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Ambase Reports Second Quarter and Six Months Results

GREENWICH, Conn., Aug. 11, 2011 /PRNewswire/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $383,000 or $0.01 per share and $850,000 or $0.02 per share for the second quarter and six months ended June 30, 2011, respectively.

For the second quarter and six months ended June 30, 2010, the Company recorded a net loss of $546,000 or $0.01 per share and $1,091,000 or $0.02 per share respectively.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Quarterly Report on 10-Q for the quarterly period June 30, 2011, filed with the Securities and Exchange Commission.

AmBase Corporation

Summary Results

(in thousands, except per share data)












Second Quarter

Six Months


2011

2010

2011

2010

Operating expenses

$    484

$    548

$         945

$    1,097

Operating loss

(484)

(548)

(945)

(1,097)

Interest income

2

4

5

9

Realized gains on sales of investment securities

9

9

15

19

Other income

105

-

105

-

Loss before income taxes

(368)

(535)

(820)

(1,069)

Income tax expense

(15)

(11)

(30)

(22)

Net loss

$  (383)

$  (546)

$       (850)

$    (1,091)






Net loss per common share:





Basic

$ (0.01)

$ (0.01)

$      (0.02)

$    (0.03)

Assuming dilution

$ (0.01)

$ (0.01)

$      (0.02)

$    (0.03)






Weighted average common shares outstanding:





Basic

43,075

43,075

43,075

43,075

Assuming dilution

43,075

43,075

43,075

43,075



SOURCE AmBase Corporation



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