Maine & Maritimes Corporation Announces 2010 Third Quarter Earnings Results
October 28 2010 - 9:54AM
Marketwired
Maine & Maritimes Corporation (NYSE Amex: MAM) reported a
consolidated third quarter 2010 basic and diluted net loss of $0.17
per share, or $285,000, compared to third quarter 2009 net loss of
$0.52 per share, or $877,000.
Included in the results for the third quarter of 2010 is $77,000
of merger-related transaction costs. Year to date, $1.3 million of
merger-related transaction costs have been incurred. Net of tax,
these costs reduced net income by approximately $46,000 in the
third quarter and by approximately $782,000 for the first nine
months of 2010.
Statistical Highlights:
Maine & Maritimes Corporation and Subsidiaries Unaudited Earnings Report
For the Three and Nine Months Ended September 30, 2010 and 2009
(in thousands except share and per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
--------- --------- --------- ----------
Regulated Operating Revenues $ 7,870 $ 7,273 $ 25,200 $ 24,705
Unregulated Operating Revenues 38 29 72 577
--------- --------- --------- ----------
Total Operating Revenues $ 7,908 $ 7,302 $ 25,272 $ 25,282
========= ========= ========= ==========
Consolidated Net (Loss) Income $ (285) $ (877) $ (474) $ 118
========= ========= ========= ==========
Basic and Diluted (Loss) Income
per Common Share $ (0.17) $ (0.52) $ (0.28) $ 0.07
========= ========= ========= ==========
Average Shares Outstanding:
Basic 1,683,949 1,681,249 1,683,274 1,680,507
Diluted 1,683,949 1,681,249 1,683,274 1,681,237
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
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