Maine & Maritimes Corporation Announces Third-Quarter Results
November 06 2008 - 3:00PM
Marketwired
Maine & Maritimes Corporation (AMEX: MAM) (NYSE Alternext U.S.:
MAM) today reported net income for the 2008 third quarter of
$129,000, and net income year to date of $2 million compared with
prior year's net loss for the third quarter of $470,000 and net
income for prior year to date of $503,000. Income from continuing
operations is also up, $2.0 million for the first nine months of
2008 compared to $1.4 million for the same period of 2007. This
represents a 47.9% increase in net income from continuing
operations year to date over last year. Last year's net income for
the third quarter reflected losses from discontinued operations of
$108,000 for the quarter and $881,000 year to date.
Company officials cite three primary factors driving the
positive financial performance: l) corporate-wide cost control, 2)
revenues from MAM Utility Services Group (MAM USG), and 3) deferred
costs at Maine Public Service (MPS) related to a proposed bulk
transmission line investment. The solid financial performance is
led by MPS. According to MAM President and CEO Brent M. Boyles,
"Even though electricity consumption has declined in the MPS
service territory because of the overall economy, cost of energy,
and conservation efforts, we believe usage will not continue to
decline at the same rate. Despite revenues being off, financial
performance at the utility, in terms of net income, remains
positive for this quarter."
Boyles reports the MPC transmission line project is progressing.
In early October, MPS signed a Joint Development Agreement with
Central Maine Power Company, laying the groundwork for cost-sharing
and decision-making terms of the development phase of a proposed
345 kV transmission line, as well as the structure of a Joint
Ownership Agreement that will follow when the project is
approved.
Statistical Highlights:
Unaudited
(dollars in thousands except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
---------- --------- --------- ---------
Regulated Operating Revenues $ 7,805 $ 8,016 $ 26,485 $ 26,882
Unregulated Operating Revenues 4,463 - 7,837 -
---------- --------- --------- ---------
Total Operating Revenues $ 12,268 $ 8,016 $ 34,322 $ 26,882
========== ========= ========= =========
Income (Loss) from Continuing
Operations Allocable to Common
Shareholders $ 128 $ (362) $ 2,047 $ 1,384
Income (Loss) from Discontinued
Operations 1 (108) (20) (881)
---------- --------- --------- ---------
Total Consolidated Net (Loss)
Income $ 129 $ (470) $ 2,027 $ 503
========== ========= ========= =========
Basic Income (Loss) per Common
Share from Continuing
Operations $ 0.08 $ (0.22) $ 1.22 $ 0.83
Basic Loss per Common Share
from Discontinued Operations - (0.06) (0.01) (0.53)
---------- --------- --------- ---------
Total Basic Income (Loss) per
Common Share $ 0.08 $ (0.28) $ 1.21 $ 0.30
========== ========= ========= =========
Diluted Income (Loss) per
Common Share from Continuing
Operations $ 0.08 $ (0.22) $ 1.22 $ 0.83
Diluted Loss per Common Share
from Discontinued Operations - (0.06) (0.01) (0.53)
---------- --------- --------- ---------
Total Diluted Income (Loss) per
Common Share $ 0.08 $ (0.28) $ 1.21 $ 0.30
========== ========= ========= =========
Average Shares Outstanding 1,678,249 1,677,430 1,678,069 1,667,147
---------- --------- --------- ---------
About Maine & Maritimes Corporation: Maine & Maritimes
Corporation (AMEX: MAM) (NYSE Alternext U.S.: 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
("MAM") believes that in making such statements its expectations
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, potential costs
and difficulties related to integration of potential acquired
businesses, 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 Email: Email Contact
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