Today Alabama Power reported its earnings for the second quarter and 12-month period ended June 2002:

Company description

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

Performance

Earnings up for the second quarter and the 12-month period ended June 2002.

  Net Income
  * Second Quarter Net Income
    $ 115,713,000 for the second quarter of 2002
    $  75,428,000 for the second quarter of 2001

  * 12 Months Ended Net Income
    $ 429,602,000 for the 12-month period that ended June 2002
    $ 394,609,000 for the 12-month period that ended June 2001

  Total Territorial Energy Sales
  * Second Quarter Energy Sales
    14.0 billion kilowatt-hours for the second quarter of 2002
    13.5 billion kilowatt-hours for the second quarter of 2001

  * 12 Months Ended Energy Sales
    53.9 billion kilowatt-hours for the 12-month period that ended June 2002
    55.3 billion kilowatt-hours for the 12-month period that ended June 2001

Comments -- "Net income increased in the second quarter 2002 primarily due to an increase in territorial sales and increases in retail rates. Decreases in non-fuel operating expenses and interest expenses were the primary reason for the increase in net income in the twelve-month period ended June 2002. These increases were partially offset by the reduction in Allowance for Funds Used During Construction (AFUDC) which can be attributed to a decrease in Construction Work in Progress (CWIP) as a result of completed projects."

William B. Hutchins, III, executive vice president and chief financial officer.

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SOURCE: Alabama Power Company