AmBase Reports First Quarter Results

May 10, 2012, 14:54 ET from AmBase Corporation

GREENWICH, Conn., May 10, 2012 /PRNewswire/ -- AmBase Corporation (the "Company") (OTC Bulletin Board: ABCP) announced today a net loss of $496,000 or $0.01 per share for the three months ended March 31, 2012.

For the three months ended March 31, 2011, the Company recorded a net loss of $467,000 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, 2012, filed with the Securities and Exchange Commission.


AmBase Corporation


Summary Results


(in thousands, except per share data)





















Three Months






2012


2011

Operating expenses





$           517


$           461

Operating loss





(517)


(461)

Interest income





3


3

Realized gains on sales of investment securities





16


6

Unrealized losses on trading securities





-


-

Other income





13


-

Loss before income taxes





(485)


(452)

Income tax expense





11


15

Net loss





$         (496)


$         (467)









Net loss per common share - basic





$        (0.01)


$        (0.01)

Net loss per common share - assuming dilution





$        (0.01)


$        (0.01)









Weighted average common shares outstanding - basic





43,075


43,075

Weighted average common shares outstanding - assuming dilution





43,075


43,075

















  

  

SOURCE AmBase Corporation