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THE SOUTHERN COMPANY REPORTS EARNINGS

 THE SOUTHERN COMPANY REPORTS EARNINGS
 ATLANTA, Dec. 19 /PRNewswire/ -- "Our earnings through the first


11 months of 1991 are significantly above the depressed results for the same period last year, but higher costs and slower growth in energy use continue to affect our financial performance," 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 1991 totaled $888 million or $2.81 a share -- up $315 million or $1.00 per share from the corresponding period in 1990. He noted that net income for the first 11 months of last year was reduced by an after-tax charge of $218 million -- or 69 cents a share. The write-off was 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.
 For the 12 months ending Nov. 30, net income was $919 million or $2.91 a share -- up $305 million or 96 cents per share from the comparable 12 months a year ago when earnings also were affected by the charge related to Plant Vogtle.
 In addition, Addison pointed out that current results were bolstered by a gain of $113 million or 36 cents a share from the first installment related to the settlement of a contract dispute with Gulf States Utilities.
 Southern Company subsidiaries finalized the settlement with Gulf States in November, ending a five-year disagreement over major power sales contracts between the utility systems.
 Reviewing operations, Addison said electricity use by retail customers in The Southern Company's service area rose 1.1 percent during the first 11 months of 1991. In-home electricity needs were also up 1.1 percent to 31.0 billion kilowatthours. Electricity use by commercial customers -- offices, stores, and other non-manufacturing firms -- gained 2.5 percent to 28.1 billion kilowatthours. Industrial energy use increased 0.1 percent to 42.4 billion kilowatthours.
 Energy sales under long-term contracts with neighboring utilities totaled 18.7 billion kilowatthours during the first 11 months of 1991 -- down 5.6 percent from the corresponding period a year ago.
 Total sales of electricity to customers of The Southern Company -- including neighboring utilities -- were down 0.6 percent in the first 11 months of this year as compared with the same period in 1990.
 THE SOUTHERN COMPANY AND SUBSIDIARIES
 Consolidated Condensed Income Data
 (Dollar amounts in thousands, except share data)
 11 mos. ended November 1991 (a) 1990 (b) Pct. chg.
 Kilowatthour sales (millions) 130,556 131,319 (0.58)
 Operating revenues $7,413,356 $7,352,780 0.82
 Income before interest
 charges 1,720,509 1,428,029 20.48
 Consolidated net income 887,851 572,723 55.02
 Earnings per share of common
 stock $2.81 $1.81 55.25
 12 mos. ended November 1991 (a) 1990 (b) Pct. chg.
 Kilowatthour sales (millions) 141,625 143,158 (1.07)
 Operating revenues $8,035,421 $7,984,451 0.64
 Income before interest
 charges 1,823,697 1,547,355 17.86
 Consolidated net income 919,066 614,524 49.56
 Earnings per share of common
 stock $2.91 $1.95 49.23
 Shares of common stock outstanding:
 End of period 315,653,667 315,653,667 ---
 Avg. for 11-month period 315,653,667 315,653,667 ---
 Avg. for 12-month period 315,653,667 315,653,667 ---
 (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.
 (b) Income before interest charges, consolidated net income and earnings per share reflect a $218 million after-tax (69 cents per share) write-off by Georgia Power.
 -0- 12/19/91
 /CONTACT: David Mould of The Southern Company, 404-455-1077/
 (SO) CO: The Southern Company ST: Georgia IN: UTI SU: ERN


BR-BN -- AT015 -- 4004 12/19/91 14:45 EST
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Publication:PR Newswire
Date:Dec 19, 1991
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