SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 19, 1995
CENTRAL MAINE POWER COMPANY
(Exact name of registrant as specified in its charter)
Maine 1-5139 01-0042740
(State of Incorporation) (Commission (IRS Employer
File Number) Identification Number)
83 Edison Drive, Augusta, Maine 04336
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (207)623-3521<PAGE>
Item 1 through Item 4. Not applicable.
Item 5. Other Events.
(a) Second-quarter financial results. On July 21, 1995,
the Company announced its second-quarter financial results with
the following release:
"ONE-TIME MAINE YANKEE, RETIREMENT CHARGES
PRODUCE SECOND-QUARTER LOSS FOR CMP
AUGUSTA, Maine, July 21, 1995 -- One-time accounting
charges for repairs under way at the Maine Yankee plant and for
an early-retirement program have resulted in an $11.2-million
second-quarter loss for Central Maine Power Company, the utility
said today.
Although repair bills for the steam-generator tube sleeving
at the Maine Yankee plant will continue for several months,
accounting rules required that CMP charge its entire $15-million
share of the estimated $40-million repair cost to second-quarter
expense. Another $4.8-million charge was charged against
earnings for costs associated with the Special Retirement Offer
that reduced the company's work force by 200 people, or about 10
percent, as of July 1. Savings from that work-force reduction
are expected to contribute to improved financial results in the
future.
The one-time charges for the quarter ending June 30 reduced
after-tax earnings for common stockholders by 36 cents a share.
A small operating profit and other income offset part of that
impact, leaving the overall loss at 34 cents a common share,
compared to earnings of 39 cents a share in the second quarter of
1994.
CMP's total quarterly loss on common-equity investment was
$11.2 million, compared to earnings of $12.7 million for the
second quarter of 1994.
Service-area electricity sales were 2.11 billion kilowatt-
hours for the quarter, down from 2.22 billion kWh a year ago.
Electricity sales for the first half of the year were 4.47
billion kWh, down 4.9 percent from the 4.70-billion kWh level for
the 1994 period. Residential sales fell 5.9 percent; commercial,
1 percent; and industrial, 6.3 percent. The company said
competition from other forms of energy and the loss of sales to a
large industrial customer who began taking service from another
utility in late 1994 were factors in the decline.
Operating revenues were $203 million for the quarter, down
from $212 million in the same period of 1994. Six-months'
revenues were somewhat higher than a year ago, $466 million
versus $453 million."<PAGE>
(b) Termination of Rights under Shareholder Rights Plan.
On July 19, 1995, the Board of Directors of the Company
terminated, effective immediately, the right to exercise the
Rights issued to its shareholders pursuant to the Shareholder
Rights Plan adopted by the Company on September 28, 1994, and
ordered the redemption of the Rights. The Board directed payment
of the redemption price of $.01 per Right on August 28, 1995, to
holders of record at the close of business on August 14, 1995.
On May 24, 1995, the shareholders of the Company, by a vote of
50.36 percent to 49.64 percent, had approved a shareholder
proposal at the Company's annual meeting of shareholders
recommending redemption of the rights and termination of the
Shareholder Rights Plan.
(c) Election of Comptroller. On July 19, 1995, the Board
of Directors of the Company elected Robert E. Tuoriniemi, of
Hallowell, Maine, Comptroller of the Company, effective August 1,
1995. He will replace Robert S. Howe, who is retiring from the
Company.
Item 6 through Item 8. Not applicable.<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
CENTRAL MAINE POWER COMPANY
By:
D. E. Marsh
Vice President, Corporate
Services, and Chief Financial
Officer
Dated: June 24, 1995<PAGE>
