SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1993
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 1-3526
A. Full title of the plan:
THE SOUTHERN COMPANY
EMPLOYEE SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
THE SOUTHERN COMPANY
64 Perimeter Center East
Atlanta, Georgia 30346<PAGE>
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
FORM 11-K
DECEMBER 31, 1993
TABLE OF CONTENTS
Page No.
Exhibits 2
Report of Independent Public Accountants 3
Statement of Net Assets Available for Benefits, With Fund
Information-- December 31, 1993 5
Statement of Net Assets Available for Benefits, With Fund
Information-- December 31, 1992 6
Statement of Changes in Net Assets Available for
Benefits, With Fund Information-- for the year ended
December 31, 1993 7
Statement of Changes in Net Assets Available for
Benefits, With Fund Information-- for the year ended
December 31, 1992 8
Notes to Financial Statements and Schedules 9
Schedule I - Item 27a - Schedule of Assets Held for
Investment Purposes--December 31, 1993 14
Schedule II - Item 27d - Schedule of Reportable
Transactions-- for the year ended December 31, 1993 20
Signature 21
Consent of Independent Public Accountants 22
- 1 -<PAGE>
EXHIBITS
A-1 - Amended and Restated Plan Agreement for The Southern
Company Employee Savings Plan. (Designated in Form 11-K
for 1991, File No. 1-3526, as Exhibit A-1.)
B - Copy of Internal Revenue Service determination letter
dated May 29, 1990. (Designated in Form 11-K for 1991,
File No. 1-3526 as Exhibit B).
C - Trust Agreement between Southern Company Services, Inc.
and Wachovia Bank of Georgia, N. A. (Designated in Form
11-K for 1991, File No. 1-3526 as Exhibit C).
- 2 -<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Savings Plan Committee of
The Southern Company Employee Savings Plan:
We have audited the accompanying statements of net assets
available for benefits, with fund information of THE SOUTHERN
COMPANY EMPLOYEE SAVINGS PLAN (the "Plan") as of December 31,
1993 and 1992, and the related statements of changes in net
assets available for benefits, with fund information for the
years then ended. These financial statements and the schedules
referred to below are the responsibility of the Savings Plan
Committee in its capacity as administrator of the Plan (the
"Administrator"). Our responsibility is to express an opinion on
these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the Administrator, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 1993 and
1992, and the changes in net assets available for benefits for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules, as listed in the accompanying table of
contents, are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but
are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The fund
information in the statement of net assets available for benefits
and the statement of changes in net assets available for benefits
is presented for purposes of additional analysis rather than to
present the net assets available for plan benefits and changes in
net assets available for plan benefits of each fund. The
- 3 -<PAGE>
Page 2
supplemental schedules and fund information have been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
Arthur Andersen & Co. ARTHUR ANDERSEN & CO.
Atlanta, Georgia
June 10, 1994
- 4 - <PAGE>
<TABLE>
Item 1. THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1993
Fund Information (Note 1)
Participant Directed Portion
Fixed Income Equity Index Participant
Total Fund Fund Fund Loan Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value
(Schedule 1 and Note 2)
Temporary investments $ 63,463,995 $ 47,105,138 $ 10,473,370 $ 791,093 $ -
Certificates of deposit 51,000,000 51,000,000 - - -
Common stock--excluding
common stock of The
Southern Company 101,177,789 - 101,177,789 - -
Common stock--The
Southern Company 1,337,838,980 - - - -
Mutual fund equity
investments 47,649,183 - - 47,649,183 -
Investments, at contract value
Guaranteed investment
contracts 6,241,947 6,241,947 - - -
Loans due from participants 76,796,989 - - - 76,796,989
1,684,168,883 104,347,085 111,651,159 48,440,276 76,796,989
Interest and dividends
receivable 1,020,381 856,943 146,114 1,101 -
Other current assets 942,498 191,494 751,004 - -
Total Assets 1,686,131,762 105,395,522 112,548,277 48,441,377 76,796,989
LIABILITIES:
Due to (from) other funds - - - - -
Other current liabilities 548,542 548,542 - - -
Liabilities for
securities purchased 864,174 - 314,906 - -
Total Liabilities 1,412,716 548,542 314,906 - -
NET ASSETS AVAILABLE
FOR BENEFITS $1,684,719,046 $104,846,980 $112,233,371 $48,441,377 $76,796,989
The accompanying notes are an integral part of this statement.
</TABLE>
- 5 - <PAGE>
<TABLE>
Item 1. THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1993
Fund Information (Note 1)
Non-Participant
Directed Portion
The Southern Company
Stock Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value
(Schedule 1 and Note 2)
Temporary investments - $ 3,163,751 $ 1,930,643
Certificates of deposit - -
Common stock--excluding
common stock of The
Southern Company- - -
Common stock--The
Southern Company 603,466,473 734,372,507
Mutual fund equity
investments- - -
Investments, at contract value
Guaranteed investment
contracts - -
Loans due from participants - -
606,630,224 736,303,150
Interest and dividends
receivable 9,253 6,970
Other current assets - -
Total Assets 606,639,477 736,310,120
LIABILITIES:
Due to (from) other funds - -
Other current liabilities- - -
Liabilities for
securities purchased 549,268 -
Total Liabilities 549,268 -
NET ASSETS AVAILABLE
FOR BENEFITS $606,090,209 $736,310,120
- 6 - <PAGE>
The accompanying notes are an integral part of this statement.
</TABLE>
- 7 - <PAGE>
<TABLE>
<CAPTION>
Item 1. THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1992
Fund Information (Note 1)
Participant Directed Portion
<S> <C> <C> <C> <C> <C>
Fixed Income Equity Index Participants
Total Fund Fund Fund Loan Fund
ASSETS:
Investments, at fair value
(Schedule 1 and Note 2)
Temporary investments $ 58,084,882 $44,747,446 $ 8,927,057 $ 727,128 $ -
Certificates of deposit 43,500,000 43,500,000 - - -
Common stock--excluding
common stock of The
Southern Company 102,490,354 - 102,490,354 - -
Common stock--The
Southern Company 1,087,177,235 - - - -
Mutual fund equity
investments 31,726,393 - - 31,726,393 -
Investments, at contract value
Guaranteed investment
contracts 4,784,725 4,784,725 - - -
Loans due from participants 66,189,778 - - - 66,189,778
1,393,953,367 93,032,171 111,417,411 32,453,521 66,189,778
Interest and dividends
receivable 1,089,432 924,133 153,111 892 -
Other current assets 109,538 20,477 - 4,309 -
Total Assets 1,395,152,337 93,976,781 111,570,522 32,458,722 66,189,778
LIABILITIES:
Due to (from) other funds - (981,435) (818,363) (489,426) -
Other current liabilities 548,650 444,071 46,607 13,886 -
Liabilities for
securities purchased 3,106,274 - - - -
- 8 - <PAGE>
Total Liabilities 3,654,924 (537,364) (771,756) (475,540) -
NET ASSETS AVAILABLE
FOR BENEFITS $1,391,497,413 $94,514,145 $112,342,278 $32,934,262 $66,189,778
The accompanying notes are an integral part of this statement.
</TABLE>
- 9 -<PAGE>
<TABLE>
Item 1. THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1992
Fund Information (Note 1)
Participant Directed Portion
The Southern Company
Stock Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at fair value
(Schedule 1 and Note 2)
Temporary investments $ 769,968 $ 2,913,283
Certificates of deposit - -
Common stock--excluding
common stock of The
Southern Company - -
Common stock--The
Southern Company 489,025,081 598,152,154
Mutual fund equity
investments - -
Investments, at contract value
Guaranteed investment
contracts - -
Loans due from participants - -
489,795,049 601,065,437
Interest and dividends
receivable 6,096 5,200
Other current assets 82,979 1,773
Total Assets 489,884,124 601,072,410
LIABILITIES:
Due to (from) other funds 2,289,224 -
Other current liabilities - 44,086
Liabilities for
securities purchased 514,993 2,591,281
Total Liabilities 2,804,217 2,635,367
NET ASSETS AVAILABLE
FOR BENEFITS $487,079,907 $598,437,043
The accompanying notes are an integral part of this statement.
-10-
</TABLE>
<TABLE>
Item 2.
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1993
Fund Information (Note 1)
Participant Directed Portion
Fixed Income Equity Index Participan
Total Fund Fund Fund Loan Fun
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest & Dividends $ 78,164,696 $ 3,978,515 $ 1,583,310 $ 1,119,668 $ 5,078,989
Net appreciation
(depreciation) in fair
value of investments
(Note 2) 163,327,319 - (1,843,752) 2,746,651 -
Net investment income 241,492,015 3,978,515 (260,442) 3,866,319 5,078,989
CONTRIBUTIONS (Notes 3 and 4):
Participants' 68,250,451 7,652,042 10,764,437 6,936,394 -
Company 41,414,262 - - - -
DISTRIBUTIONS TO PARTICIPANTS (67,322,108) (10,028,558) (4,478,962) (1,535,553) -
NEW LOANS ISSUED - (3,637,103) (4,261,730) (1,896,580) 36,555,453
LOAN PRINCIPAL PAYMENTS - 1,923,943 2,917,134 1,774,523 (25,948,242
TRANSFERS BETWEEN FUNDS - 4,937,244 (6,433,692) 5,281,486 (5,078,989
NET TRANSFERS INTO FUNDS 9,387,013 5,506,752 1,644,348 1,080,526 -
CHANGE IN NET ASSETS
AVAILABLE FOR BENEFITS
DURING YEAR 293,221,633 10,332,835 (108,907) 15,507,115 10,607,211
NET ASSETS AVAILABLE FOR
BENEFITS AT DECEMBER 31, 1992 1,391,497,413 94,514,145 112,342,278 32,934,262 66,189,778
NET ASSETS AVAILABLE
FOR BENEFITS AT
DECEMBER 31, 1993 $1,684,719,046 $104,846,980 $112,233,371 $ 48,441,377 $76,796,989
The accompanying notes are an integral part of this statement.
-11-
</TABLE>
<TABLE>
Item 2.
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1993
Fund Information (Note 1)
Non-Participant
Directed Portion
The Southern Company
Stock Fund
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest & Dividends $ 29,889,592 $ 36,514,622
Net appreciation
(depreciation) in fair
value of investments
(Note 2) 73,292,169 89,132,251
Net investment income 103,181,761 125,646,873
CONTRIBUTIONS (Notes 3 and 4):
Participants' 42,897,578 -
Company - 41,414,262
DISTRIBUTIONS TO PARTICIPANTS (19,782,961) (31,496,074)
NEW LOANS ISSUED (20,760,973) (5,999,067)
LOAN PRINCIPAL PAYMENTS 12,430,153 6,902,489
TRANSFERS BETWEEN FUNDS (110,643) 1,404,594
NET TRANSFERS INTO FUNDS 1,155,387 -
CHANGE IN NET ASSETS
AVAILABLE FOR BENEFITS
DURING YEAR 119,010,302 137,873,077
NET ASSETS AVAILABLE FOR
BENEFITS AT DECEMBER 31, 1992 487,079,907 598,437,043
NET ASSETS AVAILABLE
FOR BENEFITS AT
DECEMBER 31, 1993 $606,090,209 $736,310,120
The accompanying notes are an integral part of this statement.
-12-
</TABLE>
<TABLE>
Item 2. (Continued)
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1992
Other Fund Information (Note 1)
Participant Directed Portion
Fixed Income Equity Index Participants
Total Fund Fund Fund Loan Fund
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest & Dividends $ 71,904,272 $ 4,074,113 $ 1,583,704 $ 838,454 $ 4,770,303
Net appreciation in fair
value of investments
(Note 2) 118,075,892 (561) 1,945,304 1,431,950 -
Net investment income 189,980,164 4,073,552 3,529,008 2,270,404 4,770,303
CONTRIBUTIONS (Notes 3 and 4):
Participants' 62,329,921 7,067,709 10,935,375 5,549,127 -
Company 38,445,701 - - - -
DISTRIBUTION TO PARTICIPANTS (93,437,228) (11,174,760) (5,366,398) (1,636,898) -
NEW LOANS ISSUED - (3,887,254) (4,962,123) (1,469,633) 40,657,628
LOAN PRINCIPAL PAYMENTS - 1,821,590 2,729,652 1,306,135 (24,235,419)
NET TRANSFERS BETWEEN FUNDS - 16,918,762 2,479,324 1,651,077 (4,770,303)
CHANGE IN NET ASSETS
AVAILABLE FOR BENEFITS
DURING YEAR 197,318,558 14,819,599 9,344,838 7,670,212 16,422,209
NET ASSETS AVAILABLE
FOR BENEFITS AT
DECEMBER 31, 1991 1,194,178,855 79,694,546 102,997,440 25,264,050 49,767,569
NET ASSETS AVAILABLE
FOR BENEFITS AT
DECEMBER 31, 1992 $1,391,497,413 $ 94,514,145 $112,342,278 $32,934,262 $66,189,778
The accompanying notes are an integral part of this statement.
-13-
</TABLE>
<TABLE>
Item 2. (Continued)
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS WITH FUND INFORMATION
DECEMBER 31, 1992
Other Fund Information (Note 1)
Non-Participant
Directed Portion
The Southern Company
Stock Fund
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest & Dividends $27,792,323 $ 32,845,375
Net appreciation in fair
value of investments
(Note 2) 51,940,308 62,758,891
Net investment income 79,732,631 95,604,266
CONTRIBUTIONS (Notes 3 and 4):
Participants' 38,777,710 -
Company - 38,445,701
DISTRIBUTION TO PARTICIPANTS (35,038,774) (40,220,398)
NEW LOANS ISSUED (21,093,845) (9,244,773)
LOAN PRINCIPAL PAYMENTS 10,588,697 7,789,345
NET TRANSFERS BETWEEN FUNDS (17,829,454) 1,550,594
CHANGE IN NET ASSETS
AVAILABLE FOR BENEFITS
DURING YEAR 55,136,965 93,924,735
NET ASSETS AVAILABLE
FOR BENEFITS AT
DECEMBER 31, 1991 431,942,942 504,512,308
NET ASSETS AVAILABLE
FOR BENEFITS AT
DECEMBER 31, 1992 $487,079,907 $598,437,043
The accompanying notes are an integral part of this statement.
-14-
</TABLE>
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS AND SCHEDULES
DECEMBER 31, 1993 And 1992
1. Description of the Plan:
The following is a brief description of The Southern Company
Employee Savings Plan (the "Plan"), formerly The Employee Savings
Plan for the Southern Company System, and the administration thereof
and is provided for general information purposes only. The Plan
includes employees and retirees of eight subsidiaries of The Southern
Company: Alabama Power Company, Georgia Power Company, Gulf Power
Company, Mississippi Power Company, Savannah Electric and Power
Company, Southern Electric International, Inc., Southern Nuclear
Operating Company, Inc., and Southern Company Services, Inc. (the
"Employing Companies"). Participants should refer to the plan
document or the summary plan description for a more complete
description of the Plan's provisions.
Effective March 1, 1976, The Southern Company System (the
"Company") established the Plan for the primary purpose of creating
added employee interest in the affairs of the Company and
supplementing retirement and death benefits of employees. Under the
Plan, amounts deducted from compensation or deferred from
compensation by an employee (a "Participant") are contributed to the
Plan on the Participant's behalf and are supplemented by
contributions of the Employing Companies. The Plan was amended and
restated as of January 1, 1989, in order to incorporate the
applicable provisions of The Internal Revenue Code of 1986, as
amended (the "Code") and to establish the Employer Matching
Contribution percentage for 1991. Amendments were made in 1991 and
1992 to include Southern Nuclear Operating Company, Inc. as an
Employing Company, to establish the Employer Matching Contribution
percentage for 1992 and 1993, to provide for miscellaneous
administrative changes and to clarify certain provisions of the Plan.
In addition, amendments were made to the Plan in 1993 to include
Savannah Electric and Power Company as an Employing Company, and to
give the Board of Directors of Southern Company Services, Inc. the
discretion to determine the Employer Matching Contribution
percentage, to provide for miscellaneous administrative charges and
to clarify certain provisions of the Plan.
- 20 -<PAGE>
The Plan has four investment options available. Each investment
fund has specific guidelines and limitations as to the type of
securities eligible for investment. The primary types of securities
eligible for investment by each fund are: (1) fixed income
obligations for the Fixed Income Fund, (2) common or capital stocks
or securities convertible into common or capital stocks of
corporations other than The Southern Company or its subsidiaries for
the Equity Fund, (3) common stock of The Southern Company for The
Southern Company Stock Fund and (4) common stock selected from time
to time to comprise Standard and Poor's Composite Index of 500 Stocks
for the Index Fund. In addition, monies pending investment held by
each of the funds described above may be temporarily invested in
short-term, interest-bearing obligations.
Plan Participants also have the right to borrow a portion of
their account balance under the terms of the Plan. Under the terms
of the Plan all loans are considered to be earmarked investments of
the Participant's account, and any repayment of principal and
interest is reinvested in accordance with the Participant's
investment direction in effect on the date of such repayments.
The Savings Plan Committee may direct the Trustee to make a loan
or loans from the Plan to any Participant or beneficiary subject to
certain limitations. All loans bear a rate of interest which remains
fixed over the term of the loan and may be secured only by a
Participant's account balance. The repayment of such loans is made
through payroll deductions.
Investment managers independent of the Trustee (see Note 5) are
authorized to invest the funds of the Equity Fund and the Index Fund
in accordance with the Plan's Trust agreement. During 1992 and 1993,
the investment managers were Lincoln Capital Management, Jundt
Associates, Inc. and American National Bank and Trust Company.
Investment manager and certain other plan and trust expenses are paid
by the Employing Companies. The Plan's brokerage fees are included
in the cost of the investments or netted against the sales proceeds.
For accounting and administrative purposes, The Southern Company
Stock Fund has been segregated into the portion representing
contributions made by Participants and the portion representing
contributions made by the Employing Companies. Participants may
direct the investment of all of their account balance except for
amounts relating to employer matching contributions which, under the
terms of the Plan, must be invested in The Southern Company Stock
Fund.
2. Accounting Policies:
Basis of Accounting
The accompanying financial statements have been prepared on the
accrual basis of accounting.
-15-
Certain prior year amounts in the accompanying financial
statements have been reclassified to conform with the current year
presentation.
Investments
Investments are stated at fair value determined from quoted
market price information. Investment Contracts are reported at
contract value. The net appreciation (depreciation) in fair value of
investments in the accompanying statements of changes in net assets
available for benefits reflects the net difference between the market
value and the cost of investments bought during the year and the net
difference between market value and the beginning of the year market
value of assets held, sold, or distributed.
The fair market values of individual assets which represent 5% or
more of the plan's net assets as of December 31, 1993 and 1992 are as
follows:
1993 1992
The Southern Company common stock $1,337,838,980 $1,087,177,235
3. Participation:
Generally, all regular employees of the Employing Companies are
eligible to participate in the Plan provided that they have completed
at least one year of service (in which they have performed at least
1,000 hours of service). This eligibility requirement complies with
the provisions of the Code and the Employee Retirement Income
Security Act of 1974, as amended.
Subject to the limitations of the Code, a Participant may
contribute into either the Fixed Income Fund, the Equity Fund, The
Southern Company Stock Fund or the Index Fund any whole percentage
which is not more than 16% of his compensation as defined in the Plan
("Voluntary Participant Contribution"). In addition, a Participant
may elect to have his compensation as defined in the plan reduced by
a whole percentage which is not more than 16% of his compensation,
such amount to be contributed on his behalf to his account under the
Plan ("Elective Employer Contribution"). A Participant may not
contribute or have contributed on his behalf more than 16% of his
compensation as defined in the Plan in total. Participants must
invest equally in each fund in which they elect to participate.
A Participant may change the percentage he has authorized as his
Voluntary Participant Contribution (or the Elective Employer
Contribution made on his behalf) to another permissible percentage by
giving at least sixty days written notice of such change.
The Employing Companies contributed on behalf of each of the
Participants in their employ an amount equal to 75% of (a) the
Elective Employer Contribution made on a Participant's behalf, plus
(b) his Voluntary Participant Contribution, to the extent such
- 16 - <PAGE>
contributions, when combined, did not exceed 6% of his compensation
as defined in the Plan ("Employer Matching Contribution"). All
Employer Matching Contributions are invested in The Southern Company
Stock Fund.
Participants are immediately vested in their Elective Employer
Contributions, Voluntary Participant Contributions, Employer Matching
Contributions, plus actual earnings thereon.
Elective Employer Contributions for Participants who are defined
as "highly compensated employees" under Section 414(q) of the Code
are subject to additional limitations designed to prohibit
discrimination in favor of the "highly compensated employees."
Certain limitations also apply to Voluntary Participant Contributions
and Employer Matching Contributions allocated to highly compensated
employees.
As of December 31, 1993 and 1992, 26,233 and 25,495 employees,
respectively, were participating in the Plan.
In the event of Plan termination, each Participant's account
balance shall be distributed to the Participant in a non-
discriminatory manner, as soon as practicable after such termination.
4. Contributions:
Contributions to the Plan by the Employing Companies and their
respective Participants for the years ended December 31, 1993 and
1992, are set forth below:
<TABLE>
1993 Contributions
Company Participants' Total
<S> <C> <C> <C>
Alabama Power Company . . . . . . . . $10,612,827 $17,673,765 $28,286,592
Georgia Power Company . . . . . . . . . 17,930,357 29,006,156 46,936,513
Gulf Power Company . . . . . . . . . . 1,986,148 3,518,432 5,504,580
Mississippi Power Company . . . . . . . 2,182,103 3,679,763 5,861,866
Savannah Electric and Power Company . . 942,264 1,659,969 2,602,233
Southern Company Services, Inc. . . . . 4,902,675 7,953,210 12,855,885
Southern Electric International, Inc. . 318,324 522,244 840,568
Southern Nuclear Operating Company, Inc. 2,539,564 4,236,913 6,776,477
$41,414,262 $68,250,452 $109,664,714
1992 Contributions
Company Participants' Total
Alabama Power Company . . . . . . . . . $10,171,576 $16,694,263 $26,865,839
Georgia Power Company . . . . . . . . . 17,262,081 27,551,865 44,813,946
Gulf Power Company . . . . . . . . . . 1,866,053 3,222,238 5,088,291
Mississippi Power Company . . . . . . . 2,045,567 3,342,682 5,388,249
Southern Company Services, Inc. . . . . 4,446,449 7,127,431 11,573,880
Southern Electric International, Inc . 257,795 412,477 670,272
Southern Nuclear Operating Company, Inc. 2,396,180 3,978,965 6,375,145
$38,445,701 $62,329,921 $100,775,622
-17-
</TABLE>
5. Trust Agreement:
Wachovia Bank of Georgia, N.A., as Trustee of the Plan, receives,
holds and administers the Plan's assets.
Expenses incurred by the Trustee in the performance of its duties
and fees due the Trustee for trustee and investment manager services
rendered under the trust agreement are paid by the Employing
Companies and are not charged to the Plan. Brokerage expenses
incurred by the Plan are accounted for as adjustments to cost or
adjustments to sales proceeds of the corresponding asset, whichever
is applicable. Transfer taxes and other expenses incurred by the
Plan in connection with the acquisition or holding of any property
are charged to the Plan.
6. Tax Status
While the Plan has received a determination letter dated May 29,
1990, a favorable determination letter has not been received with
respect to the restated Plan and subsequent amendments. The Company
intends to file the amended and restated Plan along with remedial
changes, if any, to obtain the continued tax qualified status of the
Plan. It is the opinion of management that the restated Plan, as
amended, is currently in compliance with applicable provisions of the
Code and accordingly, no provision for federal income taxes has been
made in the accompanying financial statements.
Employer contributions and income of the Plan are not taxable to
Participants until withdrawals or distributions are made.
7. Reconciliation to the Form 5500
As of December 31, 1993 and 1992, the Plan had approximately
$12,049,636 and $2,774,546, respectively, of pending distributions to
participants who elected to withdraw from the Plan. These amounts
are recorded as a liability in the Plan's Form 5500; however, these
amounts are not recorded as a liability in the accompanying
statements of net assets available for benefits in accordance with
generally accepted accounting principles.
- 18 - <PAGE>
The following table reconciles net assets available for benefits
for the years ended December 31, 1993 and 1992 per the financial
statements to the Form 5500 to be filed by the Company:
<TABLE>
Net Assets Available
Benefits Distribution for Benefits
Payable to Participants 1993 1992
<S> <C> <C> <C> <C>
Per financial
statements $ 0 $65,322,108 $1,684,719,046 $1,391,497,413
Accrued benefit
payments 12,049,636 12,049,636 12,049,636 2,774,546
Reversal of 1992
accrual for
benefit payments - (2,774,546) - -
Per Form 5500 $12,049,636 $76,597,198 $1,672,669,410 $1,388,722,867
</TABLE>
- 19 - <PAGE>
<TABLE>
Schedule I
Page 1 of 6
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
<S> <C> <C> <C>
Description of Investment
Including Maturity Date,
Rate of Interest, Collateral,
Identity of Issue, Borrower, Par or Maturity Value,
(a) (b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e) Current Value
FIXED INCOME FUND:
Temporary Investments--
* Wachovia Bank Diversified Trust Fund Authorized Demand Notes,
Short Term Investment Fund Variable Rate $1 Unit Value $47,105,138 $47,105,138
Certificates of Deposit--
Bank of Delaware Wilmington,DE . . . . . CD, 5.84%, due 04/04/94 1,000,000 1,000,000
Central Fidelity Richmond, VA . . . . . . CD, 5.50%, due 01/31/94 1,000,000 1,000,000
Central Fidelity Richmond, VA . . . . . . CD, 5.55%, due 02/07/94 1,000,000 1,000,000
First USA Bank Wilmington, DEL . . . . . CD, 4.55%, due 03/29/95 1,000,000 1,000,000
First USA Bank Wilmington, DEL . . . . . CD, 4.65%, due 08/07/95 1,000,000 1,000,000
Mercantile Safe Deposit Trust Co . . . . CD, 5.10%, due 01/10/94 1,000,000 1,000,000
Mercantile Safe Deposit Trust Co . . . . CD, 5.10%, due 01/10/94 1,000,000 1,000,000
Mercantile Safe & Deposit Trust . . . . CD, 5.35%, due 02/14/94 1,000,000 1,000,000
Old Kent Grand Rapids MI . . . . . . . . CD, 4.22%, due 07/10/95 1,000,000 1,000,000
Southtrust Bank Birmingham, AL . . . . . CD, 5.72%, due 04/06/94 1,000,000 1,000,000
Third National Nashville, TN . . . . . . CD, 8.10%, due 03/28/94 1,000,000 1,000,000
First Deposit National Bank, Tilton, NH . CD, 3.50%, due 01/18/94 2,000,000 2,000,000
First Deposit National Bank, Tilton, NH . CD, 3.32%, due 03/21/94 1,000,000 1,000,000
First Deposit National Bank, Tilton, NH . CD, 3.38%, due 01/05/94 1,000,000 1,000,000
Massachusetts Co, Boston, MA . . . . . . CD, 3.30%, due 02/04/94 1,000,000 1,000,000
Massachusetts CO, Boston, MA . . . . . . CD, 3.50%, due 09/08/94 2,000,000 2,000,000
Old Kent Bank Chicago, IL . . . . . . . . CD, 3.33%, due 02/02/94 1,000,000 1,000,000
Old Kent Bank Chicago, IL . . . . . . . CD, 3.29%, due 01/10/94 1,000,000 1,000,000
Old Kent Grand Rapids, Mich . . . . . . . CD, 3.49%, due 08/19/94 1,000,000 1,000,000
Sanwa Bank California . . . . . . . . . . CD, 3.25%, due 01/05/94 2,500,000 2,500,000
Signet Bank Baltimore, MD . . . . . . . . CD, 3.55%, due 05/05/94 2,000,000 2,000,000
Trust Company Bank, Atlanta, GA . . . . . CD, 3.40%, due 10/03/94 2,000,000 2,000,000
AmSouth Bank Birmingham, AL . . . . . . . CD, 5.95%, due 03/28/94 1,000,000 1,000,000
AmSouth Bank Birmingham, AL . . . . . . . CD, 4.20%, due 12/11/95 1,000,000 1,000,000
AmSouth Bank Birmingham, AL. . . . . . . CD, 3.45%, due 08/31/94 2,000,000 2,000,000
Bank of the West Walnut Creek, CA . . . . CD, 3.40%, due 01/10/94 2,000,000 2,000,000
Bank of the West Walnut Creek, CA . . . . CD, 3.50%, due 01/14/94 3,000,000 3,000,000
Central Bank South Birmingham, AL . . . . CD, 5.85%, due 02/21/94 1,000,000 1,000,000
Colonial National USA Claymont, DEL . . . CD, 3.05%, due 01/28/94 4,000,000 4,000,000
Signet Bank Richmond, VA . . . . . . . . CD, 3.40%, due 01/26/94 1,000,000 1,000,000
Signet Bank Richmond, VA . . . . . . . . CD, 3.80%, due 06/24/94 1,000,000 1,000,000
SouthTrust Bank, Birmingham, AL . . . . . CD, 3,50%, due 08/12/94 2,500,000 2,500,000
- 26 -<PAGE>
Sumitomo Bank San Francisco, CA . . . . . CD, 3.25%, due 01/05/94 2,000,000 2,000,000
Sumitomo Bank San Francisco, CA . . . . . CD, 3.35%, due 01/07/94 2,000,000 2,000,000
West One Bank Seattle, WA . . . . . . . . CD, 3.50%, due 05/06/94 1,000,000 1,000,000
51,000,000 51,000,000
Guaranteed Investment Contracts
Commonwealth Life Insurance Co . . . . . $3,430,636 Par Floating Rate
Guaranteed Interest
Contract, No Maturity
Date, Pays Monthly 3,430,636 3,430,636
Life of Georgia. . . . . . . . . . . . . . $1,203,392 9.11% Rate Guaranteed
Interest Contract,
Matures 05/01/94,
Pays Quarterly 1,203,392 1,203,392
Life of Virginia . . . . . . . . . . . . . $1,607,919 Par Floating Rate,
Guaranteed Interest
Contract, No Maturity
Date, Pays Monthly 1,607,919 1,607,919
6,241,947 6,241,947
Total Fixed Income Fund $104,347,085 $104,347,085
Schedule I
Page 2 of 6
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Description of Investment
Including Maturity Date,
Rate of Interest, Collateral,
Identity of Issue, Borrower, Par or Maturity Value,
(a) (b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e) Current Value
EQUITY FUND:
Temporary Investments:
* Wachovia Bank Diversified Trust Fund Authorized Demand Notes,
Short Term Investment Fund Variable Rate $1 Unit Value $10,473,370 $10,473,370
Common Stocks--
Automotive
General Motors Corporation . . . . . . . . . . . . . 33,200 979,152 971,100
Banks
Chemical Bank Corporation . . . . . . . . . . . . . . 33,600 1,168,879 1,348,200
Norwest Corp. . . . . . . . . . . . . . . . . . . . . 8,300 174,256 202,313
1,343,135 1,550,513
Beverages
Coca Cola Co. . . . . . . . . . . . . . . . . . . . . 13,700 588,022 611,363
Cott Corporation . . . . . . . . . . . . . . . . . . 47,400 1,307,920 1,155,375
Pepsico, Inc . . . . . . . . . . . . . . . . . . . . 55,800 1,961,354 2,280,825
3,857,296 4,047,563
Chemicals
Great Lakes Chemical Corporation . . . . . . . . . . 3,400 240,670 253,725
Imcera Group Inc. . . . . . . . . . . . . . . . . . . 15,900 532,955 534,637
Morton International Inc. . . . . . . . . . . . . . . 5,900 325,265 551,650
1,098,890 1,340,012
Computer Equipment
Cisco System, Inc. . . . . . . . . . . . . . . . . . 34,500 335,231 2,229,563
Computer - Data Processing Services
Automatic Data Processing, Inc. . . . . . . . . . . . 37,700 1,366,947 2,082,925
BMC Software, Inc. . . . . . . . . . . . . . . . . . 12,500 712,812 600,000
CUC International Inc. . . . . . . . . . . . . . . . 31,300 935,469 1,126,800
First Data Corporation . . . . . . . . . . . . . . . 7,600 243,200 309,700
First Financial Corporation . . . . . . . . . . . . . 8,200 318,796 465,350
Microsoft Corporation . . . . . . . . . . . . . . . . 23,775 1,174,686 1,916,859
Novell Inc . . . . . . . . . . . . . . . . . . . . . 22,400 496,400 464,800
Oracle System Corporation . . . . . . . . . . . . . . 78,200 1,017,628 2,248,250
Sybase Inc . . . . . . . . . . . . . . . . . . . . . 63,000 2,081,979 2,646,000
Synoptics Communications Inc . . . . . . . . . . . . 46,700 1,420,266 1,301,763
9,768,183 13,162,447
Construction
New York International Corporation . . . . . . . . . 2,600 98,379 91,650
Cosmetics, Toiletries, Soap
Gillette Co . . . . . . . . . . . . . . . . . . . . . 25,400 1,426,029 1,514,475
Proctor & Gamble . . . . . . . . . . . . . . . . . . 27,000 1,296,570 1,539,000
2,722,599 3,053,475
Drugs, Medical
Abbott Labs . . . . . . . . . . . . . . . . . . . . . 25,000 750,772 740,625
Merck & Co Inc. . . . . . . . . . . . . . . . . . . . 13,700 591,108 470,938
Perrigo Co . . . . . . . . . . . . . . . . . . . . . 42,900 1,336,510 1,469,325
Pfizer Inc . . . . . . . . . . . . . . . . . . . . . 29,300 1,957,443 2,021,700
United Healthcare Corporation . . . . . . . . . . . . 12,600 935,600 956,025
Warner Lambert Co . . . . . . . . . . . . . . . . . . 3,500 247,575 236,250
Wellcome Placement Sponsored American
Depository Receipt . . . . . . . . . . . . . . . . 24,400 354,940 237,900
6,173,948 6,132,763
Schedule I
Page 3 of 6
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1993
Description of Investment
Including Maturity Date,
Rate of Interest, Collateral,
Identity of Issue, Borrower, Par or Maturity Value,
(a) (b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e) Current Value
Electrical Equipment
Ambac, Inc. . . . . . . . . . . . . . . . . . . . . . 3,000 97,455 126,000
AMP, Inc. . . . . . . . . . . . . . . . . . . . . . . 6,100 347,918 385,063
General Electric Co. . . . . . . . . . . . . . . . . 28,600 2,092,694 2,999,425
General Instrument Corp . . . . . . . . . . . . . . . 28,600 1,329,158 1,615,900
3,867,225 5,126,388
Electronics
DSC Communications Corporation . . . . . . . . . . 19,000 1,264,289 1,168,500
EMC Corporation . . . . . . . . . . . . . . . . . . 41,600 771,685 686,400
Electronic Arts . . . . . . . . . . . . . . . . . . 5,300 186,213 159,000
Intel Corporation . . . . . . . . . . . . . . . . . 50,700 2,683,052 3,143,400
Motorola, Inc. . . . . . . . . . . . . . . . . . . 18,900 1,004,192 1,743,525
Sensormatic Electronics, Corporation . . . . . . . 25,200 663,325 872,550
6,572,756 7,773,375
Entertainment - Leisure Related
Blockbuster Entertainment . . . . . . . . . . . . . 21,400 643,147 655,375
Circus Circus Enterprises Inc . . . . . . . . . . . 4,100 131,128 150,675
Mirage Resorts . . . . . . . . . . . . . . . . . . 8,400 191,520 200,550
Promus Cos Inc . . . . . . . . . . . . . . . . . . 8,850 264,066 404,887
1,229,861 1,411,487
Environmental Control
Waste Management International Placement . . . . . 36,700 775,515 642,250
Sponsored American Depository Receipt
WMX Technologies Inc. . . . . . . . . . . . . . . . 17,000 632,388 448,375
1,407,903 1,090,625
Financial Services - Non-Banking
Countrywide Credit Industries Inc. . . . . . . . . 11,300 276,612 283,912
Federal Home Loan Mortgage Corp. . . . . . . . . . 37,800 1,233,840 1,885,275
Federal National Mortgage Association . . . . . . . 38,500 2,394,415 3,022,250
3,904,867 5,191,437
Foods - Processed
Campbell Soup Company . . . . . . . . . . . . . . . 2,700 114,318 110,700
General Mills Inc . . . . . . . . . . . . . . . . . 12,500 852,028 759,375
Unilever Netherlands . . . . . . . . . . . . . . . 2,400 240,423 277,200
1,206,769 1,147,275
Food Service
Brinker International Inc. . . . . . . . . . . . . 48,250 1,056,324 2,219,500
Cracker Barrel Old Country Store Inc. . . . . . . . 49,950 741,450 1,373,625
McDonalds Corp. . . . . . . . . . . . . . . . . . . 41,800 1,625,816 2,382,600
3,423,590 5,975,725
Household Appliances and Supplies
Staples, Inc. . . . . . . . . . . . . . . . . . . . 54,300 1,168,334 1,384,650
Insurance
American International Group Inc. . . . . . . . . . . 21,200 1,275,308 1,860,300
Progressive Corporation Ohio . . . . . . . . . . . . 4,000 117,200 162,000
TIG Holdings Inc . . . . . . . . . . . . . . . . . . 9,300 231,999 213,900
1,624,507 2,236,200
Medical Supplies and Services
Medtronic Inc. . . . . . . . . . . . . . . . . . . . 3,200 216,532 262,800
Metal Products - Fabricated
Illinois Tool Works, Inc. . . . . . . . . . . . . . . 2,300 72,501 89,700
Miscellaneous
Polygram Netherlands. . . . . . . . . . . . . . . . . 3,300 112,200 129,938
Rogers Cantel Mobile Communications Inc . . . . . . . 25,400 677,276 685,800
789,476 815,738
Schedule I
Page 4 of 6
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1993
Description of Investment
Including Maturity Date,
Rate of Interest, Collateral,
Identity of Issue, Borrower, Par or Maturity Value,
(a) (b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e) Current Value
Oil and Gas - Domestic
Renaissance Energy Limited . . . . . . . . . . . . . 15,600 368,455 332,857
Oil and Gas - Exploration and Production
Tarragon Oil & Gas . . . . . . . . . . . . . . . . . 9,100 126,829 99,463
Paper and Paper Products
Minnesota Mining & Manufacturing Co. . . . . . . . . 4,300 380,830 467,625
Retail Trade - General Merchandise
Best Buy Inc . . . . . . . . . . . . . . . . . . . . 32,450 1,186,620 1,508,925
TJX Cos Inc . . . . . . . . . . . . . . . . . . . . . 8,500 234,701 247,562
Wal Mart Stores Inc . . . . . . . . . . . . . . . . . 156,900 3,679,614 3,922,500
5,100,935 5,678,987
Retail Trade - Specialty
Autozone, Inc. . . . . . . . . . . . . . . . . . . . 23,900 616,932 1,368,275
Duracell International, Inc. . . . . . . . . . . . . 23,000 684,242 825,125
Home Depot, Inc. . . . . . . . . . . . . . . . . . . 60,682 1,754,491 2,396,939
Lowes Companies Inc . . . . . . . . . . . . . . . . . 29,000 1,014,880 1,725,500
Office Depot, Inc. . . . . . . . . . . . . . . . . . 34,650 672,732 1,165,106
QVC Network Inc . . . . . . . . . . . . . . . . . . . 14,900 1,031,777 584,826
Toys R Us . . . . . . . . . . . . . . . . . . . . . . 81,650 2,731,600 3,337,443
8,506,654 11,403,214
Retail Trade - Drugs
Walgreen Company . . . . . . . . . . . . . . . . . . 14,800 402,285 604,950
Rubber and Plastics
Rubbermaid Inc . . . . . . . . . . . . . . . . . . . 11,000 336,632 382,250
Services - Non-Financial
Caesars World Inc . . . . . . . . . . . . . . . . . . 3,700 180,700 197,487
Carnival Cruise Lines Inc . . . . . . . . . . . . . . 7,400 228,960 350,575
Hilton Hotels Corp . . . . . . . . . . . . . . . . . 3,600 180,376 218,700
Informix Corporation . . . . . . . . . . . . . . . . 74,900 1,264,730 1,591,625
Reuters Holdings Placement . . . . . . . . . . . . . 10,900 480,751 861,100
2,335,517 3,219,487
Telecommunications Services
American Telephone & Telegraph Co . . . . . . . . . . 6,500 352,711 341,250
Ericsson L M Telephone Co . . . . . . . . . . . . . . 44,400 2,248,790 1,792,650
McCraw Cellular Communications . . . . . . . . . . . 37,600 1,066,947 1,898,800
MCI Communications Corporation . . . . . . . . . . . 9,500 239,718 268,375
Pacific Telesis Group . . . . . . . . . . . . . . . . 35,900 1,880,217 1,947,575
Pactel Corporation . . . . . . . . . . . . . . . . . 38,500 975,381 957,687
Telefonos De Mexico L American Depository Receipts . 26,700 1,331,260 1,802,250
Vodafone Group PLC Sponsored American
Depository Receipts . . . . . . . . . . . . . . . . 28,300 1,737,662 2,525,775
9,832,686 11,534,362
Schedule I
Page 5 of 6
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Description of Investment
Including Maturity Date,
Rate of Interest, Collateral,
Identity of Issue, Borrower, Par or Maturity Value,
(a) (b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e) Current Value
Video, Broadcasting, Cable
Lin Broadcasting Corp. . . . . . . . . . . . . . . . 17,796 1,397,157 1,966,458
Total Equity Investments 80,649,114 100,774,139
Fixed Income Investments - Convertible Bonds
Lowes Companies Inc. 3.00% due 07/22/2003 . . . . . . 351,000 311,933 403,650
Total Fixed Income Investments . . . . . . . . . . . . 311,933 403,650
Total Fixed Income & Equity Investments . . . . . . . . 80,961,047 101,177,789
Total Equity Fund . . . . . . . . . . . . . . . . . . . $91,434,417 $111,651,159
- 33 -<PAGE>
Schedule I
Page 6 of 6
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1993
Description of Investment
Including Maturity Date,
Rate of Interest, Collateral,
Identity of Issue, Borrower, Par or Maturity Value,
(a)(b) Lessor, or Similar Party (c) Number of Shares (d) Cost (e)Current Valu
THE SOUTHERN COMPANY STOCK FUND--
PARTICIPANTS' PORTION:
Temporary Investments--
* Wachovia Bank Diversified Trust Fund Authorized Demand Notes,
Short Term Investment Fund Variable Rate $1 Unit Value $ 3,163,751 $ 3,163,751
Common Stocks--
* The Southern Company . . . . . . . . . . . . . 13,676,294 382,704,118 603,466,473
Total Southern Company Stock Fund--
Participants' Portion . . . . . . . . . . . . . . 385,867,869 606,630,224
THE SOUTHERN COMPANY STOCK FUND--COMPANY PORTION:
Temporary Investments--
* Wachovia Bank Diversified Trust Fund Authorized Demand Notes,
Short Term Investment Fund Variable Rate $1 Unit Value 1,930,643 1,930,643
Common Stock--
* The Southern Company . . . . . . . . . . . . . 16,643,003 437,135,254 734,372,507
Total Southern Company Stock Fund--
Company Portion . . . . . . . . . . . . . . . . . 439,065,897 736,303,150
Total Southern Company Stock Fund $ 824,933,766 $1,342,933,374
INDEX FUND:
Temporary Investments--
* Wachovia Bank Diversified Trust Fund Authorized Demand Notes,
Short Term Investment Fund Variable Rate, $1 Unit Value $ 791,093 $ 791,093
Mutual Fund Equity Investments--
American National Bank Equity Index Fund 338,776 42,123,392 47,649,183
Total Index Fund $ 42,914,485 $ 48,440,276
* Loans Due From Participants (Interest rates
vary from 6% to 11.5%) $ 76,796,989 $ 76,796,989
TOTAL INVESTMENTS OF ALL FUNDS $1,140,426,742 $1,684,168,883
(NOTE) The last sale price (New York Stock Exchange composite transactions)
- 34 -<PAGE>
for The Southern Company common stock on June 10, 1994 was $19-3/8 as
compared to a pre-stock split price of $44-1/8 on December 31, 1993.
* Represents a party in interest to the Plan
The accompanying notes are an integral part of this schedule.
</TABLE>
Schedule II
<TABLE>
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
Item 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
<S> <C> <C> <C> <C>
(b) Description of asset
(a) Identity of (include interest rate and (c) Purchase (d) Selling (e) Lease
party involved maturity in case of a loan) price price rental
Wachovia Bank Diversified Trust
Wachovia Bank Fund Short-Term Investment Fund
of Georgia, N.A. Collective Investment,
Variable Rate,
payable upon demand
543 transactions $289,423,000 - -
380 transactions - $284,040,838 -
The Southern
Company Common Stock
75 transactions 155,692,520 - -
44 transactions - 47,360,945 -
The accompanying notes are an integral part of this schedule.
</TABLE>
<TABLE>
Schedule II
THE SOUTHERN COMPANY EMPLOYEE SAVINGS PLAN
Item 27(d) - SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1993
<S> <C> <C> <C> <C>
(b) Description of asset
(a) Identity of (include interest rate and (f) Expense (g) Cost of on transaction (i) Net gain
party involved maturity in case of a loan) incurred asset date or (loss)
Wachovia Bank Diversified Trust
Wachovia Bank Fund Short-Term Investment Fund
of Georgia, N.A. Collective Investment,
Variable Rate,
payable upon demand
543 transactions - - - -
380 transactions - - - -
The Southern
Company Common Stock
75 transactions 36,582 - - -
44 transactions 4,136 25,436,457 47,360,945 21,920,352
The accompanying notes are an integral part of this schedule.
</TABLE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Savings Plan Committee has duly caused this annual report
to be signed by the undersigned thereunto duly authorized.
THE SOUTHERN COMPANY
EMPLOYEE SAVINGS PLAN
W. C. Archer, III
W. C. Archer, III, Chairman
Savings Plan Committee
June 24, 1994
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the
incorporation by reference of our report dated June 10, 1994,
included in this annual report of The Southern Company Employee
Savings Plan on Form 11-K for the year ended December 31, 1993, into
the Plan's previously filed Registration Statement No. 33-23152.
Arthur Andersen & CO.
Atlanta, Georgia
June 24, 1994
- 39 -<PAGE>
