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SOUTHERN COMPANY ANNOUNCES EARNINGS

 ATLANTA, June 24 /PRNewswire/ -- "Our earnings for the first five months of 1993 were slightly lower than our results for the same period in 1992, reflecting decreasing capacity payments from utilities outside 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 five months ending May 31, were $282 million or 89 cents a share -- down $11 million or 4 cents a share from the first five months of 1992.
 Net income for the 12 months ending May 31, was $943 million or $2.98 a share -- down $24 million or 8 cents a share from the comparable period a year ago.
 Earnings for the 12 months ending May 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.
 Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area increased 2.4 percent during the first five months of 1993. Electricity consumption by commercial customers -- offices, stores, and other non-manufacturing firms -- gained 3.2 percent to 12.2 billion kilowatt-hours. In-home electricity needs were up 2.9 percent to 12.7 billion kilowatt-hours. Industrial energy use increased 1.5 percent to 19.5 billion kilowatt- hours.
 Total sales of electricity to customers of The Southern Company -- including sales to other utilities -- were up 5.1 percent for the first five months of 1993. Although energy sales to utilities outside The Southern Company's service area increased 26 percent, these sales had minimal effect on earnings because The Southern Company is paid for dedicating specific amounts of its generating capacity to these utilities.
 THE SOUTHERN COMPANY AND SUBSIDIARIES CONSOLIDATED
 Condensed Income Data
 (Amounts in millions)
 5 mos. ended May 1993 1992 Pct. chg.
 Operating revenues $ 3,098 $ 3,072 0.8
 Income before interest charges $ 654 $ 650 0.7
 Consolidated net income $ 282 $ 293 (3.6)
 Average number of shares of common
 stock outstanding 317 316 0.5
 Earnings per share of common
 stock $ 0.89 $ 0.93 (4.3)
 Kilowatt-hour sales:
 Retail sales 44,783 43,742 2.4
 Total sales 55,881 53,165 5.1
 12 mos. ended May 1993(a) 1992(a) Pct. chg.
 Operating revenues $ 8,099 $ 8,061 0.5
 Income before interest charges $ 1,797 $ 1,847 (2.7)
 Consolidated net income $ 943 $ 967 (2.5)
 Average number of shares of common
 stock outstanding 317 316 0.3
 Earnings per share of common
 stock $ 2.98 $ 3.06 (2.6)
 Kilowatt-hour sales:
 Retail sales 114,286 112,012 2.0
 Total sales 144,701 141,298 2.4
 (a) Income before interest charges and consolidated net income include a settlement from Gulf States Utilities Company.
 -0- 6/24/93
 /CONTACT: David Mould or Karen O'Leary of The Southern Company, 404-455-1077/
 (SO)


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

BR-RA -- AT003 -- 5282 06/24/93 11:32 EDT
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Publication:PR Newswire
Date:Jun 24, 1993
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