soearning8k4th09.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)              January 27, 2010                                           

Commission
File Number
Registrant, State of Incorporation,
Address and Telephone Number 
I.R.S. Employer
Identification No.
     
1-3526
The Southern Company
(A Delaware Corporation)
30 Ivan Allen Jr. Blvd., N.W.
Atlanta, Georgia 30308
(404) 506-5000
58-0690070
1-3164
Alabama Power Company
(An Alabama Corporation)
600 North 18th Street
Birmingham, Alabama 35291
(205) 257-1000
63-0004250
1-6468
Georgia Power Company
(A Georgia Corporation)
241 Ralph McGill Boulevard, N.E.
Atlanta, Georgia 30308
(404) 506-6526
58-0257110
0-2429
Gulf Power Company
(A Florida Corporation)
One Energy Place
Pensacola, Florida 32520
(850) 444-6111
59-0276810
001-11229
Mississippi Power Company
(A Mississippi Corporation)
2992 West Beach
Gulfport, Mississippi 39501
(228) 864-1211
64-0205820
333-98553
Southern Power Company
(A Delaware Corporation)
30 Ivan Allen Jr. Blvd., N.W.
Atlanta, Georgia 30308
(404) 506-5000
58-2598670

The names and addresses of the registrants have not changed since the last report.

 
 
 


This combined Form 8-K is furnished separately by six registrants: The Southern Company, Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company.  Information contained herein relating to each registrant is furnished by each registrant solely on its own behalf.  Each registrant makes no representation as to information relating to the other registrants.

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 



 
 
 

Item 2.02                      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 January 27, 2010, The Southern Company (“Southern Company”) issued a press release regarding its earnings for the quarter and year ended December 31, 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 quarter and year ended December 31, 2009 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.

Use of Non-GAAP Financial Measures

Exhibits 99.01, 99.02, 99.03 and 99.04 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 year ended December 31, 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 year ended December 31, 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 quarter and year ended December 31, 2008 excluding significant charges related to the application of certain accounting standards related to leveraged leases and income taxes to Southern Company’s tax treatment of investments in leveraged leases.  The charges related to Southern Company’s tax treatment of investments in leveraged leases significantly impacted the presentation of earnings and earnings per share for the quarter and year ended December 31, 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.

 

 
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Exhibits

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 December 31, 2009:
 
Exhibit 99.01
Press Release.
Exhibit 99.02
Financial Highlights.
Exhibit 99.03
Significant Factors Impacting EPS.
Exhibit 99.04
EPS Earnings Analysis.
Exhibit 99.05
Consolidated Earnings.
Exhibit 99.06
Kilowatt-Hour Sales.
Exhibit 99.07
Financial Overview.


 
 
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:             January 27, 2010
THE SOUTHERN COMPANY
   
   
 
By                 /s/W. Ron Hinson                                                     
                         W. Ron Hinson
                            Comptroller
   
 
ALABAMA POWER COMPANY
GEORGIA POWER COMPANY
GULF POWER COMPANY
MISSISSIPPI POWER COMPANY
SOUTHERN POWER COMPANY
   
   
 
By                /s/Melissa K. Caen                                                      
                        Melissa K. Caen
                     Assistant Secretary

 
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