AmBase Reports Full Year Results

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Mar 26, 2014, 03:06 ET

GREENWICH, Conn., March 26, 2014 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of $6,018,000 or $0.14 per share for the full year ended December 31, 2013.

For the full year ended December 31, 2012, the Company recorded net income of $145,929,000 or $3.37 per share.

As previously announced in June 2013, the Company invested $57,250,000 in a real estate development property pursuant to a joint venture agreement to purchase and develop real property located at 105 through 111 West 57th Street in New York, New York into an approximate combined 346,000 gross square foot, luxury residential tower and retail project.

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 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, 2013, filed with the Securities and Exchange Commission. A more complete discussion of the Company's annual results and the Company's affairs is included in AmBase Corporation's Annual Report on 10-K for the annual period December 31, 2013, filed with the Securities and Exchange Commission.

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

	Twelve Months
	2013	2012
Operating expenses	$ 2,845	$ 18,903
Operating loss	(2,845)	(18,903)
Interest income	50	39
Realized gains (losses) on sales of investment securities	39	38
Unrealized gains (losses) on trading securities	-	-
Other income - Supervisory Goodwill Settlement	-	180,650
Other income - federal tax gross-up	-	18,930
Other income	-	16
Equity income (loss) - 111 West 57th Partners LLC	(1,118)	-
Income (loss) before income taxes	(3,874)	180,770
Income tax expense (benefit)	2,144	34,841
Net income (loss)	$ (6,018)	$ 145,929

Net income (loss) per common share - basic	$ (0.14)	$ 3.37
Net income (loss) per common share - assuming dilution	$ (0.14)	$ 3.37

Weighted average common shares outstanding - basic	42,275	43,250
Weighted average common shares outstanding - assuming dilution	42,275	43,250

Cash dividend per common share	$ -	$ 2.00