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May 13, 2010

Maine & Maritimes income drops 50%

By The Mainebiz News Staff

Northern utility Maine & Maritimes Corp. has reported a more than 50% drop in net income for the first quarter.

The Presque-Isle based parent company of electricity utility Maine Public Service Co. reported a net income of $673,000 for the first quarter of 2010, compared with $1.41 million during the same quarter in 2009, according to a press release. Net income was 40 cents a share, compared with 84 cents a share the same quarter the previous year. Included in the results for the quarter were $554,000 of merger-related transaction costs and a $378,000 increase in liability for deferred directors' compensation, which reduced net income by $559,000 after taxes.

Maine & Maritimes in March announced that it had entered into an agreement to become a subsidiary of Canadian power company Emera Inc., the owner of Bangor Hydro Electric Co., a deal expected to close later this year. Two New York-based law firms, Levi & Korsinsky and Bull & Lifshitz, have launched investigations into whether the deal violates the company's fiduciary duty to its shareholders.

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