Summary
Southern Company (SO) filed an 8-K on January 27, 2010, to report its financial results for the quarter and year ended December 31, 2009. The filing primarily includes a press release and related financial exhibits detailing these results. A key aspect of the report is the presentation of non-GAAP financial measures, which exclude significant charges related to a settlement with MC Asset Recovery, LLC stemming from the 2003 Mirant Corporation bankruptcy, and charges related to leveraged lease accounting and income taxes from 2008. The company asserts that these adjusted figures provide a clearer view of ongoing business performance for investors, as these specific charges are not expected to recur or occur regularly. The filing also furnishes segment information for its various power company subsidiaries.
Key Highlights
- 1Southern Company (SO) announced its financial results for the year and quarter ended December 31, 2009, via an 8-K filing.
- 2The company is providing non-GAAP earnings and EPS figures that exclude a charge from a settlement with MC Asset Recovery, LLC related to the Mirant Corporation bankruptcy.
- 3These adjusted figures also exclude significant charges from 2008 related to the application of accounting standards for leveraged leases and income taxes.
- 4Southern Company believes these exclusions provide investors with a better understanding of ongoing business performance.
- 5The filing includes a press release and several financial exhibits (99.01-99.07) detailing the financial information.
- 6Business segment information for key subsidiaries like Alabama Power, Georgia Power, and Southern Power is included.