1. Southern Company
3rd Quarter 2003 Earnings
September 30, 2003
Contents
Press Release 1
Business Outlook 4
Financial Highlights 8
Factors Affecting Earnings 8
Analysis of Consolidated Earnings 9
Kilowatt Hour Sales 9
Financial Overview 10

2. News
Media Contact: Marc Rice
404-506-5333 or 1-866-506-5333
media@southerncompany.com
www.southerncompany.com
Investor Relations Contact:
Glen Kundert
404-506-5135
gakunder2@southernco.com
Oct. 21, 2003
Despite unusually mild summer weather,
Southern Company earnings increase in third quarter
ATLANTA – Southern Company today reported third quarter earnings of $619 million,
or 85 cents per share, compared with $595 million, or 84 cents per share, in the third
quarter of 2002.
Earnings for the first nine months of 2003 -- including a one-time item reported in the
second quarter with a positive impact of 11 cents per share -- were $1.35 billion, or $1.86
per share. Earnings for the first nine months of 2002 were $1.15 billion, or $1.63 per
share.
The nine-month earnings for 2003 include a one-time after-tax gain of $88 million in the
second quarter from the termination of all long-term wholesale power contracts between
Southern Company and Dynegy, Inc. After adjusting for revenues that would have been
recognized for the remainder of this year had the contracts remained in place, the
adjusted gain for 2003 is $83 million, or 11 cents per share.
CEO Allen Franklin said continued mild weather during the summer reduced third
quarter demand for electricity among retail customers. The impact on earnings from the
weather-related decline in retail sales was offset by a number of positive factors,
including the ongoing influx of people and businesses into the Southeast. Southern
Company is serving 1.6 percent more customers now than at the end of the third quarter a
year ago.

3. Successful efforts to control costs also contributed positively to earnings, as did stronger
results from Southern Company’s competitive generation business, in part because
capacity from low-cost generation was available for sale in the wholesale market,
Franklin added.
“We remain focused on the fundamentals of running our business successfully for the
long term,” Franklin said. “We’re operating our generating plants at record high levels of
efficiency, continually upgrading our transmission and distribution system so that
customers get their power safely and reliably, keeping prices low and building on our
position as the industry leader in customer satisfaction.”
Third quarter revenues were $3.34 billion, compared with $3.25 billion in the same
period a year ago. Revenues for the first nine months of 2003 were $8.75 billion,
compared with $8.09 billion in the first nine months of 2002.
Reviewing operations, Franklin said kilowatt-hour sales to retail customers in Southern
Company's four-state service area decreased 1.4 percent during the third quarter,
compared with the same period in 2002. In-home electricity needs, reflecting the
unusually mild weather this summer, decreased 3.2 percent. Electricity use by
commercial customers -- offices, stores and other non-manufacturing firms – increased
0.1 percent. Industrial energy use decreased 0.8 percent.
Total sales of electricity to Southern Company's customers in the Southeast, including
wholesale sales, increased 3.4 percent in the third quarter.
In conjunction with this earnings announcement, Southern Company has posted on its
Web site a package of detailed financial information on its third quarter performance.
These materials are available at 7:30 a.m. EDT Oct. 21 at www.southerncompany.com.
Southern Company's financial analyst call will be at 1 p.m. EDT Oct. 21, at which time
Franklin and Chief Financial Officer Tom Fanning will discuss earnings and earnings
guidance and provide a general business update. Investors, media and the public may
listen to a live Webcast of the call at www.southerncompany.com. A replay of the
Webcast will be available at the site for 12 months.
With 4 million customers and nearly 39,000 megawatts of generating capacity, Atlanta-
based Southern Company (NYSE: SO) is the premier super-regional energy company in
the Southeast and a leading U.S. producer of electricity. Southern Company owns electric
utilities in four states, a growing competitive generation company, an energy services
business and a competitive retail natural gas business, as well as fiber optics and wireless
communications. Southern Company brands are known for excellent customer service,
high reliability and retail electric prices that are 15 percent below the national average.
Southern Company has been named two consecutive years No. 1 on Fortune magazine’s
“America’s Most Admired Companies” list in the Electric and Gas Utility industry.
Southern Company has been ranked the nation’s top energy utility in the American

4. Customer Satisfaction Index four years in a row, and in the latest survey tied for the
highest score among all service industry companies. Southern Company has more than
500,000 shareholders, making its common stock one of the most widely held in the
United States. Visit the Southern Company Web site at www.southerncompany.com.
Forward Looking Statements Note:
Certain information contained in this release is forward-looking information based on
current expectations and plans that involve risks and uncertainties. Forward-looking
information includes, among other things, statements concerning continued customer
growth and Southern Company’s ability to achieve long-term success. Southern
Company cautions that there are certain factors that can cause actual results to differ
materially from the forward-looking information that has been provided. The reader is
cautioned not to put undue reliance on this forward-looking information, which is not a
guarantee of future performance and is subject to a number of uncertainties and other
factors, many of which are outside the control of Southern Company; accordingly, there
can be no assurance that such indicated results will be realized.
The following factors, in addition to those discussed in Southern Company's Annual
Report on Form 10-K for the year ended Dec. 31, 2002, and subsequent securities filings,
could cause results to differ materially from management expectations as suggested by
such forward-looking information: the impact of recent and future federal and state
regulatory change, including legislative and regulatory initiatives regarding
deregulation and restructuring of the electric utility industry and also changes in
environmental and other laws and regulations to which Southern Company and its
subsidiaries are subject, as well as changes in application of existing laws and
regulations; current and future litigation, including the EPA civil action against certain
subsidiaries of Southern Company; the effects, extent and timing of additional
competition in the markets in which Southern Company's subsidiaries operate; the
impact of fluctuations in commodity prices, interest rates and customer demand; state
and federal rate regulation; political and legal conditions and developments in the
United States; the performance of projects undertaken by the non-traditional business
and the success of efforts to invest in and develop new opportunities; internal
restructuring or other restructuring options that may be pursued; potential business
strategies, including acquisitions or dispositions of assets or businesses, which cannot be
assured to be completed or beneficial to Southern Company or its subsidiaries; the
ability of counterparties of Southern Company and its subsidiaries to make payments as
and when due; the effects of, and changes in, economic conditions in the areas in which
Southern Company's subsidiaries operate, including the current soft economy; the direct
or indirect effects on Southern Company’s business resulting from the terrorist incidents
on Sept. 11, 2001, or any similar such incidents or responses to such incidents; financial
market conditions and the results of financing efforts; the timing and acceptance of
Southern Company's new product and service offerings; the ability of Southern Company
to obtain additional generating capacity at competitive prices; and weather and other
natural phenomena.
###

5. Page 4
Southern Company Business Outlook
− We will be focused on three Major Businesses:
1. Regulated infrastructure businesses
− Transmission, distribution, and over 30,000 MW of regulated generation
within our traditional operating companies.
− Annual Demand growth in our service territory expected to be 2 percent
− Strong customer growth of approximately 1.5 percent per year
2. Competitive generation
− We currently have approximately 4,777 MW of capacity in service at
Southern Power.
− Our current construction schedule includes 1,240 MW of capacity scheduled
to be in service in June 2005.
− This is in addition to our existing wholesale business that generated
approximately $100 million in net income for our operating companies in
2000.
3. Products and services for energy consumers
− We will leverage our existing infrastructure and customer base to deliver
additional products and services.
− Currently this includes Southern Company Energy Solutions, Appliance Sales,
Unregulated Outdoor Lighting, Southern Company Gas, Southern Telecom,
and Southern LINC. Examples of current products offered include energy
services, outdoor lighting, and access to dark optical fiber.
− Goals for our Major Businesses
1. Double the earnings contribution from the company’s competitive generation
business (from $100 million in 2000) to more than $200 million by 2005.
2. Produce $50 million net income from energy-related products and services by
2004
3. Lead the industry in service and customer satisfaction.
See caution regarding forward looking statements on page seven of this document

6. Page 5
− Financial Goals for the Company
1. Earnings per Share Growth – at least 5% annual growth
2. Return on equity – top quartile of electric utilities
3. Dividend Payout – target a range of 70 – 75%
4. Dividend Growth – consistent with our payout objectives
5. Capital Structure – maintain a minimum 38% equity ratio
− We are targeting strong earnings results in 2003.
Projected Earnings per Share
2003
Regulated Infrastructure 1.54
Competitive Generation 0.31
Products and Services 0.02
Synthetic Fuels 0.07
Leasing Business 0.04
Holding Company (0.07)
Total $1.91
Expected Sources and Uses of Funds from 2003 to 2006
−
All Values in Billions
Sources 2003-2006
Funds from Operations $11.3
Equity Issuances 0.4
Net Debt and Preferred 1.8
$13.5
Uses
Investments* $ 9.3
Detailed Breakout Page 6
Common Dividends 4.2
$13.5
See caution regarding forward looking statements on page seven of this document

7. Page 6
Investments 2003 - 2006
Regulated Infrastructure
Fossil/Hydro Retrofits 0.8
Environmental 1.5
Nuclear Fuel & Retrofits 0.7
Transmission & Distribution 4.4
All Other 0.5
Total Regulated Infrastructure $7.9
1.3
Competitive Generation
0.1
Products/Services & Other
$ 9.3
Total Investments
Credit Ratings
−
S&P Moody’s Fitch
Senior Commercial Senior Commercial Senior Commercial
Unsecured Paper Unsecured Paper Unsecured Paper
Alabama Power A A-1** A2 P-1** A F-1**
Georgia Power A A-1* A2 P-1* A+ F-1*
Gulf Power A A-1* A2 P-1* A F-1*
Mississippi Power A A-1* A1 P-1* A+ F-1*
Savannah Electric A A-1* A2 P-1* - -
Southern Power BBB+ A-2 Baa1 P-2 - -
Southern Company A- A-1 A3 P-1 A F-1
*Commercial Paper issued through Southern Company Funding Corporation
**Alabama Power can issue commercial paper through the Southern Company Funding Corporation or through its own
commercial paper program.
See caution regarding forward looking statements on page seven of this document

8. Page 7
Forward Looking Statement Disclosure:
NOTE: All of the information contained in this Business Outlook is forward-looking
information based on current expectations and plans that involve risks and uncertainties.
Southern Company cautions that there are certain factors that can cause actual results to differ
materially from the forward-looking information that has been provided. The reader is cautioned
not to put undue reliance on this forward-looking information, which is not a guarantee of future
performance and is subject to a number of uncertainties and other factors, many of which are
outside the control of Southern Company; accordingly, there can be no assurance that such
indicated results will be realized.
The following factors, in addition to those discussed in Southern Company's Annual
Report on Form 10-K for the year ended December 31, 2002, and subsequent securities filings,
could cause results to differ materially from management expectations as suggested by such
forward-looking information: the impact of recent and future federal and state regulatory
change, including legislative and regulatory initiatives regarding deregulation and restructuring
of the electric utility industry and also changes in environmental and other laws and regulations
to which Southern Company and its subsidiaries are subject, as well as changes in application of
existing laws and regulations; current and future litigation, including the EPA civil action
against certain subsidiaries of Southern Company and the diversity litigation against certain
subsidiaries of Southern Company; the effects, extent and timing of additional competition in the
markets in which Southern Company's subsidiaries operate; the impact of fluctuations in
commodity prices, interest rates and customer demand; state and federal rate regulation in the
United States; political and legal conditions and developments in the United States; the
performance of projects undertaken by the non-traditional business and the success of efforts to
invest in and develop new opportunities; internal restructuring or other restructuring options that
may be pursued; potential business strategies, including acquisitions or dispositions of assets or
businesses, which cannot be assured to be completed or beneficial to Southern Company or its
subsidiaries; the effects of, and changes in, economic conditions in the areas in which Southern
Company's subsidiaries operate, including the current soft economy; the direct or indirect effects
on Southern Company's business resulting from the terrorist incidents on September 11, 2001, or
any similar such incidents or responses to such incidents; financial market conditions and the
results of financing efforts; the timing and acceptance of Southern Company's new product and
service offerings; the ability of Southern Company to obtain additional generating capacity at
competitive prices; and weather and other natural phenomena.
See caution regarding forward looking statements on page seven of this document

9. Page 8
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended September 9 Months Ended September
2003 2002 2003 2002
(Notes) (Notes) (Notes) (Notes)
Consolidated Earnings–
Southern Company
$ 519 $ 523 $ 1,019 $ 1,016
Regulated Retail Business
80 198
61 134
Competitive Generation
Total 599 584 1,217 1,150
Synthetic Fuels 14 13 42 27
Products and Services 3 2 20 4
Leasing Business 7 6 21 16
(4) (34)
(10) (46)
Parent Company and Other
$ 619 $ 595 $ 1,266 $ 1,151
Net Income - Excluding Dynegy (See Notes)
619 $ 595 1,349 $ 1,151
$ $
- As Reported
Basic Earnings Per Share–(Notes)
$ 0.85 $ 0.84 $ 1.75 $ 1.63
- Excluding Dynegy (See Notes)
$ 0.85 $ 0.84 $ 1.86 $ 1.63
- As Reported
$ 3,337 $ 3,248 $ 8,749 $ 8,092
Operating Revenues
730 711 724 706
Average Shares Outstanding(in millions)
731 713
End of Period Shares Outstanding(in millions)
Significant Factors Impacting EPS (Notes)
3 Months Ended September 9 Months Ended September
2003 2002 Change 2003 2002 Change
$ 0.85 $ 0.84 $ 0.01 $1.75 $1.63 $0.12
Consolidated Earnings Excluding Dynegy-
Significant Factors:
(0.01) -
Regulated Retail Business
0.03 0.10
Competitive Generation
- 0.02
Synthetic Fuels
- 0.02
Products and Services
- 0.01
Leasing Business
0.01 0.02
Parent Company and Other
(0.02) (0.05)
Impact of Additional Shares
$ 0.01 $0.12
Total
Notes
- Excludes a one-time gain of $88 million in May 2003 from the previously announced termination of
long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenu
that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 milli
- Diluted earnings per share are not more than 1 cent for any period reported above and are not material.
- Certain prior year data has been reclassified to conform with current year presentatio
- Information contained in this report is subject to review and adjustments and certain classifications may be differe
from final results published in the Form 10-Q

10. Page 9
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended September 9 Months Ended September
2003 2002 Change 2003 2002 Change
Income Account-
Retail Revenue $ 2,749 $ 8 $ 6,778 $ 129
$ 2,757 $ 6,907
Wholesale Revenue 344 51 870 202
395 1,072
Other Electric Revenues 82 7 228 178
89 406
96 364
73 23 216 148
Non-regulated Operating Revenues
3,337 8,749
3,248 89 8,092 657
Total Revenues
Fuel and Purchased Power 1,029 65 2,481 328
1,094 2,809
Non-fuel O & M 737 (1) 2,180 89
736 2,269
Depreciation and Amortization 265 (7) 765 (4)
258 761
155 447
147 8 425 22
Taxes Other Than Income Taxes
2,243 6,286
2,178 65 5,851 435
Total Operating Expenses
Operating Income 1,070 24 2,241 222
1,094 2,463
Other Income, net (29) 4 (40) 31
(25) (9)
Interest Charges and Dividends 174 (3) 512 7
171 519
279 586
272 7 538 48
Income Taxes
$ 595 $ 24 $ 1,151 $ 198
$ 619 $ 1,349
NET INCOME AS REPORTED
$ 595 $ 24 $ 1,151 $ 115
$ 619 $ 1,266
NET INCOME EXCLUDING DYNEGY
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended September 9 Months Ended September
2003 2002 Change 2003 2002 Change
Kilowatt-Hour Sales-
54,974 53,166 3.4% 146,624 139,759 4.9%
Total Sales
43,536 44,159 -1.4% 116,143 116,466 -0.3%
Total Retail Sales-
15,211 15,718 -3.2% 37,558 38,054 -1.3%
Residential
13,878 13,871 0.1% 36,912 36,948 -0.1%
Commercial
14,193 14,313 -0.8% 40,923 40,711 0.5%
Industrial
11,438 9,007 27.0% 30,481 23,293 30.9%
Total Wholesale Sales

11. Page 10
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended September 9 Months Ended September
2003 2002 % Change 2003 2002 % Change
Consolidated –
Operating Revenues $3,337 $3,248 2.7% $8,749 $8,092 8.1%
Earnings Before Income Taxes 898 867 3.5% 1,935 1,689 14.5%
Net Income As Reported 619 595 3.9% 1,349 1,151 17.2%
Net Income Excluding Dynegy (Note) 619 595 4.0% 1,266 1,151 9.9%
Alabama Power –
Operating Revenues $1,234 $1,119 10.2% $3,093 $2,846 8.7%
Earnings Before Income Taxes 357 330 8.0% 679 647 4.8%
Net Income Available to Common 217 201 7.9% 415 389 6.7%
Georgia Power –
Operating Revenues $1,486 $1,517 -2.0% $3,803 $3,728 2.0%
Earnings Before Income Taxes 412 430 -4.2% 876 904 -3.1%
Net Income Available to Common 265 271 -2.4% 557 569 -2.2%
Gulf Power –
Operating Revenues $253 $246 3.0% $666 $617 8.0%
Earnings Before Income Taxes 53 55 -3.4% 106 93 13.3%
Net Income Available to Common 33 34 -3.5% 66 59 10.8%
Mississippi Power –
Operating Revenues $228 $244 -6.3% $686 $632 8.6%
Earnings Before Income Taxes 57 54 3.1% 179 112 59.0%
Net Income Available to Common 35 33 3.0% 109 68 59.7%
Savannah Electric –
Operating Revenues $100 $97 3.4% $248 $233 6.6%
Earnings Before Income Taxes 23 21 13.1% 39 35 11.9%
Net Income Available to Common 14 13 9.4% 24 22 10.0%
Southern Power –
- -
Operating Revenues $208 $136 $554 $213
- -
Earnings Before Income Taxes 53 38 220 60
- -
Net Income Available to Common 41 28 143 41
Note: Excludes a one-time gain of $88 million in May 2003 from the previously announced termination of all
long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues
that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 is $83 million.