Maine & Maritimes Corporation Announces 2010 First Quarter Earnings Results
May 10 2010 - 4:20PM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) reported
consolidated first quarter 2010 basic and diluted net income of
$0.40 per share, or $673,000, compared to first quarter 2009 net
income of $0.84 per share, or $1.41 million.
Included in the results for the first quarter of 2010 were
$554,000 of merger-related transaction costs and a $378,000
increase in the liability for deferred directors' compensation. Net
of tax, these costs reduced net income by $559,000.
Statistical Highlights:
Maine & Maritimes Corporation and Subsidiaries Unaudited Earnings Report
For the Quarters Ended March 31, 2010 and 2009
(in thousands except share and per share amounts)
Quarters Ended
March 31,
2010 2009
---------- ----------
Regulated Operating Revenues $ 10,055 $ 10,102
Unregulated Operating Revenues 22 194
---------- ----------
Total Operating Revenues $ 10,077 $ 10,296
========== ==========
Total Consolidated Net Income $ 673 $ 1,406
---------- ----------
Total Basic and Diluted Income per Common Share $ 0.40 $ 0.84
---------- ----------
Average Shares Outstanding:
Basic 1,682,599 1,679,699
Diluted 1,683,149 1,680,402
About Maine & Maritimes Corporation:
Maine & Maritimes Corporation (NYSE Amex: MAM) is the parent
company of Maine Public Service Company, a regulated electric
transmission and distribution utility serving approximately 36,000
electricity customer accounts in Northern Maine. MAM is also the
parent company of MAM Utility Services Group, an unregulated
corporation that provides electrical services, including
transmission line and substation design and construction. Corporate
headquarters are located in Presque Isle, Maine, and the corporate
website is www.maineandmaritimes.com.
MAM-E = Earnings Release
For More Information Contact: Virginia R. Joles Director of
Communications and Economic Development Tel: 207.760.2418
www.maineandmaritimes.com
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