Alabama Power today issued the following:
Company description
* Birmingham based investor-owned electric utility; a subsidiary of
Southern Company .
Performance
* Earnings up for the fourth quarter of 2001 and down for the 12-month
period ended December 2001.
Net Income
* Fourth Quarter Net Income
$ 61,854,000 for the fourth quarter of 2001
$ 40,503,000 for the fourth quarter of 2000
12 Months Ended Net Income
* $ 386,729,000 for the 12-month period that ended December 2001
$ 419,916,000 for the 12-month period that ended December 2000
Total Territorial Energy Sales
* Fourth Quarter Territorial Energy Sales
11.8 billion kilowatt-hours for the fourth quarter of 2001
12.9 billion kilowatt-hours for the fourth quarter of 2000
12 Months Ended Territorial Energy Sales
* 53.2 billion kilowatt-hours for the 12-month period that ended December
2001
* 56.0 billion kilowatt-hours for the 12-month period that ended December
2000
Comments — “Territorial sales continued to decrease in the fourth quarter 2001 due to milder weather and a slowing economy. However, lower non-fuel operating expenses offset the decrease and resulted in the increase in net income for the quarter. Net income for 2001 decreased compared to the year 2000. This was primarily a result of 2001 territorial energy sales being 5% below the prior year due to much milder weather during 2001 and a slowing economy. The lower sales were offset somewhat by a reduction in non-fuel operating expenses.” — William B. Hutchins, III, executive vice president, chief financial officer and treasurer.
SOURCE: Alabama Power Company
Contact: Darya Braggs of Alabama Power Company, +1-205-257-4155, or
djbraggs@southernco.com