Maine & Maritimes Corporation Announces 2009 First Quarter Earnings Results

PRESQUE ISLE, ME, May 11 (MARKET WIRE) --
Maine & Maritimes Corporation (NYSE Amex: MAM) reported consolidated
first quarter 2009 basic and diluted net income of $0.84 per share, or
$1.41 million, compared to first quarter 2008 net income of $1.17 per
share, or $1.97 million.

According to Brent M. Boyles, President and CEO of Maine & Maritimes
Corporation, "Revenue at the utility was lower than the first quarter of
2008, reflecting the downturn in the economy, primarily in the wood and
lumber industry. In addition, MAM Utility Services Group has fewer
projects than it did last year. There have been increased operations and
maintenance expenses at Maine Public Service. However, MAM USG has several
outstanding bids on projects and MPS continues to pursue opportunities for
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."

Statistical Highlights:

Unaudited

(in thousands except share and per share amounts)

Three Months Ended
March 31,
2009 2008
---------- ---------
Regulated Operating Revenues $ 10,102 $ 10,891
Unregulated Operating Revenues 194 1,296
---------- ---------
Total Operating Revenues $ 10,296 $ 12,187
========== =========

Income from Continuing Operations Allocable to Common
Shareholders $ 1,406 $ 1,975
Loss from Discontinued Operations - (9)
---------- ---------
Total Consolidated Net Income $ 1,406 $ 1,966
========== =========

Basic and Diluted Income per Common Share from
Continuing Operations $ 0.84 $ 1.18
Basic and Diluted Loss per Common Share from
Discontinued Operations - (0.01)
---------- ---------
Total Income per Common Share $ 0.84 $ 1.17
========== =========

Average Shares Outstanding:
Basic 1,679,699 1,677,862
Diluted 1,680,402 1,678,038

About Maine & Maritimes Corporation:

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.

Cautionary Statement Regarding Forward-Looking Information:

Except for historical information, all other information provided in this
news release consists of "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1935. Although Maine &
Maritimes Corporation believes that such statements are based on
reasonable assumptions, any such statements involve uncertainties and
risks that may cause actual results to differ materially from those
projected, anticipated, or implied. MAM cautions that there are certain
factors that can cause actual results to differ materially from
forward-looking information that has been provided, including, without
limitation, potential changes in applicable laws and regulations,
potential changes in Management, its ability to raise necessary operating
and growth capital, increased interest costs, its ability to execute its
business plans in a timely and efficient manner, the loss of customers
and other factors that are more detailed in MAM's filings with the
Securities and Exchange Commission.

MAM-E = Earnings Release

For More Information Contact:
Virginia R. Joles
Director of Communications, Board Relations and Economic Development
Tel: 207.760.2418
www.maineandmaritimes.com

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