AmBase Reports First Quarter Results

10 May, 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