Exhibit 99.04
SOUTHERN COMPANY
ANALYSIS OF CONSOLIDATED EARNINGS
(In Millions of Dollars)
3 Months Ended December 12 Months Ended December
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2003 2002 Change 2003 2002 Change
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Income Account-
Retail Revenue $1,968 $1,950 $ 18 $ 8,875 $ 8,728 $147
Wholesale Revenue 347 298 49 1,383 1,168 215
Other Electric Revenues 105 233 (128) 514 310 204
Non-regulated Operating Revenues 144 131 13 504 343 161
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Total Revenues 2,564 2,457 107 11,276 10,549 727
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Fuel and Purchased Power 847 799 48 3,619 3,280 339
Non-fuel O & M 973 904 69 3,239 3,084 155
Depreciation and Amortization 263 282 (19) 1,027 1,047 (20)
Taxes Other Than Income Taxes 139 132 7 586 557 29
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Total Operating Expenses 2,222 2,117 105 8,471 7,968 503
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Operating Income 342 340 2 2,805 2,581 224
Other Income, net (10) (11) 1 (19) (51) 32
Interest Charges and Dividends 181 172 9 700 684 16
Income Taxes 26 (10) 36 612 528 84
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NET INCOME AS REPORTED $ 125 $ 167 $ (42) $ 1,474 $ 1,318 $156
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NET INCOME EXCLUDING ONE-TIME ITEMS $ 162 $ 167 $ (5) $ 1,428 $ 1,318 $110
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