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Maine & Maritimes Corporation: Maine & Maritimes Corporation Announces 2009 Second Quarter Earnings Results

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^{Published in Business and Finance on Thursday, August 13th 2009 at 7:15 GMT, Last Modified on 2009-08-13 07:15:41 by Market Wire}  

PRESQUE ISLE, ME--(Marketwire - August 13, 2009) - 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