Maine & Maritimes Corporation Announces 2010 First Quarter Earnings Results

Maine & Maritimes Corporation (NYSE Amex: MAM) reported consolidated first quarter 2010 basic and diluted net income of $0.40 per share, or $673,000, compared to first quarter 2009 net income of $0.84 per share, or $1.41 million.

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Included in the results for the first quarter of 2010 were $554,000 of merger-related transaction costs and a $378,000 increase in the liability for deferred directors' compensation. Net of tax, these costs reduced net income by $559,000.

Statistical Highlights:

 Maine & Maritimes Corporation and Subsidiaries Unaudited Earnings Report For the Quarters Ended March 31, 2010 and 2009 (in thousands except share and per share amounts) Quarters Ended March 31, 2010 2009 ---------- ---------- Regulated Operating Revenues $ 10,055 $ 10,102 Unregulated Operating Revenues 22 194 ---------- ---------- Total Operating Revenues $ 10,077 $ 10,296 ========== ========== Total Consolidated Net Income $ 673 $ 1,406 ---------- ---------- Total Basic and Diluted Income per Common Share $ 0.40 $ 0.84 ---------- ---------- Average Shares Outstanding: Basic 1,682,599 1,679,699 Diluted 1,683,149 1,680,402 

About Maine & Maritimes Corporation:

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FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

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FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

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FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

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