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SOUTHERN COMPANY ANNOUNCES EARNINGS

 ATLANTA, April 28 /PRNewswire/ -- "Our earnings for the first quarter of 1993 were slightly lower than our results for the same period in 1992 because of higher costs of producing and delivering electricity," Southern Company President Ed Addison said today. "However, our results for the 12 months ending in March showed moderate improvement."
 Addison announced that earnings for the quarter ending March 31 were $177 million or 56 cents a share -- down $8 million or 3 cents a share from the first three months of 1992.
 Net income for the 12 months ending March 31 was $946 million or $2.99 a share -- up $22 million or 6 cents a share from the comparable period a year ago.
 Earnings for the 12 months ending March 31, 1992, were affected by a gain of $114 million or 36 cents a share from the settlement of a contract dispute with Gulf States Utilities in November 1991.
 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.
 Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area increased 2.8 percent during the first quarter of 1993. In-home electricity needs were up 4.7 percent to 8.1 billion kilowatt-hours. Industrial energy use increased 1.3 percent to 11.4 billion kilowatt-hours. Electricity consumption by commercial customers -- offices, stores and other non- manufacturing firms -- gained 3.1 percent to 7.2 billion kilowatt-hours.
 Total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were up 6.1 percent for the first three months of 1993.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (Amounts in millions)
 3 mos. ended March 1993 1992 Pct. chg.
 Operating revenues $1,840 $1,808 1.8
 Income before interest charges 380 399 (4.8)
 Consolidated net income 177 185 (4.2)
 Average number of shares of common
 stock outstanding 317 316 0.4
 Earnings per share of common
 stock $0.56 $0.59 (5.1)
 Kilowatt-hour sales:
 Retail sales 26,916 26,177 2.8
 Total sales 33,359 31,447 6.1
 12 mos. ended March 1993 (a) 1992(a)(b)Pct. chg.
 Operating revenues $8,104 $8,071 0.4
 Income before interest charges 1,773 1,815 (2.3)
 Consolidated net income 946 924 2.3
 Average number of shares of common
 stock outstanding 316 316 0.2
 Earnings per share of common
 stock $2.99 $2.93 2.0
 Kilowatt-hour sales:
 Retail sales 113,985 112,198 1.6
 Total sales 143,895 142,709 0.8
 (a) Income before interest charges and consolidated net income reflect $5 million and $34 million after-tax charges to income for the 12 months ended March 1993 and March 1992, respectively, for Georgia Power's separation benefits costs under a work force reduction plan.
 (b) Income before interest charges and consolidated net income include a settlement from Gulf States Utilities Company.
 -0- 4/28/93
 /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 -- AT011 -- 2064 04/28/93 13:02 EDT
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Publication:PR Newswire
Date:Apr 28, 1993
Words:550
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