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SOUTHERN COMPANY ANNOUNCES EARNINGS

 ATLANTA, Dec. 1 ~PRNewswire~ -- "A steady demand for electricity in The Southern Company's service area and an ongoing effort to control operating costs have resulted in strong financial performance for the first 10 months of this year," Southern Company President Edward L. Addison said today.
 The Southern Company (NYSE: SO) is the parent firm of five electric utilities: Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric. The Southern Company's common stock is one of the 20 most widely held corporate stocks in America.
 Addison announced that earnings for the first 10 months of 1992 were $862 million or $2.73 a share -- up $134 million or 42 cents a share from the first 10 months of 1991.
 For the 12 months ending Oct. 31, net income totaled $1.0 billion or $3.20 a share -- an increase of $228 million or 72 cents a share over the corresponding period a year earlier. Earnings for the 12 months ending Sept. 30, 1992, were $3.19 a share.
 Results for both the 12-month periods ending September and October were bolstered by a gain of $114 million or 36 cents a share from the settlement of a contract dispute with Gulf States Utilities. Southern Company subsidiaries finalized the settlement with Gulf States in November 1991, ending a five-year disagreement over major power sales contracts.
 Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area increased 1.7 percent during the first 10 months of 1992. Industrial energy use increased 3.7 percent to 40.0 billion kilowatt-hours. Electricity consumption by commercial customers -- offices, stores and other non-manufacturing firms -- gained 1.6 percent to 26.2 billion kilowatt-hours. In-home electricity needs were down 0.9 percent to 28.4 billion kilowatt-hours.
 For the first 10 months of 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were down 1.0 percent as compared with the same period a year ago.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (Amounts in millions)
 10 months ended October 1992 1991 (b) Pct. chg.
 Operating revenues $6,834 $6,820 0.2
 Income before interest charges $1,570 $1,488 5.5
 Consolidated net income $ 862 $ 728 18.4
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $ 2.73 $ 2.31 18.2
 Kilowatthour sales:
 Retail sales 95,311 93,755 1.7
 Total sales 119,115 120,349 (1.0)
 12 months ended October 1992 (a) 1991 (b) Pct. chg.
 Operating revenues $8,064 $8,032 0.4
 Income before interest charges $1,863 $1,689 10.3
 Consolidated net income $1,010 $ 782 29.2
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $ 3.20 $ 2.48 29.0
 Kilowatthour sales:
 Retail sales 112,424 110,165 2.1
 Total sales 141,793 142,189 (0.3)
 (a) Income before interest charges, consolidated net income and earnings per share reflect an after-tax increase of $114 million (36 cents per share) to recognize a settlement from Gulf States Utilities Company in November 1991 and reflect a $33 million (10 cents per share) after-tax charge to income in December 1991 for Georgia Power's separation benefits costs under a voluntary work force reduction plan.
 (b) Certain prior year amounts have been reclassified to conform to current year presentation.
 -0- 12~1~92
 ~CONTACT: David Mould or Barry Inman of The Southern Company, 404-455-1077~
 (SO)


CO: The Southern Company ST: Georgia IN: UTI SU: ERN

BN-BR -- AT006 -- 2357 12~01~92 11:03 EST
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Date:Nov 24, 1992
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