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.