Exhibit 99.04
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended March
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2004 2003 Change
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Income Account-
Retail Revenue $ 2,144 $ 1,974 $ 170
Wholesale Revenue 352 335 17
Other Electric Revenues 93 91 2
Non-regulated Operating Revenues 166 148 18
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Total Revenues 2,755 2,548 207
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Fuel and Purchased Power 928 825 103
Non-fuel O & M 774 724 50
Depreciation and Amortization 241 245 (4)
Taxes Other Than Income Taxes 158 149 9
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Total Operating Expenses 2,101 1,943 158
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Operating Income 654 605 49
Other Income, net (30) (17) (13)
Interest Charges and Dividends 170 169 1
Income Taxes 123 121 2
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NET INCOME AS REPORTED $ 331 $ 298 $ 33
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