Exhibit 99.06
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended September 9 Months Ended September
------------------------------- -----------------------------------
2004 2003 % Change 2004 2003 % Change
---- ---- -------- ---- ---- --------
Consolidated -
Operating Revenues $3,441 $3,301 4.2% $9,182 $8,666 6.0%
Earnings Before Income Taxes 951 898 5.8% 1,916 1,935 -1.0%
Net Income As Reported (See Note) 645 619 4.1% 1,328 1,349 -1.5%
Alabama Power -
Operating Revenues $1,246 $1,216 2.5% $3,265 $3,056 6.8%
Earnings Before Income Taxes 372 357 4.2% 708 679 4.3%
Net Income Available to Common 224 217 3.5% 419 415 1.0%
Georgia Power -
Operating Revenues $1,581 $1,487 6.4% $4,134 $3,803 8.7%
Earnings Before Income Taxes 447 412 8.6% 932 876 6.4%
Net Income Available to Common 287 265 8.5% 587 557 5.4%
Gulf Power -
Operating Revenues $269 $253 6.5% $725 $666 8.9%
Earnings Before Income Taxes 50 53 -5.9% 107 106 1.5%
Net Income Available to Common 32 33 -2.7% 68 66 3.3%
Mississippi Power -
Operating Revenues $259 $228 13.5% $701 $686 2.2%
Earnings Before Income Taxes 58 56 3.7% 126 179 -29.3%
Net Income Available to Common (See Note) 36 34 3.6% 75 109 -31.3%
Savannah Electric -
Operating Revenues $105 $99 6.3% $270 $246 9.8%
Earnings Before Income Taxes 20 23 -15.0% 37 39 -5.7%
Net Income Available to Common 12 14 -17.4% 22 24 -7.5%
Southern Power -
Operating Revenues $189 $209 -9.5% $547 $554 -1.3%
Earnings Before Income Taxes 61 53 15.3% 142 220 -35.2%
Net Income Available to Common (See Note) 37 40 -6.8% 87 143 -39.0%
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.