Exhibit 99.04
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended September 9 Months Ended September
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2004 2003 Change 2004 2003 Change
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Income Account-
Retail Revenue $2,915 $2,757 $158 $7,537 $6,907 $630
Wholesale Revenue 343 376 (33) 1,038 1,034 4
Other Electric Revenues 100 91 9 287 268 19
Contract Termination - - - - 142 (142)
Non-regulated Operating Revenues 83 77 6 320 315 5
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Total Revenues 3,441 3,301 140 9,182 8,666 516
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Fuel and Purchased Power 1,170 1,074 96 3,217 2,770 447
Non-fuel O & M 756 716 40 2,345 2,221 124
Depreciation and Amortization 241 261 (20) 715 764 (49)
Taxes Other Than Income Taxes 161 155 6 474 447 27
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Total Operating Expenses 2,328 2,206 122 6,751 6,202 549
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Operating Income 1,113 1,095 18 2,431 2,464 (33)
Other Income, net 10 (26) 36 4 (10) 14
Interest Charges and Dividends 172 171 1 519 519 -
Income Taxes 306 279 27 588 586 2
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NET INCOME AS REPORTED (See Note) $ 645 $ 619 $ 26 $1,328 $1,349 $(21)
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NET INCOME EXCLUDING DYNEGY $ 645 $ 619 $ 26 $1,328 $1,266 $ 62
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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 for 2003 was $83 million.