November 12, 2007
Maine & Maritimes earnings drop
Maine & Maritimes Corporation continues to report losses as it reorganizes to focus solely on its utility business.
The Presque Isle-based company said on Friday it lost $470,000 on revenue of $8 million during its third quarter, which ended September 30, according to a press release. That loss is small, however, compared to the $3.1 million the company lost during the third quarter of 2006.
The reorganization is part of a board of directors' mandate from last year to exit all non-utility unregulated businesses, including its real estate, technology and engineering ventures. During the third quarter, the company closed The Maricor Group, its engineering subsidiary, and continued to look for a buyer for Maricor Properties and Mecel Properties.
The Presque Isle-based company said on Friday it lost $470,000 on revenue of $8 million during its third quarter, which ended September 30, according to a press release. That loss is small, however, compared to the $3.1 million the company lost during the third quarter of 2006.
The reorganization is part of a board of directors' mandate from last year to exit all non-utility unregulated businesses, including its real estate, technology and engineering ventures. During the third quarter, the company closed The Maricor Group, its engineering subsidiary, and continued to look for a buyer for Maricor Properties and Mecel Properties.
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