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March 16, 2009

N. Maine utility's 2008 income up 183%

By The Mainebiz News Staff

Maine & Maritimes Corp. in Presque Isle reported net income for fiscal year 2008 of $4.61 million, compared to a net income of $1.63 million in 2007.

The company attributes the improvement in annual income to a "new, more focused growth strategy" in its transmission and distribution utility and utility service operations, according to a press release from the company. The increase in basic net income means a per-share increase from $0.98 in 2007 to $2.75 in 2008.

Maine & Maritimes is the parent company of MAM Utility Services Group and Maine Public Service Co., the utility that operates the electricity grid in northern Maine.

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