Maine & Maritimes Corporation Announces 2010 Second Quarter Earnings Results
August 12 2010 - 9:49AM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) reported a
consolidated second quarter 2010 basic and diluted net loss of
$0.51 per share, or $862,000, compared to second quarter 2009 net
loss of $0.25 per share, or $411,000.
Included in the results for the second quarter of 2010 is
$554,000 of merger-related transaction costs. Year to date, $1.11
million of merger-related transaction costs have been incurred. In
addition, a $378,000 increase in the liability for deferred
directors' compensation was recognized in the first quarter of
2010. Net of tax, these costs reduced net income by approximately
$332,000 in the second quarter and by approximately $898,000 for
the first six months of 2010.
Statistical Highlights:
Maine & Maritimes Corporation and Subsidiaries Unaudited Earnings Report
For the Quarters and Six Months Ended June 30, 2010 and 2009
(in thousands except share and per share amounts)
Quarters Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
----------- ----------- ----------- -----------
Regulated Operating
Revenues $ 7,275 $ 7,330 $ 17,330 $ 17,432
Unregulated Operating
Revenues 12 354 34 548
----------- ----------- ----------- -----------
Total Operating Revenues $ 7,287 $ 7,684 $ 17,364 $ 17,980
=========== =========== =========== ===========
Total Consolidated Net
(Loss) Income $ (862) $ (411) $ (189) $ 995
=========== =========== =========== ===========
Total Basic and Diluted
(Loss) Income per Common
Share $ (0.51) $ (0.25) $ (0.11) $ 0.59
=========== =========== =========== ===========
Average Shares
Outstanding:
Basic 1,683,274 1,680,574 1,682,937 1,680,137
Diluted 1,683,274 1,680,574 1,682,937 1,680,810
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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