What is the main purpose of this 8-K filing?

The main purpose of this 8-K filing is to report Southern Company's financial results for the third quarter and the first nine months of 2013, including earnings and earnings per share. It also provides supplemental financial information and a press release regarding these results.

Why is Southern Company presenting non-GAAP financial measures?

Southern Company is presenting non-GAAP financial measures to provide investors with a clearer perspective on the performance of its ongoing business operations. These adjusted figures exclude significant charges (like those from the Kemper County project and lease restructuring) and specific recoveries (like the 2012 insurance recovery) that materially affected the reported GAAP earnings.

What specific items are excluded from the non-GAAP earnings?

The non-GAAP earnings exclude: 1) estimated probable losses related to Mississippi Power Company's Kemper County integrated coal gasification facility construction, 2) an insurance recovery received in June 2012 related to a prior settlement, and 3) a charge related to the restructuring of a leveraged lease investment completed in March 2013.

Are the non-GAAP measures a substitute for GAAP?

No, Southern Company explicitly states that the presentation of these additional non-GAAP measures is not meant to be considered a substitute for financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP).

SOUTHERN CO 8-K: Earnings & Results

Summary

Southern Company (SO) filed an 8-K on October 30, 2013, to report its financial results for the periods ended September 30, 2013. The filing primarily includes a press release and supplementary financial information detailing earnings and earnings per share (EPS). Investors should note that Southern Company is presenting both GAAP and non-GAAP financial measures. The non-GAAP figures exclude certain significant charges and recoveries that materially impacted reported earnings. Key items influencing the non-GAAP presentation include charges related to Mississippi Power Company's Kemper County integrated coal gasification facility construction, an insurance recovery from a 2012 settlement, and a restructuring charge from a leveraged lease investment in 2013. The company believes these adjusted figures provide a clearer view of its ongoing operational performance for investors and management. The filing also includes segment-level data for its various power companies and information on kilowatt-hour sales.

Key Highlights

1Southern Company released Q3 and year-to-date financial results for the period ending September 30, 2013.
2The company is providing both GAAP and non-GAAP financial measures, with non-GAAP excluding specific items to highlight ongoing operations.
3Significant charges impacting GAAP results include those related to the Kemper County coal gasification project and a leveraged lease restructuring.
4An insurance recovery from a 2012 settlement also influenced prior period GAAP results.
5Southern Company believes non-GAAP measures offer a more useful view of underlying business performance.
6The filing includes detailed segment information for Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power.
7Kilowatt-hour sales data for the reporting periods is also furnished.

SOUTHERN CO 8-K Report, Financial Results (Oct 30, 2013)

Summary

Key Highlights

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