Maine & Maritimes Corporation (MAM), a US-based electric transmission and distribution utility, has reported total operating revenues of $45.3 million for the year-end 2008, compared with the total operating revenues of $37.5 million in the previous year-end. It has also reported net income of $4.6 million, or $2.75 per share, for the year-end 2008, compared with the net income of $1.62 million, or $0.98 per share, in the previous year-end.
We are encouraged by the improvement in our financial performance during tough economic times, said Brent M. Boyles, President and chief executive officer of MAM. Our new, more focused growth strategy that embraces core competencies in, and related to, our transmission and distribution utility and utility service operations is proving to be very successful. Thanks to the diligence of our employees, we continue to provide cost-effective and quality services to our customers and focus on a fair return for our shareholders. We continue to pursue opportunities in regional utility services and a jointly-owned transmission project that has the potential of connecting northern Maine to the New England electrical network. We believe we are well positioned to utilize our utility experience to pursue additional electrical infrastructure services and provide growth for our shareholders.