Exhibit 99.06
SOUTHERN COMPANY
FINANCIAL OVERVIEW
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
----------------------------- -------------------------------
2003 2002 % Change 2003 2002 % Change
---- ---- -------- ---- ---- --------
Consolidated -
Operating Revenues $2,859 $2,630 8.7% $5,412 $4,844 11.7%
Earnings Before Income Taxes 618 487 27.1% 1,037 822 26.2%
Net Income As Reported 432 332 30.3% 730 556 31.3%
Net Income Excluding Dynegy (Note) 349 332 5.2% 647 556 16.3%
Alabama Power -
Operating Revenues $964 $925 4.4% $1,859 $1,727 7.7%
Earnings Before Income Taxes 167 193 -13.5% 322 317 1.6%
Net Income Available to Common 106 115 -7.9% 198 188 5.4%
Georgia Power -
Operating Revenues $1,191 $1,204 -1.2% $2,317 $2,211 4.8%
Earnings Before Income Taxes 255 272 -6.2% 464 474 -2.1%
Net Income Available to Common 159 171 -7.2% 292 298 -1.9%
Gulf Power -
Operating Revenues $215 $210 2.5% $413 $371 11.4%
Earnings Before Income Taxes 31 21 43.4% 53 38 37.3%
Net Income Available to Common 19 13 39.3% 33 25 30.0%
Mississippi Power -
Operating Revenues $264 $205 28.7% $458 $388 18.0%
Earnings Before Income Taxes 87 35 152.8% 122 58 112.1%
Net Income Available to Common 53 21 155.2% 74 35 114.1%
Savannah Electric -
Operating Revenues $79 $79 0.7% $148 $136 9.0%
Earnings Before Income Taxes 10 11 -11.3% 16 14 10.2%
Net Income Available to Common 6 7 -10.5% 10 9 11.0%
Southern Power -
Operating Revenues $239 $58 - $346 $77 -
Earnings Before Income Taxes 130 15 - 167 22 -
Net Income Available to Common 79 9 - 102 13 -
Note: Excludes a one-time gain of $88 million in May 2003 from the previously
announced termination of all long-term wholesale power contracts between
Southern Company and Dynegy, Inc. After adjusting for revenues that otherwise
would have been recognized for the remainder of the year, the adjusted gain for
2003 is $83 million.