AmBase Reports First Quarter Results

GREENWICH, Conn., May 9, 2011 /PRNewswire/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $467,000 or $0.01 per share for the three months ended March 31, 2011.

For the three months ended March 31, 2010, the Company recorded a net loss of $545,000 or $0.01 per share.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Quarterly Report on 10-Q for the quarterly period March 31, 2011, filed with the Securities and Exchange Commission.

AmBase Corporation

Summary Results

(in thousands, except per share data)





Three Months


2011

2010

Operating expenses

$                      461

$                      549

Operating loss

(461)

(549)

Interest income

3

5

Realized gains on sales of investment securities

6

10

Loss before income taxes

(452)

(534)

Income tax expense

(15)

(11)

Net loss

$                    (467)

$                    (545)




Net loss per common share:



Basic

$                   (0.01)

$                   (0.01)

Assuming dilution

$                   (0.01)

$                   (0.01)




Weighted average common shares outstanding:



Basic

43,075

43,075

Assuming dilution

43,075

43,075



SOURCE AmBase Corporation



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