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SOUTHERN COMPANY ANNOUNCES EARNINGS

 ATLANTA, Dec. 30 /PRNewswire/ -- "With a steady demand for electricity across The Southern Company's service area, our financial performance remains sound for the first 11 months of this year," 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 11 months of 1992 were $902 million or $2.86 a share -- up $14 million or 5 cents a share from the corresponding period in 1991. He noted that net income for the first 11 months of 1991 was 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.
 For the 12 months ending Nov. 30, net income totaled $891 million or $2.82 a share -- a decrease of $28 million or 9 cents a share from the comparable 12 months a year ago when earnings also were affected by the Gulf States settlement. Earnings for the 12 months ending Nov. 30 were reduced by a charge of $33 million or 10 cents a share taken in December 1991 to cover costs from a work force reduction at Georgia Power. Earnings for the 12 months ending Oct. 31 were $3.20 a share.
 Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area increased 1.7 percent during the first 11 months of 1992. Industrial energy use increased 3.8 percent to 44.0 billion kilowatt-hours. Electricity consumption by commercial customers -- offices, stores and other non-manufacturing firms -- gained 1.7 percent to 28.5 billion kilowatt-hours. In-home electricity needs were down 1.1 percent to 30.6 billion kilowatt-hours.
 For the first 11 months of 1992, total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were down 1.1 percent as compared with the same period a year ago.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (Amounts in millions)
 11 months ended November 1992 1991(b)(c)Pct. chg.
 Operating revenues $7,438 $7,446 (0.1)
 Income before interest charges $1,676 $1,721 (2.6)
 Consolidated net income $ 902 $ 888 1.6
 Average number of shares of common
 stock outstanding 316 316 0.1
 Earnings per share of common
 stock $ 2.86 $ 2.81 1.8
 Kilowatthour sales:
 Retail sales 103,876 102,165 1.7
 Total sales 130,397 131,899 (1.1)
 12 months ended November 1992(a) 1991(b)(c)Pct. chg.
 Operating revenues $8,043 $8,070 (0.3)
 Income before interest charges $1,736 $1,824 (4.8)
 Consolidated net income $ 891 $ 919 (3.0)
 Average number of shares of common
 stock outstanding 316 316 0.1
 Earnings per share of common
 stock $ 2.82 $ 2.91 (3.1)
 Kilowatthour sales:
 Retail sales 112,579 110,657 1.7
 Total sales 141,526 143,065 (1.1)
 (a) Income before interest charges, consolidated net income and earnings per share 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) 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.
 (c) Certain prior year amounts have been reclassified to conform to current year presentation.
 -0- 12/30/92
 /CONTACT: David Mould or Barry Inman of The Southern Company, 404-455-1077/
 (SO)


CO: The Southern Company ST: Georgia IN: UTI SU: ERN

BN-RA -- AT003 -- 0579 12/30/92 11:03 EST
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Date:Dec 30, 1992
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