Exhibit 99.03
Significant Factors Impacting EPS (Notes)
3 Months Ended December 12 Months Ended December
----------------------- ------------------------
2004 2003 Change 2004 2003 Change
---- ---- ------ ---- ---- ------
Consolidated Earnings- $ 0.24 $ 0.22 $0.02 $2.04 $1.97 $0.07
Significant Factors:
Retail Business - 0.06
Competitive Generation 0.02 (0.01)
Synthetic Fuels - 0.02
Leasing Business - -
Parent Company and Other 0.01 0.04
Impact of Additional Shares (0.01) (0.04)
----- -----
Total $0.02 $0.07
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Notes
- - Excludes a one-time after tax gain of $24 million in December 2004 from
the resolution of an IRS audit for the years 2000 and 2001.
- - Excludes a one-time after tax gain of $83 million in May 2003 from the
previously announced termination of all long-term wholesale power
contracts between Southern Company and Dynegy, Inc. as adjusted for
revenues that otherwise would have been recognized for the remainder of
the year.
- - Excludes a regulatory expense of $37 million, after taxes, for
Mississippi Power recorded in December, 2003.
- - 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 audit and
adjustments and certain classifications may be different from final
results published in the Form 10-K.