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: June 2, 2003

Date of earliest event reported: May 30, 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

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

Items ~~Item~~1 7and 5. ~~Financial~~ ~~Statements~~Changes in Control of Registrant and ~~Exhibits~~Other Events.

~~(c)~~MAINE ~~Exhibits~~PUBLIC SERVICE COMPANY SHAREHOLDERS VOTE TO APPROVEREORGANIZATION INTO A HOLDING COMPANY, WITH THE COMPANY BECOMING A SUBSIDIARY OF MAINE & MARITIMES CORPORATION

~~Exhibit~~At ~~99 Press~~the ~~Release~~Company's Annual Meeting of Shareholders, held on May 30, 2003, shareholders of Maine Public Service Company ~~dated~~(MPS) ~~February~~voted ~~14,~~to ~~2003, reporting~~approve the Company's ~~financial~~plan to create a holding company structure, under Maine & Maritimes Corporation. Of the shares eligible to vote, 57.07% voted "FOR" the holding company proposal, 10.19% voted "Against," 1.87% abstained and the remainder were "broker no votes." It is anticipated that the reorganization will be completed by July 1, 2003. No change in beneficial ownership results ~~for~~from the reorganization, ~~quarter~~which is described in more detail in the Form S-4/A of ~~2002~~Maine & ~~and~~Maritimes ~~for~~Corporation, filed with the Commission on April 15, 2003.

~~year~~Under ~~2002~~the new holding company plan, Maine Public Service Company will become a separate subsidiary of Maine & Maritimes Corporation. Energy Atlantic, LLC, Maine Public Service Company's unregulated competitive electricity supply company will also become a subsidiary of the new holding company. Maine and New Brunswick Electrical Power Company, Limited, which is an inactive Canadian company, will remain a subsidiary of Maine Public Service Company.

Upon completion of the reorganization, shares of Maine Public Service Company common stock will be converted on the books (no exchange of certificates will be necessary) into the same number of shares of common stock of Maine & Maritimes Corporation. The shares will be traded on the American Stock Exchange under the ticker symbol MAM.

Item 5. Other Events.

MAINE PUBLIC SERVICE COMPANY DECLARES QUARTERLY DIVIDEND

At the Annual Organization Meeting held on May 30, 2003, the Board of Directors of Maine Public Service Company declared a regular quarterly dividend of $.37 per share (annualized rated of $1.48 per share) on the Company's Common Stock payable July 1, 2003, to shareholders of record as of June 16, 2003.

Item 5. Other Events.

MAINE PUBLIC SERVICE ANNOUNCES DIRECTOR AND OFFICER ELECTIONS

During the Company's Annual Organization Meeting held on May 30, 2003, the shareholders of Maine Public Service Company elected the following Class I Directors for terms expiring in 2006: Robert E. Anderson (for re-election), Michael W. Caron (for election), and Nathan L. Grass (for re-election). David N. Felch (for re-election from board appointment) was elected as a Class II Director with a term expiring in 2004.

Also on May 30, 2003, the Board of Directors elected the following officers to serve until the next annual election of officers and until their successors have been duly chosen and qualified:
G. Melvin Hovey, Chairman of the Board; J. Nicholas Bayne, President and Chief Executive Officer; Kurt A. Tornquist, Senior Vice President, Chief Financial Officer, and Treasurer; Larry E. LaPlante, Vice President, Chief Accounting Officer, Controller, Clerk, Asst. Treasurer and Asst. Secretary; Michael A. Thibodeau, Vice President, Compliance and Risk Management; Brent M. Boyles, Senior Vice President, Operations; William L. Cyr, Vice President, Engineering and Asset Management; Scott L. Sells, General Counsel, Secretary, and Assistant Clerk; and John P. Havrilla, Vice President, Business Development and Unregulated Businesses.

Item 5. Other Events.

J. GREGORY FREEMAN RESIGNS FROM MAINE PUBLIC SERVICE COMPANY
BOARD OF DIRECTORS

Effective May 30, 2003, Mr. J. Gregory Freeman has resigned as a Director of Maine Public Service Company, citing personal reasons as the basis for his decision. Mr. Freeman was a Class II Director whose term was scheduled to expire in 2004.

Item 5. Other Events.

J. PAUL LEVESQUE RETIRES FROM MAINE PUBLIC SERVICE COMPANY
BOARD OF DIRECTORS

Effective May 30, 2003, Mr. J. Paul Levesque has retired from the Board of Directors of Maine Public Service Company, after 18 years of service. Mr. Levesque was a Class I Director whose term was scheduled to expire in 2003.

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~~ 14June 2, 2003

By: /s/ ~~Larry~~Kurt EA. ~~LaPlante~~ Tornquist

~~Larry~~Kurt EA. ~~LaPlante~~Tornquist, Senior Vice President,

~~Treasurer and~~ Chief Financial Officer , and Treasurer

-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.

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