Exhibit 99.04
SOUTHERN COMPANY
ANALYSIS OF CONSOLIDATED EARNINGS
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
-------------------------------- -------------------------------
2003 2002 Change 2003 2002 Change
---- ---- ------ ---- ---- ------
Income Account-
Retail Revenue $2,176 $2,185 $ (9) $4,150 $ 4,029 $121
Wholesale Revenue 338 290 48 677 523 154
Other Electric Revenues 227 78 149 320 146 174
Other Operating Revenues 118 77 41 265 146 119
------ ------ ----- ------ ------ ----
Total Revenues 2,859 2,630 229 5,412 4,844 568
------ ------ ----- ------ ------ ----
Fuel and Purchased Power 868 810 58 1,715 1,452 263
Non-fuel O & M 809 769 40 1,533 1,443 90
Depreciation and Amortization 258 254 4 503 500 3
Taxes Other Than Income Taxes 143 138 5 292 278 14
------ ------ ----- ------ ------ ----
Total Operating Expenses 2,078 1,971 107 4,043 3,673 370
------ ------ ----- ------ ------ ----
Operating Income 781 659 122 1,369 1,171 198
Other Income, net 29 (2) 31 28 (11) 39
Interest Charges and Dividends 192 170 22 360 338 22
Income Taxes 186 155 31 307 266 41
------ ------ ----- ------ ------ ----
NET INCOME AS REPORTED $ 432 $ 332 $100 $ 730 $ 556 $174
====== ====== ===== ====== ====== ====
NET INCOME EXCLUDING DYNEGY $ 349 $ 332 $ 17 $ 647 $ 556 $ 91
====== ====== ===== ====== ====== ====