Maine & Maritimes Corporation Announces 2009 Third-Quarter Earnings Results
12 Novembre 2009 - 4:00PM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) reported a
consolidated third quarter 2009 basic and diluted net loss of $0.52
per share, or $877,000, compared to third quarter 2008 net income
of $0.08 per share, or $129,000.
According to Brent M. Boyles, President and CEO of Maine &
Maritimes Corporation, "As in past years, revenues at the utility
were lower during the second and third quarters due to our rate
structure, which is higher in the winter months to encourage
conservation. Third quarter revenue for 2009 was lower than the
third quarter of 2008, reflecting the downturn in the economy,
primarily within the struggling wood and lumber industry. In
addition, MAM Utility Services Group (MAM USG) has fewer projects
than it did last year.
"As part of our effort to improve performance, MPS continues to
pursue a transmission interconnection to the ISO-NE regional grid.
We continue to meet with various stakeholders to discuss the Maine
Power Connection (MPC) project scope and requirements, and identify
means to reduce the impact of the MPC project on northern Maine
ratepayers. In addition, MAM USG has secured a limited notice to
proceed with designing the collector system for another New England
wind farm."
Statistical Highlights:
Unaudited
(in thousands except share and per share amounts)
Quarters Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
--------- ---------- ---------- ---------
Regulated Operating Revenues $ 7,273 $ 7,805 $ 24,705 $ 26,485
Unregulated Operating Revenues 29 4,463 577 7,837
--------- ---------- ---------- ---------
Total Operating Revenues $ 7,302 $ 12,268 $ 25,282 $ 34,322
========= ========== ========== =========
(Loss) Income from Continuing
Operations Allocable to Common
Shareholders $ (877) $ 128 $ 118 $ 2,047
Income (Loss) from Discontinued
Operations - 1 - (20)
--------- ---------- ---------- ---------
Total Consolidated Net (Loss)
Income $ (877) $ 129 $ 118 $ 2,027
========= ========== ========== =========
Basic and Diluted (Loss) Income
per Common Share from
Continuing Operations $ (0.52) $ 0.08 $ 0.07 $ 1.22
Basic and Diluted Loss per
Common Share from Discontinued
Operations - - - (0.01)
--------- ---------- ---------- ---------
Total (Loss) Income per Common
Share $ (0.52) $ 0.08 $ 0.07 $ 1.21
========= ========== ========== =========
Average Shares Outstanding:
Basic 1,681,249 1,678,249 1,680,507 1,678,069
Diluted 1,681,249 1,678,982 1,681,237 1,678,405
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.
Cautionary Statement Regarding Forward-Looking Information:
Except for historical information, all other information
provided in this news release consists of "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1935. Although Maine & Maritimes Corporation
believes that such statements are based on reasonable assumptions,
any such statements involve uncertainties and risks that may cause
actual results to differ materially from those projected,
anticipated, or implied. MAM cautions that there are certain
factors that can cause actual results to differ materially from
forward-looking information that has been provided, including,
without limitation, potential changes in applicable laws and
regulations, potential changes in Management, its ability to raise
necessary operating and growth capital, increased interest costs,
its ability to execute its business plans in a timely and efficient
manner, the loss of customers and other factors that are more
detailed in MAM's filings with the Securities and Exchange
Commission.
MAM-E = Earnings Release
For More Information Contact: Virginia R. Joles Director of
Communications, Board Relations and Economic Development Tel:
207.760.2418 www.maineandmaritimes.com
Maine & Maritimes Corp. (AMEX:MAM)
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