Printer Friendly

SOUTHERN COMPANY ANNOUNCES EARNINGS

 SOUTHERN COMPANY ANNOUNCES EARNINGS
 ATLANTA, Sept. 21 /PRNewswire/ -- "Our earnings for the first eight


months of this year show continued improvement over our results for the same period a year ago, reflecting lower operating costs and steady demand for electricity in The Southern Company's 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 eight months of 1992 were $708 million or $2.24 a share -- up $116 million or 36 cents a share from the first eight months of 1991.
 For the 12 months ending Aug. 31, net income totaled $992 million or $3.14 a share -- an increase of $428 million or $1.35 a share over the corresponding period a year earlier. Earnings for the 12 months ending July 31, were $3.13 a share.
 Results for both the 12-month periods ending July and August 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 Aug. 31, 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 1.9 percent during the first eight months of 1992. In-home electricity needs were down 0.5 percent to 23.2 billion kilowatthours. Electricity consumption by commercial customers -- offices, stores and other non-manufacturing firms -- gained 1.4 percent to 20.9 billion kilowatthours. Industrial energy use increased 4.0 percent to 31.8 billion kilowatthours.
 For the first eight months of 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were down 1.5 percent as compared with the same period a year ago.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (Amounts in millions)
 8 mos. ended August 1992 1991 (b) Pct. chg.
 Kilowatthour sales:
 Retail sales 76,389 75,000 1.9
 Total sales 94,575 95,967 (1.5)
 Operating revenues $ 5,487 $ 5,445 0.8
 Income before interest
 charges 1,279 1,206 6.1
 Consolidated net income 708 592 19.5
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $2.24 $1.88 19.1
 12 mos. ended August 1992 (a) 1991 (b,c)Pct. chg.
 Kilowatthour sales:
 Retail sales 112,257 110,421 1.7
 Total sales 141,635 143,497 (1.3)
 Operating revenues $ 8,091 $ 8,076 0.2
 Income before interest
 charges 1,854 1,477 25.5
 Consolidated net income 992 316 ---
 Earnings per share of common
 stock $3.14 $1.79 75.4
 (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 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 pr (69 cents per share) after-tax write-off by Georgia Power.
 -0- 9/21/92
 /CONTACT: David Mould or Jennie Yates of The Southern Company, 404-455-1077/
 (SO) CO: The Southern Company ST: Georgia IN: UTI SU: ERN


BN-BR -- AT005 -- 1625 09/21/92 11:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 21, 1992
Words:666
Previous Article:QUAL-MED SUBMITS BID TO MANAGE CHAMPUS REFORM INITIATIVE IN CALIFORNIA AND HAWAII
Next Article:IN FOCUS ENTERS WORKSTATION MARKET WITH PORTABLE, HIGH-RESOLUTION COLOR LCD PROJECTION PANEL; TARGETS WORKGROUPS, WORKSTATION APPLICATIONS
Topics:


Related Articles
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS
/REPEATING TO CORRECT GARBLE IN 12 MONTHS TABULAR MATERIAL/
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS
SOUTHERN COMPANY ANNOUNCES EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters