MAM's earnings improve
Power utility Maine & Maritimes Corp., the parent company of Presque Isle's Maine Public Service, has released third-quarter earnings that show an uptick in revenues and lower losses over the same quarter in 2009.
According to a release from the company, total revenues increased to $7.9 million from $7.3 million in the same quarter last year. Shareholders saw a 17-cent net loss per share for the period ending Sept. 30, 2010 compared with a 52-cent per-share loss over the same period in 2009.
Last month, the Maine Public Utilities Commission approved the purchase of Maine & Maritimes by Canadian power company Emera Inc. Nova Scotia-based Emera is the parent company of Bangor Hydro Electric. Maine & Maritimes' shareholders approved the deal in late July, which called for Emera to buy all outstanding shares of MAM's common stock for $45 per share in cash, for a total value of $108 million.
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