Maine & Maritimes Corporation Announces 2009 Third-Quarter Earnings Results

PRESQUE ISLE, ME, Nov 12 (MARKET WIRE) --
Maine & Maritimes Corporation (NYSE Amex: MAM) reported a consolidated
third quarter 2009 basic and diluted net loss of $0.52 per share, or
$877,000, compared to third quarter 2008 net income of $0.08 per share,
or $129,000.

According to Brent M. Boyles, President and CEO of Maine & Maritimes
Corporation, "As in past years, revenues at the utility were lower during
the second and third quarters due to our rate structure, which is higher
in the winter months to encourage conservation. Third quarter revenue for
2009 was lower than the third quarter of 2008, reflecting the downturn in
the economy, primarily within the struggling wood and lumber industry. In
addition, MAM Utility Services Group (MAM USG) has fewer projects than it
did last year.

"As part of our effort to improve performance, MPS continues to pursue a
transmission interconnection to the ISO-NE regional grid. We continue to
meet with various stakeholders to discuss the Maine Power Connection (MPC)
project scope and requirements, and identify means to reduce the impact of
the MPC project on northern Maine ratepayers. In addition, MAM USG has
secured a limited notice to proceed with designing the collector system
for another New England wind farm."

Statistical Highlights:

Unaudited

(in thousands except share and per share amounts)

Quarters Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
--------- ---------- ---------- ---------
Regulated Operating Revenues $ 7,273 $ 7,805 $ 24,705 $ 26,485
Unregulated Operating Revenues 29 4,463 577 7,837
--------- ---------- ---------- ---------
Total Operating Revenues $ 7,302 $ 12,268 $ 25,282 $ 34,322
========= ========== ========== =========

(Loss) Income from Continuing
Operations Allocable to Common
Shareholders $ (877) $ 128 $ 118 $ 2,047
Income (Loss) from Discontinued
Operations - 1 - (20)
--------- ---------- ---------- ---------
Total Consolidated Net (Loss)
Income $ (877) $ 129 $ 118 $ 2,027
========= ========== ========== =========

Basic and Diluted (Loss) Income
per Common Share from
Continuing Operations $ (0.52) $ 0.08 $ 0.07 $ 1.22
Basic and Diluted Loss per
Common Share from Discontinued
Operations - - - (0.01)
--------- ---------- ---------- ---------
Total (Loss) Income per Common
Share $ (0.52) $ 0.08 $ 0.07 $ 1.21
========= ========== ========== =========

Average Shares Outstanding:
Basic 1,681,249 1,678,249 1,680,507 1,678,069
Diluted 1,681,249 1,678,982 1,681,237 1,678,405

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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