8-KEarnings & Results

SOUTHERN CO 8-K Report, Financial Results (Oct 21, 2004)

Filed October 21, 2004For Securities:SOSOJESOJFSOJCSOJDSOMN

Summary

This 8-K filing from The Southern Company, dated October 21, 2004, primarily reports on the company's financial results for the periods ending September 30, 2004. The filing includes a press release and supporting financial documents detailing earnings and operational performance. Key to investors is the company's presentation of both GAAP and non-GAAP earnings. Notably, Southern Company is providing adjusted earnings for the nine months ended September 30, 2003, excluding a significant one-time after-tax gain of $88 million related to the termination of wholesale power contracts with Dynegy, Inc. The company believes this non-GAAP measure offers a clearer view of ongoing operational results for investors and management's planning purposes.

Key Highlights

  • 1The Southern Company (SO) filed an 8-K on October 21, 2004, reporting financial results for the quarter and nine months ended September 30, 2004.
  • 2The filing includes a press release and several exhibits detailing financial performance and operational metrics.
  • 3Southern Company is presenting both GAAP and non-GAAP earnings information.
  • 4A significant non-GAAP adjustment is made to the nine-month period ended September 30, 2003, excluding an $88 million after-tax gain from the termination of Dynegy, Inc. power contracts.
  • 5This non-GAAP adjustment results in an adjusted gain of $83 million, or $0.11 per share, for the comparable 2003 period, which the company deems more indicative of ongoing operations.
  • 6The filing also provides business segment information for various subsidiaries, including Alabama Power Company and Georgia Power Company.
  • 7The company emphasizes that the non-GAAP financial measures are not a substitute for GAAP measures but are provided for enhanced investor understanding of operational trends.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report The Southern Company's financial results for the fiscal quarter and nine months ended September 30, 2004, and to furnish related press releases and financial information to investors and the SEC.

Southern Company is providing non-GAAP earnings data for the nine months ended September 30, 2003, to exclude a one-time, non-recurring gain from the termination of wholesale power contracts with Dynegy, Inc. The company believes this adjustment provides a more accurate reflection of its ongoing operating performance and is useful for management's planning and forecasting.

The termination of wholesale power contracts with Dynegy, Inc. resulted in a one-time after-tax gain of $88 million for the nine months ended September 30, 2003. When adjusted for this gain and certain related revenue impacts, the adjusted gain was $83 million, or $0.11 per share, for that period.

Yes, this combined Form 8-K includes business segment information for several of Southern Company's subsidiaries, such as Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company, and Southern Power Company.