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SOUTHERN COMPANY ANNOUNCES EARNINGS

 SOUTHERN COMPANY ANNOUNCES EARNINGS
 ATLANTA, Feb. 24 /PRNewswire/ -- "With higher use of electricity


across the region and lower operating costs, our earnings for the first month of this year are substantially above our results for January 1991," 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 January 1992 totaled $82 million or 26 cents a share -- up $22 million or 7 cents a share from the first month of 1991.
 For the 12 months ending Jan. 31, net income was $898 million or $2.85 a share -- an increase of $291 million or 93 cents a share from the corresponding period a year earlier.
 Addison pointed out, however, that net income for the prior 12-month period was reduced by an after-tax charge of $218 million -- or 69 cents a share -- taken after the Georgia Supreme Court refused to review a decision by the state public service commission disallowing a portion of the company's investment in Plant Vogtle.
 Results for the current 12 months were bolstered by a gain of $114 million or 36 cents a share from the first installment in 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 rose 7.7 percent during January 1992. In-home electricity needs were up 8.3 percent to 3.1 billion kilowatthours. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms -- gained 10.4 percent to 2.5 billion kilowatthours. Industrial energy use increased 5.6 percent to 3.7 billion kilowatthours.
 For January 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were even with sales for the first month of 1991.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (amounts in millions)
 Month ended January 1992 1991 (b) Pct. chg.
 Kilowatthour sales:
 Retail sales 9,308 8,645 7.7
 Total sales 11,268 11,262 0.1
 Operating revenues $ 639 $ 627 1.9
 Income before interest
 charges 154 136 13.6
 Consolidated net income 82 60 36.4
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $ 0.26 $ 0.19 36.8
 12 mos. ended January 1992 (a) 1991 (b) Pct. chg.
 Kilowatthour sales:
 Retail sales 111,531 109,519 1.8
 Total sales 143,033 145,282 (1.5)
 Operating revenues $ 8,062 $ 8,094 (0.4)
 Income before interest
 charges 1,799 1,533 17.4
 Consolidated net income 898 607 48.0
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $ 2.85 $ 1.92 48.4
 (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 and include an after-tax charge of $33 million (10 cents per share) for Georgia Power's separation benefits program.
 (b) Certain prior year amounts have been reclassified to conform to current year presentation.
 Twelve months ended January 1991 income before interest charges, consolidated net income and earnings per share reflect a $218 million after-tax (69 cents per share) write-off by Georgia Power.
 -0- 2/24/92
 /CONTACT: Gale Klappa or David Mould of The Southern Company, 404-455-1077/
 (SO) CO: The Southern Company ST: Georgia IN: UTI SU: ERN


BN-BR -- AT004 -- 1845 02/24/92 11:10 EST
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Date:Feb 24, 1992
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