AmBase Reports Full Year Results

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Mar 28, 2013, 04:21 ET

GREENWICH, Conn., March 28, 2013 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today net income of $145,929,000 or $3.37 per share for the full year ended December 31, 2012.

For the full year ended December 31, 2011, the Company recorded a net loss of $1,893,000 or $0.04 per share.

On October 11, 2012, the United States Court of Federal Claims (the "Court of Federal Claims") issued an order approving the Settlement Agreement in the Supervisory Goodwill legal proceedings between AmBase, 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"). The Settlement Agreement was subject to approval by the Court of Federal Claims. On October 19, 2012, the United States paid $180,650,000 (one hundred eighty million, six hundred fifty thousand dollars) directly to AmBase. 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 and includes other terms as set forth in the Settlement Agreement. The Company has no contingent fee agreements in place with its attorneys or any outside advisor in connection with the Supervisory Goodwill legal proceedings or award.

The information in this press release should be read in conjunction with the AmBase Corporation's Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission for a more complete discussion of the Company's annual results.

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.

The Company also announced that it has fixed the close of business on Wednesday, April 17, 2013, as the record date for the upcoming 2013 Annual Meeting of Stockholders of AmBase Corporation, which 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)*

	Twelve Months
	2012	2011
Operating expenses	$ 18,903	$ 1,985
Operating loss	(18,903)	(1,985)
Interest income	39	9
Realized gains on sales of investment securities	38	19
Unrealized losses on trading securities	-	(12)
Other income - Supervisory Goodwill Settlement	180,650	-
Other income - federal tax gross-up	18,930	-
Other income	16	124
Income (loss) before income taxes	180,770	(1,845)
Income tax expense	34,841	48
Net income (loss)	$ 145,929	$ (1,893)
Net income (loss) per common share - basic	$ 3.37	$ (0.04)
Net income (loss) per common share - assuming dilution	$ 3.37	$ (0.04)
Weighted average common shares outstanding - basic	43,250	43,075
Weighted average common shares outstanding - assuming dilution	43,250	43,075

Cash dividend per common share	$ 2.00	$ -