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Southern Company reports third-quarter earnings - 10.23.96
Southern Company reported net income of $468 million or 69 cents a share for the three months ending Sept.
30, 1996, compared with $469 million or 71 cents a share for the third quarter of 1995, Chairman, President
and Chief Executive Officer A.W. Dahlberg announced today.
"Milder weather this past summer kept our third-quarter earnings relatively flat when compared with the third quarter of 1995," Dahlberg said. Revenue for the quarter was $2.9 billion, compared with $2.8 billion in 1995. Earnings for the nine months ending Sept. 30, 1996, were $988 million or $1.47 a share, compared with $943 million or $1.42 per share for the same period in 1995. Revenue for the same period was $7.9 billion, compared with $6.9 billion in 1995. Earnings for the 12 months ending Sept. 30, 1996, were $1.15 billion or $1.71 a share, compared with $1.12 billion or $1.69 a share for the 12-month period ending Sept. 30, 1995. Revenue for the same period was $10.2 billion, compared with $8.8 billion. Reviewing operations, Dahlberg said electricity use by retail customers in Southern Company`s service area in the Southeast increased 3.7 percent to 101.7 billion kilowatt-hours during the first nine months of 1996, compared with the same period in 1995. In-home electricity needs were up 3.6 percent to 32.0 billion kilowatt-hours. Electricity consumption by commercial customers — offices, stores, and other non-manufacturing firms — gained 6.0 percent to 29.2 billion kilowatt-hours. Industrial energy use increased 2.2 percent to 39.8 billion kilowatt-hours. Total sales of electricity to customers of Southern Company — including sales to other utilities — were up 4.7 percent to 117.9 billion kilowatt-hours for the first three quarters of 1996, compared with the same period in 1995. Southern Company (NYSE: SO), the nation`s largest producer of electricity, is the parent firm of five electric utilities: Alabama Power, Georgia Power, Gulf Power, Mississippi Power and Savannah Electric. Other subsidiaries include Southern Energy Inc., Southern Communications Services, Southern Development and Investment Group, Southern Nuclear and Southern Company Services. Southern Company`s common stock is one of the 20 most widely held corporate stocks in America. THE SOUTHERN COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED INCOME DATA Three Months Ended September 1996 1995 Percent Change Operating Revenues $2,917 $2,759 5.7 Income Before Interest Charges 678 662 2.5 Consolidated Net Income
468 469 (0.3) Average Number of Shares of Common Stock Outstanding 674 666 1.2 Earnings Per Share of Common Stock $ 0.69 $ 0.71 (2.8) THE SOUTHERN COMPANY AND SUBSIDIARIES CONSOLIDATED CONDENSED INCOME DATA Nine Months Ended SeptemberPercent Change 1996 (Note)1995 Operating Revenues (in millions)$7,871$6,87114.5 Income Before Interest Charges (in millions)$1,616$1,5196.4 Consolidated Net Income (in millions)$988$9434.8 Average Number of Shares of Common Stock Outstanding (in millions)6726641.1 Earnings Per Share of Common Stock$1.47$1.423.5 Kilowatt-Hour Sales:(millions of KWH) Total Sales Total Retail Sales -- Residential Commercial Industrial117,934 101,678 31,986 29,232 39,776112,669 98,008 30,863 27,589 38,9074.7 3.7 3.6 6.0 2.2
Note: Financial data includes the acquisition of South Western Electricity located in the United Kingdom. The acquisition
was completed in October 1995. Data for prior periods does not reflect this acquisition.
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