Dutton Associates Announces Investment Opinion: Maine & Maritimes Buy Rating Maintained In...

ROSEVILLE, Calif. -- Dutton Associates continues coverage of Maine & Maritimes (AMEX:MAM) reiterating its Buy rating and a 12-month $48 price target. The 20-page report by Dutton senior analyst Sally H. Wallack, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, Reuters, Zacks,

Maine & Maritimes reported first quarter operating revenues of $12.2 million, up nearly 12% from $10.9 million in the prior year, and income from continuing operations of $2.0 million, or $1.18 per diluted share, well above the prior-year's income of $1.6 million, or $0.94 per diluted share. Earnings also exceeded our $1.07 per share estimate. All of the first quarter's revenue growth was attributable to a $1.3 million revenue contribution from USG. USG's activity during the quarter included work on two significant wind farm projects outside MPS's service territory as well as other smaller projects. USG contributed $95,000 to net income or about $0.06 to earnings per share. USG's performance was a very pleasant surprise, and it is especially impressive for a business that was incorporated less than nine months ago in September 2007. Other quarterly highlights include effective expense control at the regulated utility, strong cash flow generation, debt repayments, and the divestiture of Maine & Maritimes' 50% interest in Maricor Properties, Ltd. (MPL), a Canadian real estate development and investment company. Given Maine & Maritimes' strong financial performance in 2007 and the first quarter of 2008, its renewed focus on MPS's near-term and long-term growth opportunities, and its attractive valuation - we reiterate our Buy rating on the Company's common stock.

About Dutton Associates

Dutton Associates (DA) is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. DA provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in the DA one-year continuing research program is US $35,000 prepaid from the Company for 4 Research Reports, typically published quarterly, and requisite Research Notes. DA received $99,000 from the Company for 12 Research Reports with coverage commencing on 5/16/2006.

DA does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures, and analyst background at www.jmdutton.com before investing.