MAM Maine & Maritimes Corp.

Dutton Associates continues coverage of Maine & Maritimes (AMEX:MAM) reiterating a Speculative Buy rating and a 12-month $20.00 price target. The 14-page report by Dutton senior analyst Sally H. Wallack, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading financial portals. Maine & Maritimes Corporation is a holding company for Maine Public Service Company (MPS), a regulated electric transmission and distribution utility serving much of northern Maine, and unregulated businesses, including The Maricor Group (TMG), Maricor Properties Ltd (MPL), and Maricor Technologies Inc. (MTI). Maine & Maritimes reported second quarter revenue of $9.256 million, up 9% year-over-year, and a consolidated net loss from continuing operations of $312,000, or $0.19 per share, down from a loss $795,000, or $0.49 per share, last year. The loss, which included a $0.16 per share gain on the sale of a 50% interest in the Company's real estate subsidiary, was significantly better than our estimate, mainly as a result of the real estate gain and unanticipated (to us) subcontracting income booked by the Company's regulated electric utility. In light of the Company's better-than-projected second quarter results, we raised our full-year 2006 earnings estimate to $0.35 per share from breakeven and our 2007 estimate from $0.45 to $0.50 per share. We believe that the stock's valuation is attractive on a number of measures. It is trading at a deep discount to book value per share and we estimate the Company's worth at approximately $22-$26 per share on a sum-of-the-parts basis. However, it should be noted that the recent resignation of the Company's CEO introduces a new uncertainty with regard to the Company's long-term strategies. This uncertainty could overhang the stock until a new CEO is named and the Company's growth strategies are clarified. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in the Dutton Associates one-year continuing research program is US $39,500 prepaid from the Company for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 5/16/2006. Dutton Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures, and analyst background at www.jmdutton.com before investing.