AmBase Reports First Quarter Results

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May 14, 2013, 02:08 ET

GREENWICH, Conn., May 14, 2013 /PRNewswire/ -- AmBase Corporation (OTC: ABCP) ("AmBase" or the "Company") announced today a net loss of $717,000 or $0.02 per share for the three months ended March 31, 2013.

For the three months ended March 31, 2012, the Company recorded a net loss of $496,000 or $0.01 per share.

In October 2012, the Company received $180,650,000 pursuant to the Supervisory Goodwill Settlement Agreement between the Company, the Federal Deposit Insurance Corporation-Receiver ("FDIC-R") and the Department of Justice ("DOJ") on behalf of the United States of America (the "United States"). As part of the Settlement Agreement, the Company is also entitled to a tax-gross-up in an amount to be determined if and when any federal taxes should be imposed on the settlement amount.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Forward-looking statements can be identified by such words as "estimates," "expects," "anticipates," "believes," "plans," "intends" and variations of such words and similar expressions. The Company cautions readers that a variety of factors could cause the Company's actual results to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. These risks and uncertainties, many of which are beyond the Company's control, include, but are not limited to those set forth under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Quarterly Report on 10-Q for the quarterly period ended March 31, 2013, filed with the Securities and Exchange Commission.

As previously announced, the Company's 2013 Annual Meeting of Stockholders of AmBase Corporation will be held at 9:00 AM Eastern Daylight Time on Thursday, June 6, 2013 at the Hyatt Regency Hotel, 1800 East Putnam Avenue, Greenwich, Connecticut.

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

	Three Months Ended
	2013	2012
Operating expenses	$ 672	$ 517
Operating loss	(672)	(517)
Interest income	17	3
Realized gains on sales of investment securities	2	16
Other income	-	13
Loss before income taxes	(653)	(485)
Income tax expense	64	11
Net loss	$ (717)	$ (496)

Net loss per common share - basic	$ (0.02)	$ (0.01)
Net loss per common share - assuming dilution	$ (0.02)	$ (0.01)

Weighted average common shares outstanding - basic	43,203	43,075
Weighted average common shares outstanding - assuming dilution	43,203	43,075