Summary
Southern Company (SO) filed an 8-K on July 30, 2008, reporting its financial results for the periods ended June 30, 2008. A key takeaway for investors is the company's use of non-GAAP financial measures to present a clearer view of its ongoing operations. Specifically, SO is providing earnings and earnings per share (EPS) figures that exclude a significant charge related to the application of FASB Interpretation No. 48 concerning income tax uncertainties in leveraged lease transactions. Additionally, for comparative purposes with 2007 results, SO is also excluding the impact of its synthetic fuel investments and their associated federal income tax credits, which ceased at the end of 2007. Management views these adjusted figures as essential for evaluating the performance of the company's core business and for providing investors with a more comparable basis for performance analysis across periods. The filing includes detailed press releases and financial highlights as exhibits.
Key Highlights
- 1Southern Company (SO) reported financial results for the period ended June 30, 2008.
- 2The report includes a press release and detailed financial exhibits.
- 3SO is presenting non-GAAP earnings and EPS figures to highlight ongoing business performance.
- 4A significant charge related to FASB Interpretation No. 48 for leveraged lease transactions is being excluded from adjusted earnings.
- 5For historical comparison, the impact of synthetic fuel investments and tax credits (ended Dec 31, 2007) is also excluded from adjusted earnings.
- 6The company uses these adjusted measures to evaluate core business performance and aid investor comparability.
- 7The filing is a combined report for Southern Company and its subsidiaries: Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power.