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 |
[ ] | 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)) |
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. |
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 |
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. |
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. |
Exhibit 99.04 | ||||
Southern Company | ||||
EPS Earnings Analysis | ||||
Description | Three Months Ended December 2012 | Year-to-Date December 2012 | ||
Retail Sales | 3¢ | 2¢ | ||
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. |
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. | ||||||||||||||||||||||||
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. |
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. |