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AmBase Reports Third Quarter and Nine Months Results

GREENWICH, Conn., Nov. 9, 2010 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $418,000 or $0.01 per share and $1,509,000 or $0.04 per share for the third quarter and nine months ended September 30, 2010, respectively.

For the third quarter and nine months ended September 30, 2009, the Company recorded a net loss of $491,000 or $0.01 per share and $1,865,000 or $0.04 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 September 30, 2010, filed with the Securities and Exchange Commission.

AmBase Corporation

Summary Results

(in thousands, except per share data)












Third Quarter

Nine Months


2010

2009

2010

2009

Operating expenses 

$    428

$    504

$  1,525

$  1,945

Operating loss

(428)

(504)

(1,525)

(1,945)

Interest income

10

15

19

36

Realized gains on sales of investment securities

11

-

30

-

Other income

-

-

-

50

Loss before income taxes

(407)

(489)

(1,476)

(1,859)

Income tax expense

(11)

(2)

(33)

(6)

Net loss

$  (418)

$  (491)

$ (1,509)

$ (1,865)






Net loss per common share:





Basic

$ (0.01)

$ (0.01)

$   (0.04)

$   (0.03)

Assuming dilution

$ (0.01)

$ (0.01)

$   (0.04)

$   (0.03)






Weighted average common shares outstanding:





Basic

43,075

43,131

43,075

43,172

Assuming dilution

43,075

43,131

43,075

43,172



SOURCE AmBase Corporation



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