Bad economy hurts MAM's revenue
Maine & Maritimes Corp. in Presque Isle this morning said its net income for the first quarter of 2009 was $1.41 million, a decrease from the $1.97 million it posted during the same period last year.
Revenue at the company, which owns utility company Maine Public Service, fell 15.6%, to $10.3 million, during the first quarter as a result of a downturn in the economy, primarily in the wood and lumber industry, Brent Boyles, president and CEO, said in a press release. Boyles also said that Maine Public Service continues to pursue opportunities for a jointly owned transmission project that would connect northern Maine to the New England power grid.
Besides Maine Public Service, Maine & Maritimes Corp. also owns MAM Utility Services Group, which provides electrical services, including transmission line and substation design and construction.
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