8-KEarnings & Results

SOUTHERN CO 8-K Report, Financial Results (Jan 25, 2005)

Filed January 25, 2005For Securities:SOSOJESOJFSOJCSOJDSOMN

Summary

This Form 8-K from Southern Company (SO), filed on January 25, 2005, announces the company's financial results for the quarter and year ended December 31, 2004. The filing includes a press release and supplementary financial information, providing details on earnings and operational performance. A key aspect of this report is Southern Company's use of non-GAAP financial measures to present earnings, excluding one-time gains and expenses to offer a clearer view of ongoing operational results. Investors are advised to consider both GAAP and non-GAAP figures when evaluating the company's performance.

Key Highlights

  • 1Southern Company filed a Current Report (Form 8-K) on January 25, 2005, reporting on its financial results for the fiscal year and fourth quarter ended December 31, 2004.
  • 2The filing includes a press release (Exhibit 99.01) and other financial exhibits detailing earnings, financial highlights, and operational data.
  • 3Southern Company utilized non-GAAP financial measures, adjusting for specific one-time items to present a clearer picture of continuing operational results.
  • 4For the year ended December 31, 2004, non-GAAP earnings excluded a one-time gain of $24 million (or $0.03 per share) from an IRS audit resolution.
  • 5For the year ended December 31, 2003, non-GAAP earnings excluded a $37 million after-tax expense related to a regulatory order for Mississippi Power Company and an $83 million after-tax gain from the termination of wholesale contracts with Dynegy, Inc.
  • 6The company believes these non-GAAP adjustments are useful for investors by excluding items not indicative of continuing operations and are used by management for planning and forecasting.
  • 7The report is a combined filing for The Southern Company and its subsidiaries: Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company, and Southern Power Company.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce Southern Company's financial results for the quarter and year ended December 31, 2004. It includes a press release and supplementary financial information to provide investors with details on the company's performance.

Southern Company is presenting non-GAAP financial measures because management believes these measures provide a more useful perspective to investors by excluding one-time gains and expenses that are not indicative of the company's continuing operating results. These adjusted figures are also used internally for planning and forecasting.

For the year ended December 31, 2004, non-GAAP earnings excluded a $24 million gain ($0.03 per share) from an IRS audit resolution. For the year ended December 31, 2003, non-GAAP earnings excluded a $37 million after-tax expense related to a regulatory order for Mississippi Power Company and an $83 million after-tax gain ($0.11 per share) from the termination of wholesale contracts with Dynegy, Inc.

Yes, this is a combined Form 8-K filing that is furnished on behalf of The Southern Company and its seven subsidiaries: Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Savannah Electric and Power Company, and Southern Power Company. Information related to each registrant is provided separately.