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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2004

OR

o   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 333-103749

MAINE & MARITIMES CORPORATION

(Exact name of Registrant as Specified in its Charter)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         x YES     o NO

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act of 1934).          o YES     x NO

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the close of the period covered by this report.  

Common Stock, $7.00 par value - 1,635,429 shares

PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements

         See the following exhibits: Maine & Maritimes Corporation ("MAM" or the "Company") and Subsidiaries Consolidated Financial Statements, including (1) an unaudited statement of consolidated operations for the quarter and nine months ended September 30, 2004, and for the corresponding periods of the preceding year; (2) an unaudited consolidated balance sheet as of September 30, 2004; (3) an audited consolidated balance sheet as of December 31, 2003, the end of Maine & Maritimes Corporation's preceding fiscal year; (4) an unaudited statement of consolidated cash flows for the period January 1 (beginning of the fiscal year)through September 30, 2004, and for the corresponding period of the preceding year; and (5) an unaudited statement of consolidated common shareholders’ equity for the period January 1 (beginning of the fiscal year) through September 30, 2004.

         In the opinion of management, the accompanying unaudited consolidated financial statements present fairly the financial position of the Company and its Subsidiaries at September 30, 2004, and December 31, 2003; the results of their operations for the three and nine months ended September 30, 2004 and 2003; and their cash flows for the nine months ended September 30, 2004, and 2003.

         MAM is the parent holding company for the following wholly-owned subsidiaries: (1) Maine Public Service Company ("MPS") and its wholly-owned subsidiary Maine & New Brunswick Electrical Power Company, Ltd ("ME & NB"); (2) Energy Atlantic, LLC ("EA"); (3) The Maricor Group and its wholly-owned subsidiaries RES Engineering Inc. ("RES") and The Maricor Group, Canada Ltd. ("The Maricor Group Canada"), formerly Maricor Ltd and (4) Maricor Properties Ltd ("Maricor Properties") and its wholly-owned subsidiary Mecel Properties Ltd ("Mecel"). The Maricor Group, formerly known as Maine and Maritimes Energy Services ("MAMES") dba " The Maricor Group," changed its corporate name on July 23, 2004.

General descriptions of these companies are as follows:

·        MPS is a regulated electric transmission and distribution utility serving  all of Aroostook County and a portion of Penobscot County in northern Maine.

·        ME&NB, is an inactive Canadian subsidiary of MPS, which formerly owned MPS's Canadian electric generation assets.

·        EA is a licensed, but currently inactive, Competitive Energy Supplier ("CES") of retail electricity and formerly served the northern and southern regions of the state of Maine.

·        The Maricor Group is an asset development, mechanical and electrical engineering, energy efficiency and lifecycle asset management services firm focused on sustainability within markets primarily consisting of the New England region of the United States and the eastern Canadian provinces, particularly Atlantic Canada.

·        RES is a subsidiary of The Maricor Group with offices in Hudson and Boston, Massachusetts offering The Maricor Group's services primarily within New England, particularly the State of Massachusetts and Greater Boston area.

·        The Maricor Group Canada is the Canadian subsidiary of The Maricor Group offering its parent company's defined services primarily within the eastern Canadian provinces, particularly Atlantic Canada.

·        Maricor Properties Ltd is a Canadian real estate development and investment company focused primarily on sustainable development emphasizing Leadership in Energy and Environmental Design (LEED) criteria for public infrastructure facilities, urban historic redevelopment projects, multi-family and office commercial urban development and redevelopment projects, and multi-family coastal leisure residential projects primarily within Atlantic Canada. Maricor Properties Ltd was organized on June 1, 2004 in Nova Scotia, Canada.

·        Mecel Properties Limited is a Canadian subsidiary of Maricor Properties Ltd and currently owns the office building housing the Nova Scotia operating division (the M&R Division) of The Maricor Group Canada.