Summary
This 8-K filing by Southern Company (SO) on October 28, 2009, primarily announces the company's financial results for the periods ending September 30, 2009. Investors should note that the company is providing both GAAP and non-GAAP (adjusted) earnings per share figures. The adjusted figures exclude a significant charge related to a settlement with MC Asset Recovery, LLC (MCAR) concerning the Mirant Corporation bankruptcy and a prior charge related to income tax accounting for leveraged lease transactions in 2008. Southern Company management believes these non-GAAP measures offer a clearer view of ongoing business performance by removing these one-time or infrequent impacts. The filing also indicates that several exhibits (99.01-99.07) are being furnished, which include a press release, financial highlights, segment information for its operating companies (Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power), and details on kilowatt-hour sales. These exhibits provide a deeper dive into the company's operational and financial performance for the quarter and year-to-date.
Key Highlights
- 1Southern Company reported financial results for the periods ending September 30, 2009, via an 8-K filing.
- 2The company is presenting both GAAP and non-GAAP (adjusted) earnings per share (EPS).
- 3Adjusted EPS excludes a charge from a settlement with MC Asset Recovery, LLC related to the Mirant Corporation bankruptcy.
- 4Adjusted EPS also excludes a significant charge from 2008 related to accounting for leveraged lease transactions and income taxes.
- 5Southern Company believes adjusted EPS provides a better understanding of ongoing business performance.
- 6The filing includes detailed financial and operational data in accompanying exhibits, covering the company's key subsidiaries and sales volumes.
- 7Exhibits provide segment information for Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power.