Exhibit 99.06
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
-------------------------------------- -----------------------------------------
2004 2003 % Change 2004 2003 % Change
---- ---- -------- ---- ---- --------
Consolidated -
Operating Revenues $3,010 $2,824 6.6% $5,742 $5,365 7.0%
Earnings Before Income Taxes 512 618 -17.1% 966 1,037 -6.8%
Net Income As Reported (See Note) 352 432 -18.5% 683 730 -6.4%
Alabama Power -
Operating Revenues $1,059 $950 11.4% $2,019 $1,840 9.7%
Earnings Before Income Taxes 185 167 10.4% 337 322 4.7%
Net Income Available to Common 104 106 -2.2% 195 198 -1.7%
Georgia Power -
Operating Revenues $1,354 $1,191 13.7% $2,553 $2,317 10.2%
Earnings Before Income Taxes 259 255 1.8% 485 464 4.5%
Net Income Available to Common 156 159 -1.8% 300 292 2.7%
Gulf Power -
Operating Revenues $241 $215 12.1% $456 $413 10.4%
Earnings Before Income Taxes 30 30 0.6% 57 53 9.0%
Net Income Available to Common 19 19 1.2% 36 33 9.4%
Mississippi Power -
Operating Revenues $233 $264 -11.9% $443 $458 -3.4%
Earnings Before Income Taxes 39 87 -54.6% 68 122 -44.2%
Net Income Available to Common (See Note) 22 53 -58.7% 39 74 -47.3%
Savannah Electric -
Operating Revenues $92 $78 17.7% $165 $147 12.1%
Earnings Before Income Taxes 12 10 18.1% 17 16 8.1%
Net Income Available to Common 7 6 16.7% 10 10 7.1%
Southern Power -
Operating Revenues $182 $239 -23.3% $358 $346 3.7%
Earnings Before Income Taxes 37 130 -71.8% 81 167 -51.5%
Net Income Available to Common (See Note) 23 79 -71.7% 50 102 -51.6%
Note
- - Includes in 2003 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 in net income for
2003 was $83 million for consolidated, $37 million for Mississippi Power, and
$46 million for Southern Power.