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SOUTHERN COMPANY ANNOUNCES EARNINGS

 SOUTHERN COMPANY ANNOUNCES EARNINGS
 ATLANTA, Oct. 28 /PRNewswire/ -- "Our earnings growth in the first


nine months of this year reflects a stable demand for electricity and an ongoing effort throughout The Southern Company to lower operating costs," 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 nine months of 1992 were $812 million or $2.57 a share -- up $132 million or 42 cents a share from the first nine months of 1991.
 For the 12 months ending Sept. 30, net income totaled $1.0 billion or $3.19 a share -- an increase of $242 million or 76 cents a share over the corresponding period a year earlier. Earnings for the 12 months ending Aug. 31, were $3.14 a share.
 Results for both the 12-month periods ending August and September 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 1.8 percent during the first nine months of 1992. Industrial energy use increased 4.1 percent to 35.9 billion kilowatthours. Electricity consumption by commercial customers -- offices, stores, and other non-manufacturing firms -- gained 1.6 percent to 23.7 billion kilowatthours. In-home electricity needs were down 1.0 percent to 26.2 billion kilowatthours.
 For the first nine 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)
 9 mos. ended Sept. 1992 1991 (b) Pct. chg.
 Kilowatthour sales:
 Retail sales 86,426 84,898 1.8
 Total sales 107,461 108,558 (1.0)
 Operating revenues $ 6,205 $ 6,171 0.5
 Income before interest charges $ 1,453 $ 1,367 6.3
 Consolidated net income $ 812 $ 680 19.5
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $ 2.57 $ 2.15 19.5
 12 mos. ended Sept. 1992 (a) 1991 (b) Pct. chg.
 Kilowatthour sales:
 Retail sales 112,396 110,260 1.9
 Total sales 141,931 142,604 (0.5)
 Operating revenues $ 8,083 $ 8,040 0.5
 Income before interest charges $ 1,867 $ 1,677 11.3
 Consolidated net income $ 1,009 $ 767 31.6
 Average number of shares of common
 stock outstanding 316 316 ---
 Earnings per share of common
 stock $ 3.19 $ 2.43 31.3
 (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.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (dollar amounts in thousands, except share data)
 3 mos. ended Sept. 1992 1991 Pct. chg.
 Kilowatthour sales (millions):
 Retail sales 32,537 32,289 0.8
 Total sales 41,359 41,013 0.8
 Operating revenues $ 2,386 $ 2,366 0.8
 Income before interest charges $ 616 $ 599 2.8
 Consolidated net income 404 372 8.7
 Average number of shares of common
 stock outstanding (thousands) 315,922 315,654 0.1
 Earnings per share of common
 stock $ 1.28 $ 1.17 9.4
 -0- 10/28/92
 /CONTACT: David Mould or Jennie Yates of The Southern Company, 404-455-1077/
 (SO) CO: The Southern Company ST: Georgia IN: UTI SU: ERN


BR-EA -- AT003 -- 5895 10/28/92 10:35 EST
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Date:Oct 28, 1992
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