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SOUTHERN COMPANY ANNOUNCES EARNINGS

 SOUTHERN COMPANY ANNOUNCES EARNINGS
 ATLANTA, March 26 /PRNewswire/ -- "Our earnings for the first two


months of this year are significantly improved over our results for the same period in 1991, reflecting lower operating costs and stronger electricity use in homes and businesses across the Southeast," 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 two months of 1992 totaled $149 million or 47 cents a share -- up $43 million or 14 cents a share from the first two months of 1991.
 For the 12 months ending Feb. 29, net income was $920 million or $2.91 a share -- an increase of $298 million or 94 cents a share from the corresponding period a year earlier. Earnings for the 12 months ending Jan. 31 were $2.85 a share.
 Results for the most recent 12-month periods 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.
 Addison also pointed out that net income for the 12-month period ending Feb. 28, 1991, 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.
 Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area rose 5.9 percent during the first two months of 1992. In-home electricity needs were up 7.1 percent to 5.5 billion kilowatthours. Electricity consumption by commercial customers -- offices, stores, and other non- manufacturing firms -- gained 4.7 percent to 4.6 billion kilowatthours. Industrial energy use increased 6.0 percent to 7.4 billion kilowatthours.
 For the first two months of 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were even with sales for the first two months of 1991.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (Amounts in millions)
 2 mos. ended February 1992 1991 (b) Pct. chg.
 Kilowatthour sales
 Retail sales 17,591 16,606 5.9
 Total sales 21,194 21,214 (0.1)
 Operating revenues $ 1,212 $ 1,193 1.6
 Income before interest
 charges 292 256 13.9
 Consolidated net income 149 106 41.1
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $0.47 $0.33 42.4
 12 mos. ended February 1992 (a) 1991 (b) Pct. chg.
 Kilowatthour sales
 Retail sales 111,853 110,055 1.6
 Total sales 143,008 145,701 (1.8)
 Operating revenues $ 8,069 $ 8,141 (0.9)
 Income before interest
 charges 1,816 1,546 17.5
 Consolidated net income 920 622 47.8
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $2.91 $1.97 47.7
 (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) Twelve months ended February 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.
 Certain prior year amounts have been reclassified to conform to current year presentation.
 -0- 3/26/92
 /CONTACT: David Mould or Jennie Yates of The Southern Company, 404-455-1077/
 (SO) CO: The Southern Company ST: Georgia IN: UTI SU: ERN


EA-BR -- AT008 -- 1905 03/26/92 11:01 EST
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Date:Mar 26, 1992
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