AmBase Reports First Quarter Results

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May 13, 2010, 04:17 ET

GREENWICH, Conn., May 13 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $545,000 or $0.01 per share for the three months ended March 31, 2010.

For the three months ended March 31, 2009, the Company recorded a net loss of $859,000 or $0.02 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, 2010, filed with the Securities and Exchange Commission.

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

	Three Months
	2010	2009
Operating expenses	$ 549	$ 916
Operating loss	(549)	(916)
Interest income	5	9
Realized gains on sales of investment securities	10	-
Other income	-	50
Loss before income taxes	(534)	(857)
Income tax expense	(11)	(2)
Net loss	$ (545)	$ (859)

Net loss per common share:
Basic	$ (0.01)	$ (0.02)
Assuming dilution	$ (0.01)	$ (0.02)

Weighted average common shares outstanding:
Basic	43,075	43,215
Assuming dilution	43,075	43,215