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

02/03/2016 | 08:37am US/Eastern

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 February 3, 2016, The Southern Company ("Southern Company") issued a press release regarding its earnings for the three-month and twelve-month periods ended December 31, 2015. 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 twelve-month periods ended December 31, 2015 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 twelve-month periods ended December 31, 2015 and 2014, also include earnings and earnings per share (1) for the three-month and twelve-month periods ended December 31, 2015 and 2014 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 twelve-month periods ended December 31, 2014 excluding the effect of reversing revenues previously recognized in 2014 and 2013 as a result of the 2015 Mississippi Supreme Court decision that reversed the Mississippi Public Service Commission's March 2013 Kemper IGCC rate order, (3) for the three-month and twelve-month periods ended December 31, 2015 excluding costs related to the proposed acquisition of AGL Resources Inc. and (4) for the twelve-month period ended December 31, 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 twelve-month periods ended December 31, 2015 and 2014, and similar charges may occur with uncertain frequency in the future. Further costs related to the proposed acquisition of AGL Resources Inc. are expected to continue to occur in connection with closing the proposed acquisition and supporting the related integration. Further costs related to the settlement agreement with MCAR are not expected to occur. 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 charges, to evaluate the performance of Southern Company's ongoing business activities. The presentation of this additional information is not meant to be considered a substitute for financial measures prepared in accordance with GAAP.

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                                    Exhibits

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

The following exhibits relate to the three-month and twelve-month periods ended December 31, 2015:

Exhibit 99.01 Press Release.

© Edgar Online, source Glimpses

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