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| SO > SEC Filings for SO > Form 8-K on 29-Jul-2009 | All Recent SEC Filings |
29-Jul-2009
Results of Operations and Financial Condition
The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
On July 29, 2009, The Southern Company ("Southern Company") issued a press release regarding its earnings for the periods ended June 30, 2009. A copy of this release is being furnished as Exhibit 99.01 to this Current Report on Form 8-K. In addition, certain additional information regarding the financial results for the three months and six months ended June 30, 2009 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.
Exhibits 99.01, 99.02 and 99.03 to this Current Report on Form 8-K, in addition to including earnings and earnings per share in accordance with generally accepted accounting principles ("GAAP") for the six months ended June 30, 2009, also include earnings and earnings per share for such period excluding the charge related to a settlement agreement with MC Asset Recovery, LLC ("MCAR") to resolve litigation arising out of the 2003 bankruptcy of Mirant Corporation ("Mirant"), a Southern Company subsidiary until its April 2001 spin-off. The charge related to the settlement agreement with MCAR significantly impacted the presentation of earnings and earnings per share for the six months ended June 30, 2009, and significant charges related to the Mirant spin-off are not expected to occur in the future. In addition, Exhibits 99.01, 99.02, 99.03 and 99.04 also include earnings and earnings per share for the three months and six months ended June 30, 2008 excluding a significant charge related to the application of Financial Accounting Standards ("FASB") Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" and FASB Staff Position No. 13-2, "Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction" to Southern Company's tax treatment of investments in leveraged leases. The charge related to Southern Company's tax treatment of investments in leveraged leases significantly impacted the presentation of earnings and earnings per share for the three months and six months ended June 30, 2008, and such charges are not expected to occur on a regular basis. Accordingly, Southern Company believes the presentation of earnings and earnings per share excluding the Mirant settlement and the leveraged lease charges is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company's ongoing business activities. Southern Company management also uses earnings and earnings per share excluding these charges to evaluate the performance of Southern Company's ongoing business activities. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.
The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant.
The following exhibits relate to the periods ended June 30, 2009:
Exhibit 99.01 Press Release.
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