AmBase Reports Second Quarter and Six Months Results

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Aug 10, 2010, 04:26 ET

GREENWICH, Conn., Aug. 10 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $546,000 or $0.01 per share and $1,091,000 or $0.02 per share for the second quarter and six months ended June 30, 2010, respectively.

For the second quarter and six months ended June 30, 2009, the Company recorded a net loss of $515,000 or $0.01 per share and $1,374,000 or $0.03 per share respectively.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Quarterly Report on 10-Q for the quarterly period June 30, 2010, filed with the Securities and Exchange Commission.

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

	Second Quarter		Six Months
	2010	2009	2010	2009
Operating expenses	$ 548	$ 525	$ 1,097	$ 1,441
Operating loss	(548)	(525)	(1,097)	(1,441)
Interest income	4	12	9	21
Realized gains on sales of investment securities	9	-	19	-
Other income	-	-	-	50
Loss before income taxes	(535)	(513)	(1,069)	(1,370)
Income tax expense	(11)	(2)	(22)	(4)
Net loss	$ (546)	$ (515)	$ (1,091)	$ (1,374)

Net loss per common share:
Basic	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.03)
Assuming dilution	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.03)

Weighted average common shares outstanding:
Basic	43,075	43,179	43,075	43,197
Assuming dilution	43,075	43,179	43,075	43,197