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4-Traders Homepage  >  Equities  >  Nyse  >  GULF POWE P    GUA.CL

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GULF POWER CO : Results of Operations and Financial Condition (form 8-K)

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07/27/2016 | 02:26pm CEST

Item 2.02 Results of Operations and Financial Condition

The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

On July 27, 2016, The Southern Company ("Southern Company") issued a press release regarding its earnings for the three-month and six-month periods ended June 30, 2016. A copy of this release is being furnished as Exhibit 99.01 to this Current Report on Form 8-K. In addition, certain additional information regarding the financial results for the three-month and six-month periods ended June 30, 2016 is being furnished as Exhibits 99.02 through 99.07 to this Current Report on Form 8-K.

                       Use of Non-GAAP Financial Measures

Exhibits 99.01, 99.02, 99.03 and 99.04 to this Current Report on Form 8-K, in addition to including earnings and earnings per share in accordance with generally accepted accounting principles ("GAAP") for the three-month and six-month periods ended June 30, 2016 and 2015, also include earnings and earnings per share (1) for the three-month and six-month periods ended June 30, 2016 and 2015 excluding charges for estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (the "Kemper IGCC"), (2) for the three-month and six-month periods ended June 30, 2016 excluding costs related to the acquisitions of Southern Company Gas (formerly known as AGL Resources Inc.) and PowerSecure International, Inc., and (3) for the three-month and six-month periods ended June 30, 2015 excluding additional costs related to the discontinued operations of Mirant Corporation and the March 2009 settlement agreement with MC Asset Recovery, LLC ("MCAR"). The estimated probable losses relating to the Kemper IGCC significantly impacted the presentation of earnings and earnings per share for the three-month and six-month periods ended June 30, 2016 and 2015, and similar charges may occur with uncertain frequency in the future. Further costs related to the acquisitions of Southern Company Gas and PowerSecure International, Inc. are expected to continue to occur in connection with supporting the related integrations. Further costs related to the settlement agreement with MCAR are not expected to occur. Additionally, Exhibit 99.02 excludes costs for the debt financing related to the acquisition of Southern Company Gas. For comparison purposes, these costs have been removed from the actual results to be consistent with the 2016 earnings guidance as presented in the first quarter of 2016, which excluded such costs. Southern Company believes the presentation of earnings and earnings per share, excluding these charges, is useful to investors because it provides investors with additional information to evaluate the performance of Southern Company's ongoing business activities. Southern Company management also uses earnings and earnings per share, excluding the effect of these items, to evaluate the performance of Southern Company's ongoing business activities. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.








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                                    Exhibits

The exhibits hereto contain business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company and Southern Power Company. Accordingly, this report is also being furnished on behalf of each such registrant.

The following exhibits relate to the three-month and six-month periods ended June 30, 2016:

Exhibit 99.01 Press Release.

© Edgar Online, source Glimpses

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