FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: March, 1997
MAINE PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
Maine 1-3429 01-0113635
(State, or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
209 State Street, Presque Isle, Maine 04769
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code 207-768-5811
<PAGE>
Current Report, Form 8-K for Date of Report:
Maine Public Service Company March, 1997
Item 5. Other Material Events - Maine Public Service Company's Board
of Directors Votes to Reduce Quarterly Dividend on Common
Stock to $0.25 Per Share.
Reference is made to the Company's Forms 8-K dated January 31,
and February 14, 1997 in which the Company noted that problems
at the Maine Yankee Atomic Power Plant, of which the Company
is a 5% owner, were adversely impacting the Company's
financial results. In light of this, the Company reported
that it would make every effort to reduce cash expenditures,
including a review of the level of dividends on its Common
Stock.
At a regular meeting on March 7, 1997, the Company's Board of
Directors declared a quarterly dividend of $0.25 (annualized
rate of $1.00 per share) on the Company's Common Stock,
payable April 1, 1997 to holders of record at the close of
business March 14, 1997. This represents a reduction of 45%
from the Company's previous quarterly level of $0.46
(annualized rate of $1.84) per share. This reduction was in
response to the impact on the Company's earnings and cash
flows of the ongoing outage at the Maine Yankee Atomic Plant.
MAINE PUBLIC SERVICE COMPANY
Registrant
Dated: March 7, 1997 /s/ Larry E. LaPlante
Larry E. LaPlante, Vice President
Finance, Administration and Treasurer
