common
 
113

 
102

 
10.8
 %
 
704

 
708

 
(0.6
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
Georgia Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
1,735

 
$
1,758

 
(1.3
)%
 
$
7,998

 
$
8,800

 
(9.1
)%
Earnings Before Income Taxes
 
315

 
156

 
101.9
 %
 
1,873

 
1,787

 
4.8
 %
Net Income Available to Common
 
181

 
110

 
64.5
 %
 
1,168

 
1,145

 
2.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Gulf Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
331

 
$
328

 
1.1
 %
 
$
1,440

 
$
1,520

 
(5.3
)%
Earnings Before Income Taxes
 
39

 
29

 
34.4
 %
 
211

 
173

 
22.5
 %
Net Income Available to Common
 
23

 
19

 
20.3
 %
 
126

 
105

 
19.9
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Mississippi Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
236

 
$
238

 
(0.8
)%
 
$
1,036

 
$
1,113

 
(6.9
)%
Earnings Before Income Taxes
 
42

 
20

 
102.7
 %
 
200

 
138

 
45.0
 %
Net Income Available to Common
 
33

 
16

 
104.1
 %
 
148

 
94

 
57.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
Southern Power –
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenues
 
$
292

 
$
286

 
1.8
 %
 
$
1,186

 
$
1,236

 
(4.0
)%
Earnings Before Income Taxes
 
48

 
22

 
116.3
 %
 
268

 
238

 
12.5
 %
Net Income Available to Common
 
31

 
24

 
30.1
 %
 
175

 
162

 
8.0
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes
 
 
 
 
 
 
 
 
 
 
 
 
- Certain prior year data has been reclassified to conform with current year presentation.
 
 
 
 
 
 
 
 
 
 
 
 
 
- All figures in this earnings release are preliminary and remain subject to the completion of normal year-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-K.
 


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