AmBase Reports Full Year Results

GREENWICH, Conn., March 30, 2011 /PRNewswire/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $1,960,000 or $0.04 per share for the full year ended December 31, 2010.

For the full year ended December 31, 2009, the Company recorded a net loss of $2,411,000 or $0.06 per share.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Annual Report on 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission.

The Company also announced that it has fixed the close of business on Thursday, April 14, 2011, as the record date for the upcoming 2011 Annual Meeting of Stockholders of AmBase Corporation, which will be held at 9:00 AM Eastern Daylight Time on Friday, June 3, 2011 at the Hyatt Regency Hotel, 1800 East Putnam Avenue, Greenwich, Connecticut.

AmBase Corporation

Summary Results

(in thousands, except per share data)

Twelve Months



Operating expenses

$            1,955

$        2,455

Operating loss



Interest income



Realized gains on sales of investment securities



Other income



Loss before income taxes



Income tax expense



Net loss

$           (1,960)

$      (2,411)

Net loss per common share:


$             (0.04)

$        (0.06)

Assuming dilution

$             (0.04)

$        (0.06)

Weighted average common shares outstanding:




Assuming dilution



SOURCE AmBase Corporation

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