Dutton Associates Announces Investment Opinion: Maine & Maritimes Buy Rating Maintained In Update Coverage By Dutton Associates
August 27 2008 - 12:42PM
Business Wire
Dutton Associates continues coverage of Maine & Maritimes
(AMEX: MAM) reiterating its Buy rating and a 12-month $54 price
target. The 21-page report by Dutton senior analyst Sally H.
Wallack, CFA, is available at www.jmdutton.com, and at First Call,
Bloomberg, FactSet, Capital IQ, Reuters, Zacks, Knobias, and other
leading financial portals. MAM reported 2Q operating revenue of
$9.9 million, up 24% and a loss from continuing operations of
$56,000, or $0.03 per diluted share, versus the prior-year�s income
of $186,000. Results fell short of our estimate of a $0.15 per
share profit. However, the Company booked $518,000 of expense in
the quarter, reflecting a change in deferred directors�
compensation as a result of a 54% increase in the Company�s share
price from the end of 1Q to the end of 2Q. Excluding this item,
which was not included in our projection, we estimate that
operating earnings may have equaled or beaten our estimate. We
believe that the outlook for MAM�s regulated business is enhanced
by steadily increasing energy consumption in the U.S and rising
electricity rates. Also, several developments may have positive
implications for the Company�s long-term growth, including the 2006
construction of Maine�s largest wind farm and plans for a second,
even larger, wind farm within MPS�s service territory; MPS�s
pursuit of a large-scale transmission project that would connect it
to the New England power grid; and USG�s potential to contribute
incremental revenue and earnings long term. Our 12-month price
target is $54 per share or approximately 4.5 times projected 2008
EBITDA. About Dutton Associates Dutton Associates (DA) is one of
the largest independent investment research firms in the U.S. Its
30 senior analysts are primarily CFAs and have expertise in many
industries. DA 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 DA one-year continuing
research program is US $35,000 prepaid from the Company for 4
Research Reports, typically published quarterly, and requisite
Research Notes. DA received $99,000 from the Company for 12
Research Reports with coverage commencing on 5/16/2006. DA 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.
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