Maine & Maritimes Corporation Announces 2009 Year-End Earnings Results
25 Marzo 2010 - 8:24PM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) reported a
consolidated 2009 basic net income of $0.54 per share, or $905,000,
compared to the 2008 net income of $2.75 per share, or $4.61
million.
According to Brent M. Boyles, President and CEO of Maine &
Maritimes Corporation, "Earnings were lower than expected during
2009 primarily because of reduced sales within the industrial
sector, coupled with increased operations and maintenance expenses
focused on increased vegetation management practices that should
result in increased system reliability. In the long term, the
investment in our system reliability may result in lower O&M
costs."
Statistical Highlights:
Maine & Maritimes Corporation and Subsidiaries Earnings Report
For the Years Ended December 31, 2009 and 2008
(in thousands except share and per share amounts)
Years Ended
December 31,
2009 2008
----------------------------
Total Operating Revenues $ 35,740 $ 45,313
Income from Continuing Operations $ 905 $ 3,635
Income from Discontinued Operations - 977
----------------------------
Net Income Available for Common Shareholders $ 905 $ 4,612
============================
Basic Income per Share of Common Stock from
Continuing Operations $ 0.54 $ 2.17
Basic Income per Common Share from
Discontinued Operations - 0.58
----------------------------
Basic Earnings per Share of Common Stock from
Net Income $ 0.54 $ 2.75
============================
Diluted Income per Share of Common Stock from
Continuing Operations $ 0.54 $ 2.17
Diluted Income per Common Share from
Discontinued Operations - 0.58
----------------------------
Diluted Earnings per Share of Common Stock
from Net Income $ 0.54 $ 2.75
============================
Average Shares Outstanding - Basic 1,680,862 1,678,283
Average Shares Outstanding - Diluted 1,681,537 1,678,879
_________________ 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 1995. 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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