Exhibit 99.04
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended December 12 Months Ended December
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2004 2003 Change 2004 2003 Change
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Income Account-
Retail Revenue $2,194 $1,968 $226 $ 9,731 $ 8,875 $856
Wholesale Revenue 305 324 (19) 1,343 1,358 (15)
Other Electric Revenues 105 105 - 392 373 19
Contract Termination - - - - 142 (142)
Non-regulated Operating Revenues 117 123 (6) 437 438 (1)
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Total Revenues 2,721 2,520 201 11,903 11,186 717
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Fuel and Purchased Power 948 824 124 4,165 3,594 571
Non-fuel O & M 984 953 31 3,329 3,174 155
Depreciation and Amortization 240 263 (23) 955 1,027 (72)
Taxes Other Than Income Taxes 153 139 14 627 586 41
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Total Operating Expenses 2,325 2,179 146 9,076 8,381 695
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Operating Income 396 341 55 2,827 2,805 22
Other Income, net (15) (10) (5) (11) (20) 9
Interest Charges and Dividends 179 180 (1) 698 699 (1)
Income Taxes (2) 26 (28) 586 612 (26)
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NET INCOME AS REPORTED (See Note) $ 204 $ 125 $ 79 $ 1,532 $ 1,474 $ 58
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NET INCOME EXCLUDING ONE-TIME ITEMS $ 180 $ 162 $ 18 $ 1,508 $ 1,428 $ 80
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Notes
- - Includes 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.
- - Includes 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.
- - Includes a regulatory expense of $37 million, after taxes, for
Mississippi Power recorded in December, 2003.
- - 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.