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<P>SECURITIES AND EXCHANGE COMMISSION<BR>
<BR>
</P>

<P>Washington, D.C. 20549<BR>
<BR>
</P>

<P>FORM 8-K<BR>
<BR>
</P>

<P>CURRENT REPORT<BR>
<BR>
</P>

<P>Pursuant to Section 13 or 15(d) of<BR>
<BR>
</P>

<P>the Securities Exchange Act of 1934<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>Date of report: February 14, 2003<BR>
<BR>
</P>

<P>Date of earliest event reported: February 14, 2003<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>MAINE PUBLIC SERVICE COMPANY<BR>
<BR>
</P>

<P>(Exact name of registrant as specified in its charter)<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>Maine<BR>
<BR>
</P>

<P>(State or other jurisdiction of<BR>
<BR>
</P>

<P>incorporation or organization)<BR>
<BR>
</P>

<P>1-3429<BR>
<BR>
</P>

<P>(Commission File No.)<BR>
<BR>
</P>

<P>01-0113635<BR>
<BR>
</P>

<P>(I.R.S. Employer Identification No.)<BR>
<BR>
</P>

<P>209 State Street, Presque Isle, Maine 04769<BR>
<BR>
</P>

<P>(Address of principal executive offices) (Zip Code)<BR>
<BR>
</P>

<P>Registrant's telephone number:  207-768-5811<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>Maine Public Service Company<BR>
<BR>
</P>

<P> Item 7.  Financial Statements and Exhibits.<BR>
<BR>
</P>

<P>(c) Exhibits<BR>
<BR>
</P>

<P>     Exhibit 99  Press Release of Maine Public Service Company dated February 14, 2003,   reporting the Company's financial results for the quarter of 2002 and for the </P>

<P>   year 2002.</P>

<P>      <BR>
<BR>
</P>

<P>SIGNATURE<BR>
<BR>
</P>

<P>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, hereunto
duly authorized.<BR>
<BR>
</P>

<P>MAINE PUBLIC SERVICE COMPANY<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>Date:  February 14, 2003<BR>
<BR>
</P>

<P>By: /s/ Larry E. LaPlante<BR>
<BR>
</P>

<P>Larry E. LaPlante, Vice President,<BR>
<BR>
</P>

<P>Treasurer and Chief Financial Officer<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>                                                                           -2-</P>

<P>Exhibit 99</P>

<P>                               <BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>               February 14, 2003<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>FOR IMMEDIATE RELEASE:<BR>
<BR>
<BR>
<BR>
</P>

<P>     Maine Public Service Company and Subsidiaries Earnings Report for the three months ended and twelve months ended December 31, 2002 and 2001:<BR>
<BR>
</P>

<P>                                            Three Months Ended December 31     </P>

<P>                                                     (Unaudited)                      </P>

<P>                                               2002              2001     </P>

<P>        <BR>
<BR>
</P>

<P>Maine Public Service Co. </P>

<P>  Operating Revenues                      $  8,818,860      $  8,901,917</P>

<P>Energy Atlantic, LLC Operating Revenues      1,690,579         1,890,500</P>

<P>Total Operating Revenues                  $ 10,509,439      $ 10,792,417</P>

<P> </P>

<P>Net Income Available for Common Shares    $    518,905      $  2,177,363</P>

<P>Earnings Per Common Share                 $       0.33      $       1.39</P>

<P>Average Shares Outstanding                   1,574,115         1,573,510<BR>
<BR>
<BR>
<BR>
</P>

<P>                                            Twelve Months Ended December 31     </P>

<P>                                                     (Unaudited)                      </P>

<P>                                               2002               2001               <BR>
<BR>
</P>

<P>Maine Public Service Co. </P>

<P>  Operating Revenues                      $ 31,401,081      $ 31,780,147</P>

<P>Energy Atlantic, LLC Operating Revenues     12,703,052        17,917,893</P>

<P>Total Operating Revenues                  $ 44,104,133      $ 49,698,040<BR>
<BR>
</P>

<P>Net Income Available for Common Shares    $  6,543,421      $  5,236,527</P>

<P>Earnings Per Common Share                 $       4.16      $       3.33</P>

<P>Average Shares Outstanding                   1,573,865         1,573,294<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
</P>

<P>The following table summarizes the $1.06 decrease and $.83 increase in earnings per share for the fourth quarter and twelve months ending December 31, 2002
compared to the same periods in 2001:</P>

<P>                                               Increase (Decrease) in </P>

<P>                                                 Earnings Per Share </P>

<P>                                                2002 Compared to 2001     </P>

<P>                                        </P>

<P>                                            Three Months     Twelve Months </P>

<P>                                               Ended             Ended</P>

<P>                                              Dec. 31           Dec. 31     <BR>
<BR>
</P>

<P>Change in Energy Atlantic net income        $   (0.48)         $   1.62<BR>
<BR>
</P>

<P>Increase in legal, regulatory, and </P>

<P>    customer service expenses                   (0.23)            (0.37)<BR>
<BR>
</P>

<P>Increase in employee salary, medical,</P>

<P>    benefits, and insurance expenses            (0.22)            (0.46)<BR>
<BR>
</P>

<P>Holding company expenses                        (0.07)            (0.07)<BR>
<BR>
</P>

<P>Increase in wheeling and retail revenues         0.13              0.15<BR>
<BR>
</P>

<P>Decrease in interest expense                     0.04              0.23<BR>
<BR>
</P>

<P>Voluntary Early Retirement Program              (0.15)            (0.15)<BR>
<BR>
</P>

<P>Stranded Cost Ratemaking Changes   (0.05)  (0.05)<BR>
<BR>
</P>

<P>Other                                           (0.03)            (0.07)<BR>
<BR>
</P>

<P>Total                                        $  (1.06)          $   .83        </P>

<P> </P>

<P>During the third quarter, Energy Atlantic, LLC (EA), the Company's wholly-owned subsidiary, was released from any further obligation pertaining to its Wholesale Power
Sales Agreement (the Agreement) with Engage Energy America, LLC (Engage), which expired on February 28, 2002.  <BR>
<BR>
</P>

<P>On September 30, 2002, the final escrow disbursements were made to EA and Engage, pursuant to their agreement regarding the final audit of all contract activity
conducted by Engage.  As a result of the completion of business with Engage, EA recognized $4.8 million of additional standard offer service (SOS) revenue during the
third quarter, with an after-tax impact of $2.9 million, or $1.84 per share. In addition, EA reversed $321,000 of expenses previously accrued for possible regulatory
assessments under the Agreement with Engage, which has terminated, resulting in an earnings per share impact of $.12 per share.<BR>
<BR>
</P>

<P>The reduction in Energy Atlantic's fourth quarter net income is largely attributable to the loss of the standard offer service (SOS) within Central Maine Power's (CMP's)
service area that became effective March 1, 2002. Other reductions in earnings were in many cases due to incremental expenditures as described in the following: <BR>
<BR>
</P>

<P> The reduction in earnings in the legal, regulatory, and customer service area was attributable to increased costs associated with initial compliance with the
Sarbanes-Oxley Act of 2002; preparation for an alternative rate plan filing with the Maine Public Utilities Commission scheduled for filing in the first quarter of 2003;
additional regulatory assessments; and the undertaking of system and information system benchmarking audits enabling increased asset management, decreases in overall
capital expenditures and improved prioritization of capital expenditures resulting in enhanced business processes.<BR>
<BR>
</P>

<P> The Voluntary Early Retirement Program (VERP) produced a reduction in earnings for the year, however, the program achieved a reduction in employee census of
approximately 7% beginning with associated savings beginning in January, 2003.<BR>
<BR>
</P>

<P> The reduction in earnings associated with Maine Public Service Company's formation of a holding company are costs associated with migration to a holding company
format, which will facilitate the firm's growth strategy.<BR>
<BR>
</P>

<P>For information, contact Michael A. Thibodeau, VP, Controller and Chief Risk Officer, (207) 768-5811. </P>

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[{"type": "8-K", "sequence": "1", "filename": "feb038k.htm", "secsgml_size_bytes": 8627}]
{"company-data": {"conformed-name": "MAINE PUBLIC SERVICE CO", "cik": "0000061611", "assigned-sic": "4911", "irs-number": "010113635", "state-of-incorporation": "ME", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03429", "film-number": "03564944"}, "business-address": {"street1": "209 STATE ST", "city": "PRESQUE ISLE", "state": "ME", "zip": "04769-1209", "phone": "2077685811"}, "mail-address": {"street1": "PO BOX 1209", "city": "PRESQUE ISLE", "state": "ME", "zip": "04769-1209"}}
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: February 14, 2003
Date of earliest event reported: February 14, 2003
MAINE PUBLIC SERVICE COMPANY
(Exact name of registrant as specified in its charter)
Maine
(State or other jurisdiction of
incorporation or organization)
1-3429
(Commission File No.)
01-0113635
(I.R.S. Employer Identification No.)
209 State Street, Presque Isle, Maine 04769
(Address of principal executive offices) (Zip Code)
Registrant's telephone number:  207-768-5811
Maine Public Service Company
Item 7.  Financial Statements and Exhibits.
(c) Exhibits
Exhibit 99  Press Release of Maine Public Service Company dated February 14, 2003,   reporting the Company's financial results for the quarter of 2002 and for the
year 2002.
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, hereunto
duly authorized.
MAINE PUBLIC SERVICE COMPANY
Date:  February 14, 2003
By: /s/ Larry E. LaPlante
Larry E. LaPlante, Vice President,
Treasurer and Chief Financial Officer
-2-
Exhibit 99
February 14, 2003
FOR IMMEDIATE RELEASE:
Maine Public Service Company and Subsidiaries Earnings Report for the three months ended and twelve months ended December 31, 2002 and 2001:
Three Months Ended December 31
(Unaudited)
2002              2001
Maine Public Service Co.
Operating Revenues                      $  8,818,860      $  8,901,917
Energy Atlantic, LLC Operating Revenues      1,690,579         1,890,500
Total Operating Revenues                  $ 10,509,439      $ 10,792,417
Net Income Available for Common Shares    $    518,905      $  2,177,363
Earnings Per Common Share                 $       0.33      $       1.39
Average Shares Outstanding                   1,574,115         1,573,510
Twelve Months Ended December 31
(Unaudited)
2002               2001
Maine Public Service Co.
Operating Revenues                      $ 31,401,081      $ 31,780,147
Energy Atlantic, LLC Operating Revenues     12,703,052        17,917,893
Total Operating Revenues                  $ 44,104,133      $ 49,698,040
Net Income Available for Common Shares    $  6,543,421      $  5,236,527
Earnings Per Common Share                 $       4.16      $       3.33
Average Shares Outstanding                   1,573,865         1,573,294
The following table summarizes the $1.06 decrease and $.83 increase in earnings per share for the fourth quarter and twelve months ending December 31, 2002
compared to the same periods in 2001:
Increase (Decrease) in
Earnings Per Share
2002 Compared to 2001
Three Months     Twelve Months
Ended             Ended
Dec. 31           Dec. 31
Change in Energy Atlantic net income        $   (0.48)         $   1.62
Increase in legal, regulatory, and
customer service expenses                   (0.23)            (0.37)
Increase in employee salary, medical,
benefits, and insurance expenses            (0.22)            (0.46)
Holding company expenses                        (0.07)            (0.07)
Increase in wheeling and retail revenues         0.13              0.15
Decrease in interest expense                     0.04              0.23
Voluntary Early Retirement Program              (0.15)            (0.15)
Stranded Cost Ratemaking Changes   (0.05)  (0.05)
Other                                           (0.03)            (0.07)
Total                                        $  (1.06)          $   .83
During the third quarter, Energy Atlantic, LLC (EA), the Company's wholly-owned subsidiary, was released from any further obligation pertaining to its Wholesale Power
Sales Agreement (the Agreement) with Engage Energy America, LLC (Engage), which expired on February 28, 2002.
On September 30, 2002, the final escrow disbursements were made to EA and Engage, pursuant to their agreement regarding the final audit of all contract activity
conducted by Engage.  As a result of the completion of business with Engage, EA recognized $4.8 million of additional standard offer service (SOS) revenue during the
third quarter, with an after-tax impact of $2.9 million, or $1.84 per share. In addition, EA reversed $321,000 of expenses previously accrued for possible regulatory
assessments under the Agreement with Engage, which has terminated, resulting in an earnings per share impact of $.12 per share.
The reduction in Energy Atlantic's fourth quarter net income is largely attributable to the loss of the standard offer service (SOS) within Central Maine Power's (CMP's)
service area that became effective March 1, 2002. Other reductions in earnings were in many cases due to incremental expenditures as described in the following:
The reduction in earnings in the legal, regulatory, and customer service area was attributable to increased costs associated with initial compliance with the
Sarbanes-Oxley Act of 2002; preparation for an alternative rate plan filing with the Maine Public Utilities Commission scheduled for filing in the first quarter of 2003;
additional regulatory assessments; and the undertaking of system and information system benchmarking audits enabling increased asset management, decreases in overall
capital expenditures and improved prioritization of capital expenditures resulting in enhanced business processes.
The Voluntary Early Retirement Program (VERP) produced a reduction in earnings for the year, however, the program achieved a reduction in employee census of
approximately 7% beginning with associated savings beginning in January, 2003.
The reduction in earnings associated with Maine Public Service Company's formation of a holding company are costs associated with migration to a holding company
format, which will facilitate the firm's growth strategy.
For information, contact Michael A. Thibodeau, VP, Controller and Chief Risk Officer, (207) 768-5811.