Today Alabama Power reported its earnings for the quarter and 12-month period ended March 2002.

Company description

Birmingham based investor-owned electric utility; a subsidiary of Southern Company .

Performance

Earnings up for the first quarter and down for the 12-month period ended March 2002.

  Net Income
  First Quarter Net Income
  $ 72,540,000 for the first quarter of 2002
  $ 69,952,000 for the first quarter of 2001

  12 Months Ended Net Income
  $ 389,316,000 for the 12-month period that ended March 2002
  $ 422,355,000 for the 12-month period that ended March 2001

  Total Territorial Energy Sales
  *  First Quarter Energy Sales
     12.6 billion kilowatt-hours for the first quarter of 2002
     12.4 billion kilowatt-hours for the first quarter of 2001

  *  12 Months Ended Energy Sales
     53.4 billion kilowatt-hours for the 12-month period that ended March
       2002
     55.7 billion kilowatt-hours for the 12-month period that ended March
       2001

  Comments

"Net income increased in the first quarter 2002 due to an increase in territorial sales and increases in retail rates which were partially offset by increased non-fuel operating expenses. Net income decreased in the twelve month period ended March 2002. This decline is primarily attributable to a decrease in territorial energy sales as a result of a continuing economic downturn and milder temperatures." -- William B. Hutchins, III, executive vice president and chief financial officer.

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SOURCE: Alabama Power Company