Maine & Maritimes Corporation Announces 2009 Second Quarter Earnings Results
13 Agosto 2009 - 3:55PM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) reported a
consolidated second quarter 2009 basic and diluted net loss of
$0.25 per share, or $411,000, compared to second quarter 2008 net
loss of $0.04 per share, or $68,000.
According to Brent M. Boyles, President and CEO of Maine &
Maritimes Corporation, "Revenue at the utility was lower than the
second quarter of 2008, reflecting the downturn in the economy,
primarily within the struggling wood and lumber industry. In
addition, MAM Utility Services Group has fewer projects than it did
last year. However, MAM USG has several outstanding bids on
projects and MPS continues to pursue opportunities for a
jointly-owned transmission project that has the potential of
connecting northern Maine to the New England electrical network. As
part of this effort, we continue discussions with our partner,
Central Maine Power, as well as generation developers, state and
federal regulators, and state and federal political
representatives."
Statistical Highlights:
Unaudited
(in thousands except share and per share amounts)
Quarters Ended Six Months Ended
June 30, June 30,
2009 2008 2009 2008
--------- --------- ---------- ---------
Regulated Operating Revenues $ 7,330 $ 7,789 $ 17,432 $ 18,680
Unregulated Operating Revenues 354 2,078 548 3,374
--------- --------- ---------- ---------
Total Operating Revenues $ 7,684 $ 9,867 $ 17,980 $ 22,054
========= ========= ========== =========
(Loss) Income from Continuing
Operations Allocable to Common
Shareholders $ (411) $ (56) $ 995 $ 1,919
Loss from Discontinued
Operations - (12) - (21)
--------- --------- ---------- ---------
Total Consolidated Net (Loss)
Income $ (411) $ (68) $ 995 $ 1,898
========= ========= ========== =========
Basic and Diluted (Loss) Income
per Common Share from
Continuing Operations $ (0.25) $ (0.03) $ 0.59 $ 1.14
Basic and Diluted Loss per
Common Share from Discontinued
Operations - (0.01) - (0.01)
--------- --------- ---------- ---------
Total (Loss) Income per Common
Share $ (0.25) $ (0.04) $ 0.59 $ 1.13
========= ========= ========== =========
Average Shares Outstanding:
Basic 1,680,574 1,678,096 1,680,137 1,677,979
Diluted 1,680,574 1,678,096 1,680,810 1,678,729
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
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