Exhibit 99.06
SOUTHERN COMPANY
FINANCIAL OVERVIEW
(In Millions of Dollars)
3 Months Ended December 12 Months Ended December
------------------------------------ ---------------------------------------
2003 2002 % Change 2003 2002 % Change
---- ---- -------- ---- ---- --------
Consolidated -
Operating Revenues $2,564 $2,457 4.4% $11,276 $10,549 6.9%
Earnings Before Income Taxes 151 157 -3.4% 2,086 1,846 13.0%
Net Income As Reported 125 167 -25.0% 1,474 1,318 11.8%
Net Income Excluding One-Time Items (Note) 162 167 -2.8% 1,428 1,318 8.3%
Alabama Power -
Operating Revenues $912 $865 5.4% $3,968 $3,711 6.9%
Earnings Before Income Taxes 102 121 -15.0% 781 768 1.7%
Net Income Available to Common 58 72 -20.1% 473 461 2.5%
Georgia Power -
Operating Revenues $1,120 $1,094 2.3% $4,923 $4,822 2.1%
Earnings Before Income Taxes 122 72 69.8% 998 976 2.2%
Net Income Available to Common 74 49 52.2% 631 618 2.1%
Gulf Power -
Operating Revenues $212 $203 4.1% $878 $820 7.0%
Earnings Before Income Taxes 4 11 -59.3% 110 104 5.5%
Net Income Available to Common 3 8 -56.0% 69 67 2.9%
Mississippi Power -
Operating Revenues $186 $192 -3.7% $872 $824 5.8%
Earnings Before Income Taxes (58) 9 - 121 121 -0.1%
Net Income Available to Common (36) 5 - 73 73 0.7%
Savannah Electric -
Operating Revenues $69 $67 3.5% $317 $300 5.9%
Earnings Before Income Taxes (1) 0 - 38 35 7.4%
Net Income Available to Common (1) 1 - 23 23 -0.3%
Southern Power -
Operating Revenues $129 $86 51.0% $683 $299 128.7%
Earnings Before Income Taxes 20 23 -8.1% 240 83 190.1%
Net Income Available to Common 12 13 -7.6% 155 54 185.9%
Note: Excludes a one-time after tax 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. Also excludes a
regulatory expense of $37 million, after taxes, for Mississippi Power
recorded in December, 2003.