Exhibit 99.04
SOUTHERN COMPANY
ANALYSIS OF CONSOLIDATED EARNINGS
(In Millions of Dollars)
3 Months Ended March
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2003 2002 Change
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Income Account-
Retail Revenue $ 1,974 $ 1,844 $130
Wholesale Revenue 339 233 106
Other Electric Revenues 93 68 25
Other Operating Revenues 147 69 78
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Total Revenues 2,553 2,214 339
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Fuel and Purchased Power 847 642 205
Non-fuel O & M 724 674 50
Depreciation and Amortization 245 246 (1)
Taxes Other Than Income Taxes 149 140 9
Total Operating Expenses 1,965 1,702 263
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Operating Income 588 512 76
Other Income, net (1) (9) 8
Interest Charges and Dividends 168 168 -
Income Taxes 121 111 10
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NET INCOME $ 298 $ 224 $ 74
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