AmBase Reports First Quarter Results

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May 09, 2011, 04:09 ET

GREENWICH, Conn., May 9, 2011 /PRNewswire/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $467,000 or $0.01 per share for the three months ended March 31, 2011.

For the three months ended March 31, 2010, the Company recorded a net loss of $545,000 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, 2011, filed with the Securities and Exchange Commission.

AmBase Corporation Summary Results *(in thousands, except per share data)*

	Three Months
	2011	2010
Operating expenses	$ 461	$ 549
Operating loss	(461)	(549)
Interest income	3	5
Realized gains on sales of investment securities	6	10
Loss before income taxes	(452)	(534)
Income tax expense	(15)	(11)
Net loss	$ (467)	$ (545)

Net loss per common share:
Basic	$ (0.01)	$ (0.01)
Assuming dilution	$ (0.01)	$ (0.01)

Weighted average common shares outstanding:
Basic	43,075	43,075
Assuming dilution	43,075	43,075