Exhibit 99.02
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended June 6 Months Ended June
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2004 2003 2004 2003
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(Notes) (Notes) (Notes) (Notes)
Consolidated Earnings-
(See Notes)
Retail Business $ 285 $ 281 $ 528 $ 511
Competitive Generation 46 61 102 116
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Total 331 342 630 627
Synthetic Fuels 21 19 42 28
Leasing Business 7 7 14 14
Parent Company and Other (7) (19) (3) (22)
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Net Income - Excluding One-Time Items (See Notes) $ 352 $ 349 $ 683 $ 647
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- As Reported $ 352 $ 432 $ 683 $ 730
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Basic Earnings Per Share-(See Notes)
- - Excluding One-Time Items (See Notes) $ 0.48 $ 0.49 $ 0.93 $ 0.90
- - As Reported $ 0.48 $ 0.60 $ 0.93 $ 1.01
Operating Revenues $3,010 $ 2,824 $ 5,742 $ 5,365
Average Shares Outstanding (in millions) 738 725 737 722
End of Period Shares Outstanding (in millions) 738 728
Notes
- - Excludes a one-time after tax gain of $88 million in May 2003 from the
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 was $83
million.
- - Quarterly Earnings Per Share (EPS) is computed by using the current
year-to-date EPS less the previous period year-to-date EPS. As a result of using
rounded numbers, the EPS for significant factors may not directly correspond to
the variance in millions of dollars shown above.
- - Diluted earnings per share are not more than 1 cent for any period reported
above and are not material.
- - Certain prior year data has been reclassified to conform with current year
presentation.
- - Information contained in this report is subject to review and adjustments and
certain classifications may be different from final results published in the
Form 10-Q.