This document is Southern Company's 2001 annual report. It discusses the company's strategy of focusing on its core regulated utility business in the Southeast region of the US. In 2001, the company met or exceeded its financial targets, with earnings per share growth of 6.6% and total shareholder return of almost 18%. The competitive generation and new products/services businesses also contributed solid results. Going forward, Southern Company will continue its strategy of low-risk growth through investments in the Southeast region across its business lines.
The document provides financial highlights for 2001 and 2000 for a company. It shows that operating revenues increased slightly in 2001 while earnings from continuing operations and earnings per share increased. Total assets and total kilowatt-hour sales slightly decreased. The number of total customers increased slightly. Book value per share decreased significantly while market price decreased substantially.
Operating revenues increased 15.6% to $13.55 billion in 2005 compared to 2004. Earnings from continuing operations increased 4.1% to $1.59 billion while basic and diluted earnings per share both increased 3.4% to $2.14 and $2.13 respectively. Total assets grew 7.9% to $39.88 billion. Total kilowatt-hour sales increased 2.3% to 196.88 million.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
The Progressive Corporation reported its March 2008 results. Net premiums written decreased 2% to $1.118 billion compared to March 2007. Net income decreased 46% to $71.3 million compared to the previous year. The combined ratio increased 4.6 points to 92.8. Policies in force increased for total personal auto, special lines, and commercial auto compared to the previous year. Progressive offers auto insurance nationwide and its commercial auto business writes insurance for small businesses.
AMR Corporation had a very successful 1998 financially. The company reported record net earnings of $1.3 billion, a 33.4% increase over 1997. AMR's strong performance was driven by robust demand for air travel and lower fuel prices, enabling the airline businesses to increase revenues without significant fare discounting. AMR also made progress across its key strategic objectives - growing its airline networks, improving customer service, and expanding The Sabre Group's technology solutions business.
The Progressive Corporation reported its October 2004 results. Net premiums written increased 9% to $1.279.8 million compared to October 2003. Net income decreased 4% to $140.2 million while the combined ratio increased 2.3 percentage points to 87.0%. Progressive continues to respond to claims from hurricanes in August and September, with losses representing 1.5 percentage points of the loss ratio for the month. On October 22, Progressive repurchased 16.9 million shares for $1.5 billion through a Dutch auction tender offer.
The document provides financial information for Jones Lang LaSalle's first quarter 2009 earnings call. It includes reconciliations of GAAP net loss to adjusted figures, summaries of revenue and earnings by segment, details of cost cutting measures, debt covenant metrics, and a list of new client wins in their Global Corporate Solutions division. The financial results showed a net loss of $61.5M for the quarter, though adjustments for items like restructuring charges brought the adjusted net loss to $16.3M. Segments like the Americas saw revenue and earnings growth while others like Europe declined. The company also outlined steps taken to reduce costs like staff cuts, discretionary spending cuts, and reduced capital expenditures.
The document provides Ryder System's forecast for the fourth quarter of 2012 and full year 2013. Some key points:
- Fourth quarter 2012 earnings per share were $1.07 compared to $0.92 in 2011, with comparable EPS of $1.17 vs. $0.97 in 2011.
- Full year 2012 revenue increased 3% to $6.26 billion, earnings per share increased 18% to $3.91, and comparable EPS increased 16% to $4.04.
- The 2013 forecast excludes non-operating pension costs from comparable earnings measures going forward.
- The presentation includes details on segment results, capital expenditures, cash flow, and debt levels.
The document provides financial highlights for 2001 and 2000 for a company. It shows that operating revenues increased slightly in 2001 while earnings from continuing operations and earnings per share increased. Total assets and total kilowatt-hour sales slightly decreased. The number of total customers increased slightly. Book value per share decreased significantly while market price decreased substantially.
Operating revenues increased 15.6% to $13.55 billion in 2005 compared to 2004. Earnings from continuing operations increased 4.1% to $1.59 billion while basic and diluted earnings per share both increased 3.4% to $2.14 and $2.13 respectively. Total assets grew 7.9% to $39.88 billion. Total kilowatt-hour sales increased 2.3% to 196.88 million.
Motorola experienced a difficult year in 2001 with declining sales and losses. The company implemented a 5-point plan to rebuild value that included strengthening management, stabilizing finances, reducing costs, pursuing growth through innovation, and reevaluating strategies. While most sectors struggled, PCS improved market share and profitability and BCS bolstered its leadership in cable equipment through acquisitions. The company remains focused on innovation in communications solutions and returning to profitability.
The Progressive Corporation reported its March 2008 results. Net premiums written decreased 2% to $1.118 billion compared to March 2007. Net income decreased 46% to $71.3 million compared to the previous year. The combined ratio increased 4.6 points to 92.8. Policies in force increased for total personal auto, special lines, and commercial auto compared to the previous year. Progressive offers auto insurance nationwide and its commercial auto business writes insurance for small businesses.
AMR Corporation had a very successful 1998 financially. The company reported record net earnings of $1.3 billion, a 33.4% increase over 1997. AMR's strong performance was driven by robust demand for air travel and lower fuel prices, enabling the airline businesses to increase revenues without significant fare discounting. AMR also made progress across its key strategic objectives - growing its airline networks, improving customer service, and expanding The Sabre Group's technology solutions business.
The Progressive Corporation reported its October 2004 results. Net premiums written increased 9% to $1.279.8 million compared to October 2003. Net income decreased 4% to $140.2 million while the combined ratio increased 2.3 percentage points to 87.0%. Progressive continues to respond to claims from hurricanes in August and September, with losses representing 1.5 percentage points of the loss ratio for the month. On October 22, Progressive repurchased 16.9 million shares for $1.5 billion through a Dutch auction tender offer.
The document provides financial information for Jones Lang LaSalle's first quarter 2009 earnings call. It includes reconciliations of GAAP net loss to adjusted figures, summaries of revenue and earnings by segment, details of cost cutting measures, debt covenant metrics, and a list of new client wins in their Global Corporate Solutions division. The financial results showed a net loss of $61.5M for the quarter, though adjustments for items like restructuring charges brought the adjusted net loss to $16.3M. Segments like the Americas saw revenue and earnings growth while others like Europe declined. The company also outlined steps taken to reduce costs like staff cuts, discretionary spending cuts, and reduced capital expenditures.
The document provides Ryder System's forecast for the fourth quarter of 2012 and full year 2013. Some key points:
- Fourth quarter 2012 earnings per share were $1.07 compared to $0.92 in 2011, with comparable EPS of $1.17 vs. $0.97 in 2011.
- Full year 2012 revenue increased 3% to $6.26 billion, earnings per share increased 18% to $3.91, and comparable EPS increased 16% to $4.04.
- The 2013 forecast excludes non-operating pension costs from comparable earnings measures going forward.
- The presentation includes details on segment results, capital expenditures, cash flow, and debt levels.
The Progressive Corporation reported financial results for March 2005. Net premiums written increased 5% to $1.127 billion compared to March 2004. Net income decreased 11% to $135.2 million compared to the prior year. Earnings per share fell 3% to $0.67. The combined ratio was 84.8, an increase of 2 percentage points from the prior year. Policies in force grew 12% year-over-year for personal lines and 14% for commercial auto.
The Progressive Corporation reported financial results for February 2005, with net premiums written up 12% and net income down 12% compared to February 2004. Progressive saw growth in both its Personal and Commercial Auto business lines. The combined ratio was 85.2%, an increase of 1.5 percentage points from the prior year. Policies in force increased 12% overall, with growth across all business segments.
The Progressive Corporation reported its November 2004 results, including a 7% increase in net premiums written and an 8% increase in net premiums earned compared to November 2003. Net income decreased 6% to $93.8 million while the combined ratio increased 2.9 percentage points to 89.6%. Personal lines policies in force grew 11% year-over-year while commercial auto policies increased 15%. Growth is slowing across most markets and businesses. Investment income was impacted by $3.8 million in special stock dividends while realized losses included $6 million in common stock impairments.
Progressive reported its December 2008 results. Net premiums written were $905.7 million, unchanged from the prior year. Net income was a loss of $123.2 million compared to income of $67.6 million in the prior year. The combined ratio was 98.9%, up 3.1 percentage points from the prior year, driven by losses on securities. Policies in force increased 2% for personal auto and 7% for special lines compared to the prior year. Progressive also announced a conference call in February to discuss 2008 results.
Progressive reported its November 2008 results, including:
- Net income of $137.5 million, up 48% from November 2007.
- Net premiums written increased 2% to $926.9 million.
- Combined ratio improved 0.5 percentage points to 93.8%.
- Total personal auto policies in force grew 1% to over 7.1 million policies.
Eaton Corporation is a global $7.3 billion diversified industrial manufacturer focused on fluid power systems, electrical power distribution and control, automotive engine air management, and intelligent truck systems. In 2001, Eaton faced challenges from a weak global economy and declining end markets, but took actions to resize operations, repay debt, and position itself for future growth when markets recover. The annual report discusses Eaton's financial performance in 2001, leadership response to challenges, and strategies for integrating operations to leverage its scale and diversity.
Eaton Corporation's 2001 annual report outlines the company's performance in a difficult year, with declining markets and a weakening global economy impacted further by the events of September 11th. Despite challenges, Eaton was able to outgrow its end markets, resize operations to compete at lower activity levels, strengthen its balance sheet by repaying over $560 million in debt, and end the year with a 16.9% stock return. The report emphasizes how Eaton has transformed its business model and integrated operations to better position the company for future growth opportunities.
Progressive Corporation reported its financial results for January 2008. Net premiums written decreased 3% to $1.27 billion compared to January 2007. Net income decreased 11% to $121.9 million compared to the previous year. The combined ratio, a measure of profitability, increased 5.5 percentage points to 93.3%. Total personal auto policies in force grew 2% year-over-year to over 7 million.
1) The document provides financial information for Unum Group, including net income, operating income excluding various items, premium income, benefits paid, and book value.
2) It shows comparisons of financial results for 3Q 2005 versus 3Q 2004 and 2Q 2005, with net income down year-over-year but operating income up slightly year-over-year.
3) Premium income and benefits paid for the Group Income Protection segment are broken out, with benefits as a percentage of premiums decreasing both year-over-year and quarter-over-quarter.
- Progressive Corporation reported financial results for September and Q3 2007, with net income down 25% and 27% respectively from the previous year.
- Net premiums written decreased 1% for September and 3% for Q3, while net premiums earned decreased 2% for both periods.
- The combined ratio increased 7.9 points for September and 6.4 points for Q3, to 94.8% and 93.7% respectively, due to higher losses and loss adjustment expenses.
- Progressive will hold a conference call on November 2, 2007 to address questions about its financial results.
The Progressive Corporation reported financial results for May 2004, with net premiums written up 16% and net income up 14% compared to May 2003. Key highlights included strong growth across personal and commercial lines of business, a combined ratio of 86.6%, and continued profitability in all but three personal lines markets. Policies in force also grew 15% year-over-year. Progressive continued to experience catastrophe losses which contributed to a higher loss ratio for the month.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
The document summarizes Office Depot's fourth quarter 2008 earnings conference call. It reported a GAAP loss of $1.54 billion or $5.64 per share due to impairment charges. Excluding charges, the loss was $199 million or $0.73 per share. Total sales declined 15% to $3.3 billion due to economic challenges. It is taking actions like store closures to improve profitability in 2009.
Southern Company reported third quarter 2004 earnings of $644.5 million, meeting expectations. Earnings for the first nine months of 2004 were $1.33 billion, compared to $1.27 billion in the same period in 2003 excluding a one-time gain. Mild weather and increased industrial sales offset some of the financial impact of Hurricane Ivan, which left 1.6 million customers without power but was restored within a week for 94% of customers. Southern Company served about 70,000 more customers as of September 30 than the previous year and expects continued long-term customer growth of 1.5% annually. Capital expenditures are projected to be $7 billion from 2004 to 2006 focused on regulated infrastructure including environmental and transmission/distribution
southern 2000 Editorial Section, color typefinance17
Southern Company achieved record financial results in 2000, with earnings from operations of $1.40 billion, up 7.1% from 1999. A key event was the successful IPO and planned spinoff of Southern Energy, now called Mirant Corporation. Southern Company Chairman Allen Franklin reviews the year's accomplishments and outlines the company's strategic focus on its regulated utility business in the Southeast and growing its competitive generation business in the "Super Southeast" region, with a goal of doubling earnings from this segment within five years through capacity additions.
Southern Company reported second quarter earnings of $432 million, or $0.60 per share, compared to $332 million, or $0.47 per share in the second quarter of 2002. Results included an after-tax gain of $88 million from terminating wholesale power contracts with Dynegy. Earnings for the first six months of 2003 were $730 million compared to $556 million in the same period in 2002. Customer growth was 1.6% higher than the prior year. Mild weather reduced retail electricity demand but boosted wholesale sales. Southern Company remains on track to meet financial and operational targets for the year.
The document provides an annual report for Computer Sciences Corporation (CSC) for the fiscal year ending April 2, 2004. It highlights that CSC set new records for revenue, net income, business awards, operating cash flow, and earnings per share. It also summarizes several significant long-term business awards won by CSC during the fiscal year totaling over $17 billion. The report discusses CSC's continued focus on controlling expenses and making efficient use of capital. It concludes by noting that fiscal year 2005 has started strongly for CSC with over $3 billion in new business awards announced in the first 9 weeks.
The document outlines the corporate governance guidelines of Office Depot, Inc. It discusses [1] the composition of the board, including the election of chair and lead director, size of the board, and selection of board candidates; [2] requirements for board membership including independence, retirement age, and term limits; and [3] processes for board meetings, including agenda setting, executive sessions, and interaction with management and advisors. The guidelines are intended to assist the board in exercising its responsibilities under relevant laws and regulations.
David Ratcliffe, Chairman and CEO of Southern Company, summarizes the company's performance in 2005. While challenges arose like Hurricane Katrina, Southern Company exceeded its financial targets and continued excellent customer satisfaction and reliability. The company increased its dividend for the 4th straight year and saw share price gains. Looking ahead, Ratcliffe emphasizes continuing the company's clear strategy and focus on safety and values like trust and commitment through its Southern Style program.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
The Progressive Corporation reported financial results for March 2005. Net premiums written increased 5% to $1.127 billion compared to March 2004. Net income decreased 11% to $135.2 million compared to the prior year. Earnings per share fell 3% to $0.67. The combined ratio was 84.8, an increase of 2 percentage points from the prior year. Policies in force grew 12% year-over-year for personal lines and 14% for commercial auto.
The Progressive Corporation reported financial results for February 2005, with net premiums written up 12% and net income down 12% compared to February 2004. Progressive saw growth in both its Personal and Commercial Auto business lines. The combined ratio was 85.2%, an increase of 1.5 percentage points from the prior year. Policies in force increased 12% overall, with growth across all business segments.
The Progressive Corporation reported its November 2004 results, including a 7% increase in net premiums written and an 8% increase in net premiums earned compared to November 2003. Net income decreased 6% to $93.8 million while the combined ratio increased 2.9 percentage points to 89.6%. Personal lines policies in force grew 11% year-over-year while commercial auto policies increased 15%. Growth is slowing across most markets and businesses. Investment income was impacted by $3.8 million in special stock dividends while realized losses included $6 million in common stock impairments.
Progressive reported its December 2008 results. Net premiums written were $905.7 million, unchanged from the prior year. Net income was a loss of $123.2 million compared to income of $67.6 million in the prior year. The combined ratio was 98.9%, up 3.1 percentage points from the prior year, driven by losses on securities. Policies in force increased 2% for personal auto and 7% for special lines compared to the prior year. Progressive also announced a conference call in February to discuss 2008 results.
Progressive reported its November 2008 results, including:
- Net income of $137.5 million, up 48% from November 2007.
- Net premiums written increased 2% to $926.9 million.
- Combined ratio improved 0.5 percentage points to 93.8%.
- Total personal auto policies in force grew 1% to over 7.1 million policies.
Eaton Corporation is a global $7.3 billion diversified industrial manufacturer focused on fluid power systems, electrical power distribution and control, automotive engine air management, and intelligent truck systems. In 2001, Eaton faced challenges from a weak global economy and declining end markets, but took actions to resize operations, repay debt, and position itself for future growth when markets recover. The annual report discusses Eaton's financial performance in 2001, leadership response to challenges, and strategies for integrating operations to leverage its scale and diversity.
Eaton Corporation's 2001 annual report outlines the company's performance in a difficult year, with declining markets and a weakening global economy impacted further by the events of September 11th. Despite challenges, Eaton was able to outgrow its end markets, resize operations to compete at lower activity levels, strengthen its balance sheet by repaying over $560 million in debt, and end the year with a 16.9% stock return. The report emphasizes how Eaton has transformed its business model and integrated operations to better position the company for future growth opportunities.
Progressive Corporation reported its financial results for January 2008. Net premiums written decreased 3% to $1.27 billion compared to January 2007. Net income decreased 11% to $121.9 million compared to the previous year. The combined ratio, a measure of profitability, increased 5.5 percentage points to 93.3%. Total personal auto policies in force grew 2% year-over-year to over 7 million.
1) The document provides financial information for Unum Group, including net income, operating income excluding various items, premium income, benefits paid, and book value.
2) It shows comparisons of financial results for 3Q 2005 versus 3Q 2004 and 2Q 2005, with net income down year-over-year but operating income up slightly year-over-year.
3) Premium income and benefits paid for the Group Income Protection segment are broken out, with benefits as a percentage of premiums decreasing both year-over-year and quarter-over-quarter.
- Progressive Corporation reported financial results for September and Q3 2007, with net income down 25% and 27% respectively from the previous year.
- Net premiums written decreased 1% for September and 3% for Q3, while net premiums earned decreased 2% for both periods.
- The combined ratio increased 7.9 points for September and 6.4 points for Q3, to 94.8% and 93.7% respectively, due to higher losses and loss adjustment expenses.
- Progressive will hold a conference call on November 2, 2007 to address questions about its financial results.
The Progressive Corporation reported financial results for May 2004, with net premiums written up 16% and net income up 14% compared to May 2003. Key highlights included strong growth across personal and commercial lines of business, a combined ratio of 86.6%, and continued profitability in all but three personal lines markets. Policies in force also grew 15% year-over-year. Progressive continued to experience catastrophe losses which contributed to a higher loss ratio for the month.
Southern Company reported first quarter 2008 earnings of $359.2 million, up from $338.7 million in the first quarter of 2007. Revenues increased 8% to $3.68 billion. Kilowatt-hour sales to retail customers increased 1.4% due to growth in residential and commercial customers. Earnings were positively impacted by increased revenue from market-response rates and regulatory actions supporting infrastructure investments, which were partially offset by higher operations and maintenance expenses.
Southern Company reported its financial results for the fourth quarter and full year of 2008. For the full year, earnings were $1.74 billion compared to $1.73 billion in 2007. Kilowatt-hour sales to retail customers decreased 2.1% for the year. Revenues increased 11.6% for the full year to $17.13 billion due to higher retail rates and environmental cost recovery, but earnings were impacted by mild weather, a weak economy, and higher expenses. Looking ahead, economic challenges are expected to continue through 2009 but the long-term viability of the Southeast region remains strong.
The document summarizes Office Depot's fourth quarter 2008 earnings conference call. It reported a GAAP loss of $1.54 billion or $5.64 per share due to impairment charges. Excluding charges, the loss was $199 million or $0.73 per share. Total sales declined 15% to $3.3 billion due to economic challenges. It is taking actions like store closures to improve profitability in 2009.
Southern Company reported third quarter 2004 earnings of $644.5 million, meeting expectations. Earnings for the first nine months of 2004 were $1.33 billion, compared to $1.27 billion in the same period in 2003 excluding a one-time gain. Mild weather and increased industrial sales offset some of the financial impact of Hurricane Ivan, which left 1.6 million customers without power but was restored within a week for 94% of customers. Southern Company served about 70,000 more customers as of September 30 than the previous year and expects continued long-term customer growth of 1.5% annually. Capital expenditures are projected to be $7 billion from 2004 to 2006 focused on regulated infrastructure including environmental and transmission/distribution
southern 2000 Editorial Section, color typefinance17
Southern Company achieved record financial results in 2000, with earnings from operations of $1.40 billion, up 7.1% from 1999. A key event was the successful IPO and planned spinoff of Southern Energy, now called Mirant Corporation. Southern Company Chairman Allen Franklin reviews the year's accomplishments and outlines the company's strategic focus on its regulated utility business in the Southeast and growing its competitive generation business in the "Super Southeast" region, with a goal of doubling earnings from this segment within five years through capacity additions.
Southern Company reported second quarter earnings of $432 million, or $0.60 per share, compared to $332 million, or $0.47 per share in the second quarter of 2002. Results included an after-tax gain of $88 million from terminating wholesale power contracts with Dynegy. Earnings for the first six months of 2003 were $730 million compared to $556 million in the same period in 2002. Customer growth was 1.6% higher than the prior year. Mild weather reduced retail electricity demand but boosted wholesale sales. Southern Company remains on track to meet financial and operational targets for the year.
The document provides an annual report for Computer Sciences Corporation (CSC) for the fiscal year ending April 2, 2004. It highlights that CSC set new records for revenue, net income, business awards, operating cash flow, and earnings per share. It also summarizes several significant long-term business awards won by CSC during the fiscal year totaling over $17 billion. The report discusses CSC's continued focus on controlling expenses and making efficient use of capital. It concludes by noting that fiscal year 2005 has started strongly for CSC with over $3 billion in new business awards announced in the first 9 weeks.
The document outlines the corporate governance guidelines of Office Depot, Inc. It discusses [1] the composition of the board, including the election of chair and lead director, size of the board, and selection of board candidates; [2] requirements for board membership including independence, retirement age, and term limits; and [3] processes for board meetings, including agenda setting, executive sessions, and interaction with management and advisors. The guidelines are intended to assist the board in exercising its responsibilities under relevant laws and regulations.
David Ratcliffe, Chairman and CEO of Southern Company, summarizes the company's performance in 2005. While challenges arose like Hurricane Katrina, Southern Company exceeded its financial targets and continued excellent customer satisfaction and reliability. The company increased its dividend for the 4th straight year and saw share price gains. Looking ahead, Ratcliffe emphasizes continuing the company's clear strategy and focus on safety and values like trust and commitment through its Southern Style program.
Computer Sciences Corporation (CSC) reported a 20% increase in earnings per share and a 21.7% increase in net income for the first quarter of fiscal year 2000 compared to the same quarter the previous year. Revenue increased 17.6% to $2.06 billion driven by increased demand for outsourcing, enterprise solutions, e-business, and systems integration. CSC also announced over $4.7 billion in new business awards during the quarter and expects e-business revenue to triple to nearly $600 million for the full fiscal year.
This document is PACCAR Inc's quarterly report on Form 10-Q for the quarter ended September 30, 2004. It includes PACCAR's consolidated financial statements and notes to the financial statements for the third quarter of 2004. The financial statements show that PACCAR's net income for the third quarter was $246.7 million, up from $132.5 million in the third quarter of 2003. For the first nine months of 2004, net income was $665.4 million compared to $367.4 million for the same period in 2003. The balance sheet provides details on PACCAR's assets and liabilities as of September 30, 2004, including cash, receivables, inventory, property and equipment
Southern Company reported solid fourth quarter and full year 2005 earnings. Fourth quarter earnings were $158.9 million compared to $204.5 million in 2004, while full year 2005 earnings were $1.59 billion compared to $1.53 billion in 2004. The positive results were driven by continued economic strength in the Southeast region and customer growth. However, earnings were partially offset by increased operating and maintenance expenses to serve growing energy demand. Looking ahead, Southern Company expects earnings per share growth of 5% annually through 2008 and will focus on its regulated retail business and growing its competitive wholesale generation business.
This document is PACCAR Inc's quarterly report (Form 10-Q) filed with the SEC for the quarter ended June 30, 2003. It includes:
1) Financial statements including income statements, balance sheets, and cash flow statements for the quarter and year-to-date.
2) Notes to the financial statements providing additional details on accounting policies, inventory valuation, and new accounting standards.
3) Certification by management of the accuracy of the financial statements and disclosure of any material changes to internal controls.
The report provides investors with PACCAR's consolidated financial position and operating results for the quarter in compliance with SEC regulations.
Southern Company is a premier energy company serving 4 million customers across 4 southeastern states. In 2002, it achieved earnings of $1.32 billion and increased its annual dividend to $1.37 per share. Southern Company continues to perform well through focused execution of its three-part strategy involving regulated utilities, competitive generation, and energy products/services. It aims to lead the industry in customer satisfaction while delivering sustainable growth and dividends to shareholders.
Avnet is a Fortune 500 company and one of the world's largest distributors of electronic components, computer products, and embedded systems. In fiscal year 2001, Avnet's sales increased 29% to $12.81 billion, up from $9.92 billion in fiscal year 2000. However, challenging market conditions in the second half of the year led to a 27% decline in revenues from the third to fourth quarter. Avnet addressed this downturn through cost cutting measures and debt reduction. Going forward, Avnet is positioned for growth by leveraging its global scale and scope through strategic acquisitions and a focus on value-added services across its operating segments in electronics marketing, computer marketing, and applied computing.
PACCAR reported net income of $47.2 million for the first quarter of 2002, compared to $44.3 million for the same period in 2001. Truck segment revenues declined slightly to $1.38 billion due to lower industry truck sales in Europe, which decreased 15% from near-record levels in 2001, though PACCAR's European subsidiary DAF increased its market share to a record high of 13%. Financial services income declined from $11.7 million to $9.7 million. Overall consolidated revenues fell 2% to $1.50 billion due to lower financial services results partially offsetting improved profits from truck operations.
1) Southern Company is one of the largest energy companies in the world, focused on producing and supplying electricity through both regulated and competitive businesses.
2) The company achieved record earnings in 1999 of $1.3 billion but saw its stock price decline, which it attributes partly to investor focus on internet companies.
3) Southern Company aims to grow its competitive energy business, which currently contributes around 35% of earnings, to 50% by 2003 through expanding generation capacity and long-term contracts in key markets like the Southeastern US.
Southern Company reported first quarter 2007 earnings of $338.7 million, or $0.45 per share, up from $261.6 million, or $0.35 per share in the first quarter of 2006. Population growth in the Southeast drove a 1.7% increase in customers and 6.7% rise in kilowatt-hour sales. However, higher interest costs partially offset these positive factors. Excluding synthetic fuels, earnings were $311 million, or $0.41 per share, up from $254 million, or $0.34 per share in the year-ago period. Southern Company expects average annual earnings growth of 5% over the long term and maintains its commitment to customer service and investment.
This document outlines key financial highlights for 2003 and 2002, including an operating revenue decrease of 6.7% to $11.25 billion in 2003, earnings from continuing operations decreasing 11.8% to $1.47 billion, and basic earnings per share falling 9.1% to $2.03. Total kilowatt-hour sales declined 4.2% to 184.4 billion, with retail sales flat and sales for resale increasing 24.5% to 32.55 billion.
This document summarizes the financial highlights of a company for 2002 and 2001. Earnings from continuing operations decreased 17.7% from 2001 to 2002. Basic and diluted earnings per share also decreased around 15% year-over-year. Dividends per share increased slightly by 1.1% while the dividend yield decreased 9.4%. Total assets increased 6.4% while total kilowatt-hour sales increased 4.7% driven by a 4.5% increase in retail sales.
The document is Southern Company's 2003 annual report. It summarizes the company's strong financial and operational performance in 2003, with earnings of $1.47 billion, or $2.03 per share. It discusses the company's focus on its core businesses of power generation and delivery in the Southeast US. The report also announces that Chairman and CEO Allen Franklin will retire in July 2004, and that David Ratcliffe will succeed him as president in April and CEO in July. Ratcliffe expresses confidence in Southern Company's strategy and people to continue its record of success.
Operating revenues for the company increased 5.9% to $14.36 billion in 2006 compared to $13.55 billion in 2005. Earnings were $1.573 billion, down 1.1% from $1.591 billion in the previous year. Basic and diluted earnings per share declined slightly from 2005 levels. The company's return on average common equity fell to 14.26% in 2006 from 15.17% in 2005. Total assets and market value of common stock both increased by over 7% year-over-year.
Anheuser-Busch reported financial results for 2005. Worldwide sales of Anheuser-Busch brands increased 4.4% to 121.9 million barrels. However, net income decreased 17.9% to $1.839 billion and earnings per share decreased 15.2% to $2.35 due to an 8.3% decrease in gross profit margin and a 22% decrease in operating income. Return on shareholders' equity also decreased substantially to 61.2% from 83.3% in 2004.
Constellation Energy Group saw a difficult year in 2001 due to factors like the decline in power prices and collapse of Enron. The company cancelled plans to separate, terminated its relationship with Goldman Sachs, brought on a new CEO, cut costs, streamlined operations, and intensified risk management. While 2001 was tough, the company emerged stronger and is well positioned for growth going forward due to its generation assets, marketing expertise, and strong balance sheet. Financial highlights show earnings per share declined significantly year-over-year due to special costs recognized in the fourth quarter as the company monetized non-core assets and improved its balance sheet.
- The company held an earnings conference call to discuss its third quarter 2012 results
- Revenue was unchanged from the prior year, while operating revenue increased 2% driven by organic lease revenue growth
- Earnings per share from continuing operations were $1.26 compared to $1.10 in the prior year
- Fleet Management Solutions saw earnings growth of 21% due to lower costs and lease revenue growth
Alltel Corporation reported its financial results for the first quarter of 2008. Service revenues increased 11% compared to the first quarter of 2007, however operating income decreased 21% and net income decreased 154% due to losses from continuing operations. Capital expenditures also decreased 14% year-over-year. The number of customers grew 9% to over 13 million, while average monthly cash costs per customer remained relatively flat at $32.53.
Lincoln Financial Group has focused its business on wealth accumulation and wealth protection for the high-net-worth and retirement markets in the US. It has narrowed its focus through divesting businesses like its reinsurance operations and managed healthcare to concentrate on annuities, life insurance, and investment management. This focus has led to strong financial performance and earnings growth, though performance was impacted in 2001 by market declines. Lincoln's target markets in high-net-worth individuals and retirees have seen double-digit growth. Its life insurance and retirement products have strong positions in their target markets due to innovative product design and administrative services.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and net income was $127.6 million. The report indicates Sherwin-Williams has been a leading force in the coatings industry for 137 years.
The Sherwin-Williams Company 2002 Annual Report summarizes the company's financial performance for the year. It discusses the company's four business segments: Paint Stores (63.7% of sales), Consumer (22.7% of sales), Automotive Finishes (8.8% of sales), and International Coatings (4.7% of sales). It also highlights that net sales were $5.18 billion for 2002, income before accounting changes was $310.7 million, and return on sales was 6.0%.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
C.H. Robinson achieved strong success in 2007 despite challenging market conditions. The company grew gross profits 14.9% to $1.2 billion through its diverse mix of transportation services and customer relationships. Its non-asset based model and over 7,300 employees enabled it to efficiently manage over 6.5 million shipments. Looking ahead, C.H. Robinson is well positioned for continued growth given industry trends, its financial strength with no debt and $455 million in cash, and opportunities to expand internationally and through acquisitions.
C.H. Robinson achieved strong success in 2007 despite economic challenges. The company grew gross profits 14.9% to $1.2 billion through its diverse business lines and relationships with customers and carriers. Its non-asset based model allowed it to efficiently manage costs. The company continued investing in its business by expanding its office network and adding employees. C.H. Robinson is well positioned for future growth given ongoing trends driving demand for third party logistics.
Progressive Corporation had a successful first quarter of 2004, with net income increasing 58% over the first quarter of 2003 to $460 million. Premiums written grew 14% due to continued low levels of automobile accidents. While investment income was slightly lower due to falling yields, realized security gains contributed to higher profits. The company expects slower growth rates than recent years as market conditions have stabilized, but growth remains strong and margins are higher than anticipated, allowing Progressive to build competitive advantages through retention strategies.
The Progressive Corporation reported strong financial results for the first quarter of 2004. Net premiums written grew 14% and net income increased 58% over the prior year quarter. The combined ratio was 83.2% and all 49 of Progressive's personal lines markets were profitable. The CEO attributed the results to continued solid execution across operations and benefits from low claims frequency industry-wide. While growth may slow from the rapid pace of the prior two years, absolute growth remains acceptable. Progressive will consider further rate reductions if margins allow for profitable volume growth.
The Sherwin-Williams Company had a successful 2004, achieving over $6 billion in sales for the first time. Net income increased 18.4% to $393.3 million and diluted EPS rose over 20% to a record $2.72. All business segments saw sales increases, with the Paint Stores segment up 14.6% to $3.98 billion. The company continued its streak of 26 consecutive years of dividend growth and completed three acquisitions. Looking forward, rising raw material costs will continue to pressure margins but the company will work to offset this through productivity gains and price increases.
The Sherwin-Williams Company had a successful 2004 fiscal year. Net sales increased over 12% to over $6 billion, a new record. Net income grew 18.4% to $393.3 million. The company achieved double-digit revenue and volume growth despite challenges from rising raw material costs. The company paid dividends of $0.68 per share, acquired three companies, invested in capital expenditures, and repurchased over 6.5 million shares. All four of its business segments saw sales increases, with the Paint Stores and Automotive Finishes segments experiencing the strongest growth.
This document provides financial highlights for Q2 2012, including year-over-year comparisons. Some key figures increased significantly from 2011 to 2012, such as operating income (up 36.8%), net earnings (up 128.8%), and adjusted EBITDA (up 32.7%). However, total revenue decreased slightly (down 0.7%) from 2011 to 2012. The document also notes that results are subject to various risks and uncertainties and may differ materially from forward-looking statements.
General Motors reported financial results for 2005, 2004, and 2003. In 2005, GM reported a net loss of $10.6 billion compared to net income of $2.8 billion in 2004. Total revenues were $192.6 billion in 2005. Earnings per share from continuing operations was a loss of $18.50 in 2005, compared to earnings of $4.94 in 2004. The number of common stock shares outstanding remained steady at around 565 million shares.
This document outlines Computer Sciences Corporation's equity grant policy, including the types of equity grants awarded, grant dates, approval process, and reporting requirements. It states that CSC issues equity grants to directors and employees to attract, retain, and motivate them. Equity grants include stock options, restricted stock, and restricted stock units. Grant dates depend on whether the recipient is a director, new hire, promotion, or current employee. Senior executive grants require higher levels of approval than non-senior grants. The company must stay within an approved annual equity grant budget.
The document outlines the bylaws of Computer Sciences Corporation. It details the principal office location, procedures for annual and special stockholder meetings, requirements for submitting items and nominations for consideration at meetings, and election of directors. Key details include timelines for submitting proposals/nominations, information required to be provided, and requirements for stockholders to present submitted items at meetings.
This document restates the articles of incorporation of Computer Sciences Corporation. It outlines the corporation's name, principal office location, nature of business, capital stock structure including 750 million shares of common stock and 1 million shares of preferred stock. It provides the board of directors authority to establish terms for preferred stock series and outlines shareholder rights and restrictions.
This document outlines a supplemental code of ethics specifically for a company's Chairman and Chief Executive Officer, Vice President and Chief Financial Officer, and Vice President and Chief Accounting Officer. The code builds upon the company's existing code of ethics and standards of conduct applicable to all directors, officers, and employees. It requires these executives to act with honesty and integrity, avoid conflicts of interest, ensure full financial disclosure, comply with all applicable laws and regulations, and promptly report any unethical or illegal conduct. Violations will be reported to the board of directors who will determine appropriate accountability actions.
This document outlines the Code of Ethics and Standards of Conduct for Computer Sciences Corporation (CSC). It discusses CSC's commitment to ethics, integrity and social responsibility. It also summarizes the principles of avoiding conflicts of interest, protecting company and customer property, providing accurate records and reports, maintaining a professional work environment, and procedures for reporting violations. Adherence to the Code is required by all CSC directors, employees and representatives.
This document outlines the corporate governance guidelines for Computer Sciences Corporation. It addresses the role of the board of directors in overseeing management and acting in good faith. It also covers the composition of the board, including the size, selection process, and independence of directors. The document provides qualifications for directors, including limits on other board service and procedures for changes in job responsibilities. It describes board committees, conduct of meetings, access to management and advisors, performance evaluations, director compensation, orientation, education, and succession planning.
This document provides an investor highlights report for Computer Sciences Corporation (CSC) for the first quarter of fiscal year 1997. It summarizes that CSC reported a 20% increase in net income and 20.5% increase in revenue compared to the same quarter the previous year. It also announces three acquisitions that further expanded CSC's industry-specific consulting services. CSC operates in strong markets for information technology services and sees continued growth opportunities.
CSC reported $1.36 billion in revenue for the second quarter of FY1997, a 20.1% increase over the previous year. CSC earned $49.3 million excluding a one-time $48.9 million charge related to an acquisition. For the first six months of FY1997, CSC reported $2.66 billion in revenue and $94.6 million in net income excluding the charge. CSC operates in commercial and government IT markets, with growing demand for outsourcing and consulting services.
Computer Sciences Corporation reported a 15.5% increase in earnings per share for the first quarter of fiscal year 1998. Revenue rose 14.2% to $1.488 billion, with growth in commercial, European, and other international sectors. While US federal revenue declined slightly due to contract completions, the company expects this sector to improve over the fiscal year as new contracts are implemented. Overall, CSC's business continues to demonstrate strong growth trends across its consulting, systems integration, and outsourcing services.
Computer Sciences Corporation reported financial results for the second quarter of fiscal year 1998, ended September 26, 1997. Revenue increased 16.5% to $1.58 billion compared to the previous year. Net income grew 18.8% to $58.6 million. The company provides management consulting, systems integration, and outsourcing services worldwide to industry and government clients. New contracts were announced during the quarter, and the company expects continued revenue growth for the remainder of the fiscal year.
The document is a quarterly report from Computer Sciences Corporation (CSC) providing key financial information and highlights for investors. It summarizes that CSC's revenue increased 17.1% in the third quarter of fiscal year 1998 compared to the previous year. Net income also rose 20.5% over the same period. The report further outlines CSC's business segments and global operations, as well as new contracts and growth in key market sectors during the quarter.
Computer Sciences Corporation (CSC) reported higher revenue and earnings for the first quarter of fiscal year 1999 compared to the same period the previous year. Revenue increased 17.8% to $1.75 billion while net income rose 22.2% to $64.3 million. The company also announced $2.8 billion in new contract awards during the quarter and saw growth across all of its major service categories. CSC's chairman attributed the strong results to continued expansion in key markets like financial services and healthcare as well as new strategic partnerships.
Computer Sciences Corporation (CSC) reported a 21.6% increase in earnings per share for the second quarter of fiscal year 1999 compared to the previous year. Revenue increased 17% to $1.85 billion driven by strong growth in Europe and the federal sector. For the first half of the fiscal year, net income rose 23.6% and revenues increased 17.4% over the previous year. CSC also acquired a majority stake in a French consulting firm, increasing its presence in that country.
Computer Sciences Corporation reported a 22.7% increase in earnings per share for the third quarter of fiscal year 1999 compared to the previous year. Net income increased 25.9% while revenues rose 15.9%. Growth was driven by strong performance in European operations, consulting, financial services, and lower interest costs. For the first nine months of the fiscal year, net income increased 24.5% while revenues were up 16.9% year-over-year.
Computer Sciences Corporation (CSC) reported higher earnings and revenue for the second quarter of fiscal year 2000 compared to the same period last year. Earnings per share rose 22.2% and net income increased 22.7% due to strong global commercial growth and improved operating performance. CSC continues to see significant demand for outsourcing and other services and rapid growth in requests for e-business solutions.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2000, ending December 31, 1999. Revenue was up 14.9% to $2.4 billion compared to the previous year. Earnings per share, excluding special items, were 66 cents, a 20% increase over the previous year. CSC received $3.5 billion in new business awards during the quarter and $9.6 billion year-to-date. Research analysts from various firms cover CSC stock, which trades on the New York Stock Exchange.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2001, ended June 30, 2000. Revenues increased 11.8% to $2.46 billion due to strong growth in the U.S. federal government, Asia-Pacific, and commercial outsourcing sectors. Net income grew 13.5% to $96 million and earnings per share increased to 56 cents. CSC also secured $3.3 billion in new business awards during the quarter and remains on track to achieve its target of $1 billion in e-business revenue for the fiscal year.
Computer Sciences Corporation (CSC) reported strong financial results for the second quarter of fiscal year 2001, with revenues increasing 12% to $2.5 billion and net income growing 17.1% to $109 million. For the first six months of the fiscal year, revenues were up 11.9% to $5 billion and net income increased 15.4% to $205 million. The company secured $7.7 billion in new contracts for the first half, fueling anticipated growth in the second half of the year.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2001, ended December 29, 2000. Revenues increased 12.9% to $2.7 billion due to growth in the federal government vertical market and commercial outsourcing. Earnings before special items increased 9.6% to $122.9 million. Major new business awards totaled $1.8 billion for the quarter. For the nine-month period, revenues increased 12.2% to $7.6 billion and earnings before special items increased 13.1% to $327.9 million, though results were impacted by currency effects and restructuring costs. CSC also discussed several new contracts and engagements.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2002, ended June 29, 2001. Revenue grew 10.2% to $2.7 billion due to strong growth in global outsourcing. Net income was $47.7 million. Commercial revenue grew 17% internationally due to outsourcing contracts in the UK and Scandinavia. Federal government revenue rose 3.9% despite some contract completions, with growth in civil agencies and GSA work. CSC will focus on larger outsourcing engagements and adjusting to reduced consulting demand, while progressing on improving recent outsourcing contracts.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Vadhavan Port Development _ What to Expect In and Beyond (1).pdfjohnson100mee
The Vadhavan Port Development is poised to be one of the most significant infrastructure projects in India's maritime history. This deep-sea port, located in Maharashtra, promises to transform the region's economic landscape, bolster India's trade capabilities, and generate a plethora of employment opportunities. In this blog, we will delve into the various facets of the Vadhavan Port Development: what to expect in and beyond its completion, and how it stands to influence the future of India's maritime and economic sectors.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Poonawalla Fincorp’s Strategy to Achieve Industry-Leading NPA Metricsshruti1menon2
Poonawalla Fincorp Limited, under the leadership of Managing Director Abhay Bhutada, has achieved industry-leading Gross Non-Performing Assets (GNPA) below 1% and Net Non-Performing Assets (NNPA) below 0.5% as of May 31, 2024. This success is attributed to a strategic vision focusing on prudent credit policies, robust risk management, and digital transformation. Bhutada's leadership has driven the company to exceed its targets ahead of schedule, emphasizing rigorous credit assessment, advanced risk management, and enhanced collection efficiency. By prioritizing customer-centric solutions, leveraging digital innovation, and maintaining strong financial performance, Poonawalla Fincorp sets new benchmarks in the industry. With a continued focus on asset quality, digital enhancement, and exploring growth opportunities, the company is well-positioned for sustained success in the future.
2. Focusing on what you do best is the clearest path to success. For Southern Company, it’s a strategy that’s
clearly working. We are focused on the business we know best in the region we know best. With 4 million
customers and nearly 35,000 megawatts of generating capacity, Southern Company is the premier super-
regional energy company in the Southeast. Our three major businesses – regulated utilities, a fast-growing
competitive generation company, and energy-related new products and services – produced superior
results in 2001. Our strategy is to be an income-oriented, low-risk investment with growth opportunities.
on strategy
3. on track
We’ve set aggressive goals. And we met or exceeded them in 2001. Southern Company is focused on
growing. Our earnings. Our generating capacity. Our product offerings. Our regional presence. Our positive
reputation with investors. We grew earnings per share from continuing operations by 6.6 percent in
2001 and have targeted EPS growth of more than 5 percent in 2002. We are on course to increase
annual earnings from competitive generation to more than $200 million by 2005. And we plan to produce
$50 million a year in net income from energy-related new products and services by 2004, apart from
traditional kilowatt-hour sales .
1
4. Southern Company places the highest priority on keeping our promises. We do what we say we’ll do.
We kept our promises to shareholders in 2001 with solid financial results that met or exceeded targets.
We kept our promises to customers by providing reliable power at prices below the national average
and with customer service that ranks among the industry’s best. Our commitment is to create shareholder
value – consistently – by continuing to invest in the businesses and markets we know best. Our goal is to
continue to be a customer service leader.
on the money
2
5. FINANCIAL HIGHLIGHTS
Data in the table below reflects the spinoff of Mirant Corporation in April 2001.
2001 2000 change
Operating revenues (in millions) $10,066 0.9)%
$10,155
Earnings from continuing operations (in millions) $994 12.7)%
$1,120
Basic earnings per share from continuing operations $1.52 6.6)%
$1.62
Diluted earnings per share from continuing operations $1.52 5.9)%
$1.61
Dividends per share $1.34 –)
$1.34
Dividend yield (percent) 4.0 32.5)%
5.3
Average shares outstanding (in millions) 653 5.6)%
689
Return on average common equity (percent) 13.20 2.3)%
13.51
Book value per share $15.69 (27.2)%
$11.43
Market price (year-end, closing) $33.25 (23.8)%
$25.35
Total market value of common stock (year-end, in millions) $22,649 (21.8)%
$17,703
Total assets (in millions) $31,260 (4.6)%
$29,824
Total kilowatt-hour sales (in millions) 176,947 (0.5)%
176,113
Retail 150,178 (3.2)%
145,345
Sales for resale 26,769 14.9)%
30,768
Total number of customers (year-end, in thousands) 3,944 1.4)%
3,998
TABLE OF CONTENTS
4 Letter to Our Shareholders 36 Consolidated Statements of Capitalization
6 Q&A with Allen Franklin 38 Consolidated Statements of Common Stockholders’ Equity
8 Business Overview Consolidated Statements of Comprehensive Income
22 Management’s Report 39 Consolidated Statements of Cash Flows
Report of Independent Public Accountants 40 Notes to Financial Statements
23 Management’s Discussion and Analysis of Results 58 Selected Consolidated Financial and Operating Data 1997-2001
of Operations and Financial Condition 60 Directors
33 Consolidated Statements of Income 62 Officers
34 Consolidated Balance Sheets 64 Shareholder Information
3
6. LETTER TO OUR SHAREHOLDERS
on solid
ground
Allen Franklin Chairman, President, and CEO
Mild weather and a weak economy. These are words no one in our business likes
to hear. They are the words, though, that best describe the business environment
we faced in 2001. It challenged our ability to create value for our shareholders.
But I’m pleased to report that we rose to the challenge and delivered solid results.
Our results from continuing operations for 2001 position us as one of the industry’s
strongest performers. Net income for 2001 was $1.12 billion. Our earnings per share
of $1.62 represented a 6.6 percent increase from 2000 and exceeded both our own
target and the consensus expectations of analysts.
4
7. Solid Performance competitive units is sold primarily under long-term contracts, so
Continued customer growth and significantly lower interest we are not subject to the degree of price volatility that has been
expenses offset the reduced demand for electricity caused by experienced elsewhere among independent power producers.
the weather and economy. We saw that our business model and For this business, we define the Southeast broadly to include
our employees can withstand negative factors and still produce several states beyond the area of our regulated retail business.
positive results. In the future, the scope of our wholesale business may very well
I’m especially pleased to report that our stock performed expand as attractive business opportunities arise. In any event,
well in 2001. From April 2, the date of the Mirant spinoff, through we expect future investments to have the low-risk characteris-
the end of the year, our shares gained almost 18 percent. We tics of our existing wholesale generation business.
maintained our annual dividend of $1.34 per share. The spinoff We also are encouraged by the progress of our new products
of Mirant unlocked real value for Southern Company sharehold- and services business. We’re off to a good start on our goal of
ers. On March 31, 2000, just before we announced plans to producing $50 million a year in earnings from new products and
spin off Mirant, Southern Company’s market value – including services by 2004. This business centers on the development of
our 100 percent ownership of Mirant – was $14.1 billion. At the products and services that are closely tied to our own energy
end of 2001, our market value – totally excluding Mirant – had expertise and marketed to our existing customer base but which
risen to $17.7 billion. produce revenues apart from our traditional kilowatt-hour sales.
There are some significant milestones from the past year I’d It’s a business with exciting potential to add to our growth.
like to mention. Each was important to our success during 2001
and also helped strengthen our foundation for ongoing success: Looking Ahead
• After the spinoff of Mirant, we turned our focus to the As in any year, there are challenges in 2002. Our plans assume
Southeast. Our strategy remains based here, in the region continued slow economic activity, at least through mid-year.
we know so well. We have demonstrated the flexibility to produce strong financial
• We successfully concluded major rate reviews by state results even in a slow economy. However, we hope to see better
regulators in Georgia, Alabama, and Mississippi. The out- economic times here and across the country soon.
comes provide, for several years, continued predictable We are working on the issue of establishing regional trans-
earnings from our regulated business. mission organizations, which would place the planning and
• We put in place an executive management team with extra- operation of the high-voltage transmission systems in the
ordinary depth of talent, leadership, experience, and under- Southeast in the hands of an independent operator. Our pro-
standing of the business. Our management team members posed Southeastern RTO would be one of the country’s largest.
have had success both in regulated and competitive energy And we believe its model is consistent with the key principles
markets. They share a common vision for our company as the Federal Energy Regulatory Commission is advocating.
well as my excitement about the opportunity to lead Southern The overall outlook for Southern Company is excellent.
Company to new heights. Our fundamentals are strong. Our region continues to grow.
Our management team is talented, motivated, and focused on
Sharp Focus keeping our commitments to shareholders and customers. And
Going forward, we will continue to concentrate on what we do we remain focused as well on our social and civic responsibilities,
best in the region we know best. This produced excellent results including the environment. We believe the pieces are in place
in 2001, and I am confident it is the right direction for the future. for success this year and beyond. That’s what we mean when
The backbone of our company will continue to be our regulated we say, ”We’re On.”
business in Alabama, Florida, Georgia, and Mississippi. It is Thank you for your continued support.
strong and it’s growing.
It is augmented by higher-growth competitive generation.
We are well on the way to meet our five-year goal of doubling
the annual earnings from this part of the business by 2005. Our
competitive generation business is structured to provide good Allen Franklin
returns with relatively low risk. The output from our well-run March 18, 2002
5
8. Q&A WITH ALLEN FRANKLIN
answers
questions &
What does our performance in 2001 say about our strategy?
That there’s no question our strategy of sticking to the business we understand best is right for us. Our share price performance indi-
cates that investors agree. A key component of our strategy is to invest our capital consistent with what we believe are the expec-
tations of our shareholders: a low-risk, income-oriented investment with a growing dividend and upside earnings-growth potential.
We’ve been very disciplined in this regard. And all of the factors that led us to view the Southeast as the foundation of our strategy
remain. It’s a good region with high population and economic growth relative to the rest of the country. It’s a business-friendly part
of the country. And it’s the part of the world where we have our greatest strengths. So naturally our growth should be from the
Southeast outward. We’re very encouraged by the way the market has responded to our first year of implementing this strategy.
The regulated side is still the biggest part of our business. What are we doing to keep it strong?
Primarily, recognizing that it’s our core business. It’s our mainstay, the foundation, and it’s what we spend most of our time and
effort on. We are making sure we keep it customer-focused. A retail business, whether it’s regulated or not, has to be built on
bringing value and good service to customers over a long period of time. Any model that’s not based on that is doomed to failure.
Any model that is based on that and is well implemented is likely to succeed.
Are competitive generation and new products and services making the contributions we need?
We had an excellent year in the competitive generation business. We’re actually ahead of our target to double net income from that
business by 2005. We believe we can grow that business for the foreseeable future at a 15 percent-plus compound annual growth
rate, which provides a significant boost to our overall corporate growth. And we are able to do it in a way that does not materially
increase the risks of the business. That’s because it’s primarily a contract business – we sign long-term contracts for the output of
these plants. We’re also making good progress in our new products and services business. We set an extremely aggressive goal
for new products and services to retail customers to make sure we give a very high level of attention to that business. We’re very
serious about the longer-term potential of that business, and I feel very good about the emphasis it is receiving.
Are we meeting our environmental responsibilities?
We’re in a business where we have to balance the energy needs of a growing population with the pace of improving our environment.
It’s a balance we have to meet every day. I think our balance has been good. We continue to have some of the lower-cost power in
the country, and we’re showing significant reductions of total emissions out of our plants. We have spent a great deal of money over
the past few years, and we have plans to spend significant amounts of capital – more than $1 billion – over the next three years for
environmental controls at existing coal-fired plants. The new generation facilities we are constructing use natural gas, which is a
clean and more efficient fuel. The progress we have made looks good, and we’ve been able to do it in a way that has kept the price
of electricity affordable.
6
9. What were your priorities in assembling your executive management team?
I set out to develop a management group that could function very effectively, with teamwork as the focus, and to put in place a
team that had stability and could carry this company forward for a number of years. And we’ve been able to do that. We deal with
corporate issues as a team, and it’s working incredibly well. Something we wanted in our team was a mix of regulated and competi-
tive experience. During the years we invested in Mirant, one of the things we were gaining was competitive experience, in this
country and in other countries. When we were looking at the spinoff of Mirant, we wanted to make sure that Southern Company
retained a level of that experience. We were fortunate to retain some key people who gained experience in competitive energy
markets while working for Mirant, and now they are members of our senior management team.
What is our philosophy about dividends?
It has not changed. We have structured Southern Company’s business to offer an investment opportunity that we believe should
appeal to income-oriented investors who are looking for a combination of relatively low-risk dividend growth and earnings growth.
We said last year we expected to begin looking seriously at increasing the dividend in 2002. We are still on course to make that
decision later this year. We would likely start with dividend increases of about half our earnings-per-share growth rate. That would
allow us to begin to increase the dividend and at the same time continue to work our payout ratio to our target of 75 percent or less.
Our plan is ultimately to grow dividends over time roughly at the growth rate of our earnings per share.
How much emphasis is the company placing on diversity?
Diversity has a very high emphasis. Continued improvement is a priority at all levels of the company. Our success depends on our
ability to welcome and value differences among our employees, customers, and the communities we serve. It’s good business as
well as the right thing to do. It strengthens our ability to attract and keep good employees and to serve our diverse mix of customers.
It’s about more than race and gender. It’s about maintaining a work environment where all employees have the opportunity to reach
their full potential.
What’s your perspective on the turbulence in the industry during the past year?
Some of the developments this past year have reinforced our belief that this industry is different in important ways from others, and
it has to be seen in that light. Electricity is not just another commodity, and electric markets cannot be structured just like any other
commodity market. I think the developments of the past year have caused many policymakers and the public to have a similar view.
Many people have now paused and recognized we need to be thoughtful and very deliberate in making changes to what is in my
judgment the most critical infrastructure and the most critical market in this country.
What is your long-term outlook for Southern Company? What will the company look like in five years?
One key attribute of our strategy is flexibility. We have put a strategy in place that delivers near-term value and preserves our
business options. We’re still vertically integrated. We still serve retail customers and wholesale customers. We own the wires.
We own generation. We have a strong balance sheet. Regulators and state policymakers still have all restructuring options available
to ensure consumers’ interests are protected. So we still have all our business options open, and that’s extremely important, given
the continuing evolution of our business and energy markets. That said, Southern Company five years from now is still likely to have
the majority of its investment in the Southeast. We’re likely to still be pursuing a business that’s closely aligned to our core strengths,
which are related to electricity, both retail and wholesale. I think we’re likely to have the same kind of financial parameters, with a
continuing goal of being a high-performing, income-oriented investment that delivers on the growth side as well.
7
10. empowering your
generation Large commercial customers, such as the
new Discover Mills shopping center in
Lawrenceville, Georgia, are a key part of
Southern Company’s growth plans. Electricity
sales to commercial customers increased to
46.9 billion kilowatt-hours in 2001.
Serving up great service to customers big New homes under construction in the Southeast,
and small is at the heart of everything we do. such as this John Wieland Homes and Neighborhoods
Our recipe is simple: We do all we can to build development near Atlanta, are a sign of the region’s
strong relationships with our customers, like continued population growth, which is adding to our
Bill Walton, a franchise owner for the Alabama- base of customers. We gained 54,000 new customers
based chicken restaurant chain Willy T’s. in 2001, including 43,000 new residential customers.
Our Three Major Businesses
Regulated Utilities are the core of Southern Company’s business.
They are responsible for more than 90 percent of our earnings.
Our electric utilities serve 4 million customers in Alabama, Florida,
Georgia, and Mississippi. It’s a vertically integrated business
with transmission, distribution, and generation in the four-state
service territory. We expect continued demand growth of about
2.5 percent a year and customer growth of 1.5 percent a year
in this vibrant part of the country. With an intense focus on
customer satisfaction, we provide high reliability, excellent
service, and retail prices that are 15 percent below the national
average. Our goal is to continue to lead the industry in service
and customer satisfaction.
8
11. Smooth operation is a hallmark of our generating plants.
Our reputation for reliable and efficient operations is
helping our competitive generation business grow.
Chris Prescott, combustion turbine site manager at
Plant Dahlberg in Georgia, is part of the team that is
building on our record of operational excellence.
New generation is an essential part of Outdoor lighting is among the energy-
our competitive generation business model. related products and services that boost
The first unit of our Goat Rock combined- our retail business beyond traditional
cycle plant in Alabama goes into operation kilowatt-hour sales. Such offerings are
this year with 570 megawatts of capacity. attracting a growing number of customers,
such as Atlanta’s Northlake Office Park,
where Georgia Power’s Jerry Cook (left)
and complex manager Brenda Norman
bask in the glow.
Competitive Generation is a high-growth part of our business. New Products and Services represent the growing variety of
We generate electricity for wholesale customers in the “Super offerings that we are making available to our retail customers.
Southeast,” primarily under long-term contracts. We are active We have set a very aggressive goal of producing $50 million of
in all aspects of wholesale power markets in the Southeast. We net income annually from energy-related new products and
are focused on operational excellence. Our power plants are services by 2004, apart from our traditional kilowatt-hour sales,
dedicated to high reliability standards and maintenance quality. and we are off to an excellent start. Some of the new products
Our goal is to be the world’s best at running power plants. With and services introduced in 2001 include EnergyDirect.com,
$153 million in earnings in 2001, competitive generation is ahead Bill Payment Protection, and Surge Protection. Among our other
of schedule in its goal to earn more than $200 million from this products and services are outdoor lighting, appliance sales and
segment by 2005. We are growing to help meet the energy needs services, energy services, and telecommunications. These and
of the Southeast. Our competitive generation capacity will be other products and services under development have potential
more than 5,000 megawatts by the summer of 2003. to become a significant part of our retail business.
9
12. value
proposition
When companies talk about achieving results, the numbers tell the story best.
In the case of Southern Company, the numbers tell a good story. We are com-
mitted to creating value consistently – in the short term and the long term.
1.62 13.43 13.20 13.51
1.52
10,066 10,155
1.45 1.41 9,499 9,317
1.33
8,774
10.30 10.04
’97 ’98 ’99 ’00 ’01 ’97 ’98 ’99 ’00 ’01
’97 ’98 ’99 ’00 ’01
Basic Earnings Per Share Operating Revenues Return on Average Common Equity
(continuing operations, in dollars) (in millions of dollars) (percent)
’03
2,227**
’02 5,003
$153 1,706**
With million in earnings in 2001
we are ahead of target to earn $200 million a year ’01 430*
’00
from competitive generation by 2005. 640*
Competitive Generation Capacity
(megawatts)
* in service / ** scheduled
10
13. CD Customers E Kilowatt-Hour Sales
(year-end 2001, in thousands) (2001, in millions)
B A. Residential: 3,441 A. Residential: 44,538
D
A
B. Commercial: 539 B. Commercial: 46,939
C. Industrial: 14 C. Industrial: 52,891
D. Other: 4 D. Wholesale: 30,768
E. Other: 977
C
A
B
4 million Total Customers 176.1 billion Total kwh Sales
1Ranki
Total Return (percent)
#
2001 5 Year 10 Year
Southern Company 32.20 19.06 15.42
ng
S&P Electric Index (8.26) 10.59 8.42
S&P 500 Index (11.89) 10.70 12.94
Fortune magazine’s “Most Admired”
Annual returns for the period ending Dec. 31, 2001
Assumes dividends were reinvested
electric and gas utilities
30.5
Duke Energy
17.7
Southern Company
15.8
Dominion Resources
$1.71 15.4
Exelon Corp.
14.0
American Electric Power
12.5
TXU Corp.
2002 Earnings Per Share Target 10.4
FirstEnergy
2001 Market Value Comparison
(year-end, in billions of dollars)
11
14. SUPER SOUTHEAST
• Service Territory
• Competitive Generation Opportunities
at home in our
region
There are many good things about being in the Southeast. We take a broad view of the Southeast. Our regulated busi-
One of the things we like best is the region’s growth. The ness serves customers in a 120,000-square-mile territory that
Southeast is one of the highest-growth regions in the country, includes most of Georgia and Alabama, southeastern Mississippi,
and that is an important factor in Southern Company’s expansion. and the panhandle region of Florida. It’s an area with about
Our growth is tied directly to that of the markets we serve. 12 million people. Our competitive generation business extends
The trends look good. The South has had the nation’s largest our reach to neighboring states in an expansive area we call the
population increase since the release of the 2000 Census. “Super Southeast.”It currently includes our four core states plus
According to the Census Bureau, the region’s population has Kentucky, North Carolina, South Carolina, Tennessee, Louisiana,
grown during this time by an estimated 1.6 million people. And and Virginia. This gives us an option to expand our geographic
two of the nation’s five fastest growing states, Florida and scope as opportunities arise, with the Southeast still being the
Georgia, are in our service territory. This translates into more foundation and center of our business. When it comes to serving
customers for Southern Company. We added 54,000 in 2001. the growing energy needs of this region, we feel right at home.
12
15. A growth region. The Southeast continues to outpace much of the country in population growth, and Atlanta –
Southern Company’s headquarters city – is the region’s major economic growth engine. Our business strategy is
based in the Southeast because it’s the region we know best.
16. customer
satisfaction
Our customers get star treatment. Just ask Okaloosa-Walton
Community College in Niceville, Florida. When a construction
error caused a campus-wide outage that put in doubt a weekend
filled with major events, including a national touring theater per-
formance, Gulf Power was called to the scene. The team restored
power in time for the events to go on as scheduled.
The effort earned the Gulf Power team the Southern Company
Presidential Award for Outstanding Customer Service. This is
a dramatic example, for sure. But Southern Company people
demonstrate that same commitment to customer service in
hundreds of ways every day. Customer service excellence is
the cornerstone of our business. It’s behind everything we do.
That helps explain why we received the highest rating of any
utility company in last year’s American Customer Satisfaction
Index. And why the Edison Electric Institute gave its prestigious
Emergency Response Award to Alabama Power for restoring
power quickly after a severe windstorm. The awards are a great
honor; the continued confidence of our customers is even better.
14
17. The show goes on. Okaloosa - Walton Community College President James R. “Bob” Richburg had reason to smile after Gulf
Power’s performance. When construction workers accidentally cut a power line, an outage threatened a Friday evening per-
formance of a national tour of the musical “Ragtime,” a commissioning ceremony for a new ROTC unit, and a Fine Arts Center
exhibition. But then Gulf Power put on its own show – getting power restored in time for all the events to go on as scheduled.
18. Producing savings. Tyson Foods Inc., the nation's largest meat producer, wanted to use energy more efficiently. We helped
Tyson implement numerous energy-saving measures at many of its facilities. So while grower Rozier Wingate is working to
raise Tyson chickens, we’re working to lower Tyson’s energy costs.
19. perfect
solutions
Reliable doesn’t mean dull. From innovative energy solutions to Alabama Electric Cooperative. In 2001, we put 430 megawatts
our fast-growth competitive energy business to new products of new competitive generation into commercial operation. Our
and services, exciting things are going on at Southern Company schedule for 2002 includes an additional 1,706 megawatts of
beyond our core business. new gas-fired generation.
Competitive generation is building a complementary growth Everyone wants to use energy more efficiently. Southern
engine for Southern Company, consistent with our goal of pro- Company Energy Solutions is helping companies such as Tyson
viding our investors with low risk. In fact, we’re already growing Foods Inc. put a wide assortment of effective, energy-saving
earnings from this business ahead of forecasts. At the heart of ideas to work. Our comprehensive energy plan resulted in Tyson
this growth business is our commitment to be the world’s best reducing energy use by nearly 50 million kilowatt-hours a year.
at constructing and operating generating plants. Our reputation We’re rolling out more new products and services to our
for reliability is very attractive to wholesale customers, as evi- core market of 4 million retail customers. Our existing relation-
denced by the new long-term wholesale power sales contracts ships provide a great opportunity to expand our business with
we signed last year totaling 1,000 megawatts with 30 electric them. We brought out several new offerings in 2001, and others
membership cooperatives in Georgia and 250 megawatts with are on the way in 2002.
17
20. employees with
passion
Chuck Darville
Information Resources,
Southern Company Services
Calvin Jones
Nuclear Security Officer,
Southern Nuclear-Plant Vogtle
LaTanya Moore
Customer Service Representative,
Southern LINC
Tim Adam
Lineman, Mississippi Power
Cathy Walker
Customer Service Supervisor,
Georgia Power
18
21. Dan Diehl
Telecommunications Supervisor,
Southern LINC
Paula Marino
Planning and Engineering Services Manager,
Generation and Energy Marketing
Chris Alexander
Storekeeper, Gulf Power-Plant Smith
Lamar Owens
Meter Reader, Savannah Electric
Carol Mitchell
Administrative Assistant, Alabama Power
Outstanding people are the key ingredients that make sound people development. Southern Company also is emphasizing
strategies and world-class operations succeed. The people who diversity throughout the company, combining a respect for dif-
work at Southern Company – more than 26,000 employees – give ferences with wide-ranging initiatives to ensure all employees
the company a unique competitive advantage. We bring a depth have fair and equal access to information on job opportunities,
of skill and know-how to our jobs that is matched only by our training, and development. Grass-roots input from employees
commitment to customer service, shareholder value, and the was actively sought in developing the initiatives, and this input
communities where we live. became an integral part of the resulting diversity actions.
We’re a big company, with many different kinds of people There are many things that make Southern Company special:
doing many different kinds of jobs. But always with one focus – quick restoration of power after a storm, power plants that run
meeting our commitments to our customers and shareholders. efficiently, courteous service when a customer calls, involvement
We expect a lot of ourselves. We’re constantly raising the bar, in the communities we serve. These aren’t things that companies
with an emphais on speed, teamwork, high performance, and do. These are things that people do.
19
22. Our responsibility as one of the country’s largest producers of Our environmental commitment encompasses the ongoing
electricity is to have as little impact on the environment as pos- installation of state-of- the-art emissions controls at our gener-
sible and, where possible, to improve the environment. It is a ating plants, grass-roots projects to clean up rivers and land,
commitment we must balance with our responsibility to meet the managing more than 300,000 acres of land in the Southeast for
needs of those who rely on the energy and services we provide. recreational purposes, and promoting clean-air transportation
We strive each day to keep that balance, and to find new solutions. such as electric vehicles. We also are a leader in research to
We’re getting results. Emissions of sulfur dioxide and nitrogen produce energy more cleanly and efficiently. This includes work
oxides are down significantly since 1990. Over the next three years, on advanced emission controls for existing power plants – such
we will further reduce emissions substantially at key facilities as the nation’s first full-scale demonstration of mercury-control
across our system. We have avoided or offset more than 40 million technology – and advanced technology for new plants at the
metric tons of carbon dioxide during the past 10 years and proj- Power Systems Development Facility, America’s premier coal
ect additional offsets of up to 150 million metric tons by 2005. utilization research facility.
23. environmental
action
The Coosa River is cleaner thanks to a program started by employees at Alabama Power’s Plant Gadsden on the
Henry Reservoir. The “Renew the Coosa” campaign has expanded to include all the Coosa River reservoirs and
annually attracts thousands of area volunteers to remove garbage and debris from the reservoirs and shoreline.
The efforts of Doug Powell (left), Gene Phifer, and others last year resulted in more than 76 tons of material being
removed. In our plants and in the communities we serve, we are committed to environmental efforts that get results.
To get a copy of Southern Company’s Environmental Progress Report, see Page 64
24. SOUTHERN COMPANY AND SUBSIDIARY COMPANIES 2001 ANNUAL REPORT
SHAREHOLDER INFORMATION
Transfer Agent 2001 Auditors
SCS Stockholder Services is Southern Company’s transfer agent, Arthur Andersen LLP
dividend paying agent, investment plan administrator, and regis- 133 Peachtree Street, N.E.
trar. If you have questions concerning your Southern Company Atlanta, GA 30303
stockholder account, please contact:
SCS Stockholder Services Investor Information Line
P.O. Box 54250 For recorded information about earnings and dividends, stock
Atlanta, GA 30308-0250 quotes, and current news releases, call toll-free (866) 762-6411.
Stockholder Services’ Internet site www.southerncompany.com Institutional Investor Inquiries
provides transfer instructions, service request forms, and fre- Southern Company maintains an investor relations office in
quently asked questions and answers. Atlanta, (404) 506-5195, to meet the information needs of institu-
You may also call the Stockholder Information Line at tional investors and security analysts.
(800) 554-7626. Representatives are available Monday through
Friday, 9 a.m. to 5 p.m. Eastern Time. Eliminate Duplicate Mailings
If you are a stockholder of record and receive multiple copies
Southern Investment Plan of the annual report and proxy statement, or wish to access
Southern Investment Plan (SIP) provides current Southern these documents electronically in the future, you may authorize
Company shareholders with a convenient and economical way Southern Company to suspend future mailings of these documents
to increase their holdings. SIP also enables investors who are to a specific account. To do so, consent when you vote your
not currently shareholders to purchase common stock directly proxy or check the box on the dividend check stub or investment
through the plan. Access www.southerncompany.com to review plan statement and mail it to SCS Stockholder Services.
the Prospectus and New Investor Enrollment Form.
Environmental Information
Dividend Payments Southern Company’s 2001 Environmental Progress Report and
The entire amount of dividends paid during 2001 is taxable more information about what the company is doing to improve
as ordinary income. the environment are available at our environmental Internet site
The board of directors sets the record and payment dates www.southerncompany.com/site/planetpower. For printed
for quarterly dividends. A dividend of 33 1/2 cents was paid in copies of the Progress Report or to request other environmental
March 2002. information, write to:
For the remainder of 2002, projected record dates are Dr. Charles H. Goodman
May 6, Aug. 5, and Nov. 4. Projected payment dates for Senior Vice President, Research and Environmental Affairs
dividends declared during the remainder of 2002 are June 6, 600 North 18th Street
Sept. 6, and Dec. 6 P.O. Box 2641
Birmingham, AL 35203-2206
Internet Account Access
Registered stockholders can access their account information
on the Internet at http://investor.southerncompany.com.
Click on Stockholder Services.
Stockholders can securely view detailed account information
– including share balance, market value, and dividend payment
details – as well as change their account mailing address.
Annual Meeting
The 2002 Annual Meeting of Stockholders will be held on
Wednesday, May 22, at 10 a.m. EDT at the Ritz-Carlton Lodge
in Greensboro, Georgia.
64
25. GLOSSARY
Competitive generation business – linking assets with trading Regional Transmission Organization (RTO) – a mechanism under
and marketing to provide energy to wholesale customers who which public utility transmission facilities in a geographic region
can choose their suppliers based on price, reliability, capacity, are put under common control of an independent, incentive-
and other market needs. driven, third-party operator that manages – but does not own –
the assets.
Earnings per share – net income divided by the average number
of shares of common stock outstanding. Regulated business – the part of our business that generates,
transmits, and distributes electricity to commercial, industrial,
Energy trading and marketing – the buying and selling of energy and residential customers in most of Alabama and Georgia, the
according to market needs without the restriction of defined Florida panhandle, and southeastern Mississippi.
service areas.
Retail markets – markets in which energy is directly sold and
Federal Energy Regulatory Commission (FERC) – an independent delivered to the ultimate end-users of that energy.
agency within the U.S. Department of Energy that, among other
things, regulates wholesale sales of electricity and transmission Super Southeast – the vibrant region and energy market that
in interstate commerce. includes the four states of our traditional Southeastern service
area as well as surrounding states. The region we know best.
Generating capacity – the amount of energy we can produce
using all of our power generation facilities. Total shareholder return – return on investment, including stock
price appreciation plus dividends.
Independent power producer – an entity that builds and/or owns
and operates generating facilities without any geographic or Wholesale customers – energy marketers, electric and gas
service area restrictions or relationships to traditional regulated utilities, municipal utilities, rural electric cooperatives, and
facilities. other entities that buy power for resale to retail customers.
Payout ratio – the percentage of earnings that is paid to Wholesale markets – markets in which relatively large amounts
shareholders in the form of dividends. of energy are sold to customers who may then sell it in retail
markets or – in the case of large industrial customers – use it.
Internet
Subsidiaries, Affiliates and Business Units
Current information about Southern Company is available on the
Alabama Power, Georgia Power, Gulf Power,
Internet at www.southerncompany.com.
Mississippi Power, Savannah Electric, Southern Nuclear,
Southern Company Generation and Energy Marketing,
The 2001 annual report is submitted for shareholders’ information.
Southern Power, Southern Company Energy Solutions,
It is not intended for use in connection with any sale or purchase
Southern LINC, Southern Telecom
of, or any solicitation of offers to buy or sell, securities.
Southern Company
Printed on recycled paper.
270 Peachtree Street, N.W.
Atlanta, GA 30303
(404) 506-5000
601 Pennsylvania Avenue, N.W.
Suite 800 South
Washington, DC 20004
(202) 261-5000
Writing and Project Management: Marc Rice. Financial Review: L.M. Thomas III. Design: Lucid Partners, Atlanta, Georgia. Major Photography: James Schnepf. Printing: George Rice & Sons.
26. SO 2OO1
Southern Company is the premier
super-regional energy company in
the Southeast, where we serve
4 million customers with nearly
35,000 megawatts of generating
capacity, high reliability, excellent
customer service, and low prices.
We are committed to creating
shareholder value by focusing on
the business we know best.