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
