` Exhibit 99.04
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended September 9 Months Ended September
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2003 2002 Change 2003 2002 Change
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Income Account-
Retail Revenue $2,757 $2,749 $ 8 $ 6,907 $ 6,778 $ 129
Wholesale Revenue 395 344 51 1,072 870 202
Other Electric Revenues 89 82 7 406 228 178
Non-regulated Operating Revenues 96 73 23 364 216 148
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Total Revenues 3,337 3,248 89 8,749 8,092 657
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Fuel and Purchased Power 1,094 1,029 65 2,809 2,481 328
Non-fuel O & M 736 737 (1) 2,269 2,180 89
Depreciation and Amortization 258 265 (7) 761 765 (4)
Taxes Other Than Income Taxes 155 147 8 447 425 22
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Total Operating Expenses 2,243 2,178 65 6,286 5,851 435
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Operating Income 1,094 1,070 24 2,463 2,241 222
Other Income, net (25) (29) 4 (9) (40) 31
Interest Charges and Dividends 171 174 (3) 519 512 7
Income Taxes 279 272 7 586 538 48
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NET INCOME AS REPORTED $ 619 $ 595 $ 24 $ 1,349 $ 1,151 $ 198
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NET INCOME EXCLUDING DYNEGY $ 619 $ 595 $ 24 $ 1,266 $ 1,151 $ 115
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