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SOUTHERN COMPANY ANNOUNCES EARNINGS

 SOUTHERN COMPANY ANNOUNCES EARNINGS
 ATLANTA, July 22 /PRNewswire/ -- "Our earnings for the first half of


this year are substantially above 1991 levels, reflecting higher rates in place at some of our operating companies and strong demand for electricity across our service area," 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 six months of 1992 were $408 million or $1.29 a share -- up $100 million or 31 cents a share from the first six months of 1991.
 For the 12 months ending June 30, net income totaled $976 million or $3.09 a share -- an increase of $393 million or $1.24 a share over the corresponding period a year earlier. Earnings for the 12 months ending May 31 were $3.06 a share.
 Results for both the 12-month periods ending May and June 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.
 Addison also pointed out that net income for the 12-month period ending June 30, 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 increased 2.4 percent during the first six months of 1992. In-home electricity needs were up 0.5 percent to 15.4 billion kilowatthours. Electricity consumption by commercial customers -- offices, stores and other non-manufacturing firms -- gained 1.7 percent to 14.7 billion kilowatthours. Industrial energy use increased 4.4 percent to 23.4 billion kilowatthours.
 For the first six months of 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were down 2.1 percent as compared with the same period a year ago.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 CONSOLIDATED CONDENSED INCOME DATA
 (Amounts in millions)
 6 mos. ended June 1992 1991 (b) Pct. chg.
 Kilowatthour sales:
 Retail sales 53,889 52,610 2.4
 Total sales 66,102 67,545 (2.1)
 Operating revenues $ 3,819 $ 3,805 0.4

 Income before interest charges 837 768 9.0
 Consolidated net income 408 308 32.5
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of
 common stock $1.29 $0.98 31.6
 12 mos. ended June 1992 (a) 1991 (b,c)Pct. chg.
 Kilowatthour sales:
 Retail sales 112,147 110,491 1.5
 Total sales 141,584 144,656 (2.1)
 Operating revenues $ 8,064 $ 8,138 (0.9)
 Income before interest charges 1,850 1,502 23.2
 Consolidated net income 976 583 67.6
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of
 common stock $3.09 $1.85 67.0
 (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.
 (c) Twelve months ended June 1991 income before interest charges, consolidated net income and earnings per share reflect a $218 million (69 cents per share) after-tax write-off by Georgia Power.
 CONSOLIDATED CONDENSED INCOME DATA
 (Dollar amounts in millions, except share data)
 3 mos. ended June 1992 1991 Pct. chg.
 Kilowatthour sales (millions)
 Retail sales 27,712 27,763 (0.2)
 Total sales 34,655 35,780 (3.1)
 Operating revenues $ 2,011 $ 2,018 (0.4)
 Income before interest charges 438 403 8.7
 Consolidated net income 223 171 30.7
 Earnings per share of
 common stock $0.70 $0.55 27.3
 Average number of shares of common
 stock outstanding 316,000 316,000 0.0
 -0- 7/22/92
 /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-BN -- AT009 -- 1962 07/22/92 13:31 EDT
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Date:Jul 22, 1992
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