Ambase Reports Second Quarter and Six Months Results

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Aug 11, 2011, 03:50 ET

GREENWICH, Conn., Aug. 11, 2011 /PRNewswire/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $383,000 or $0.01 per share and $850,000 or $0.02 per share for the second quarter and six months ended June 30, 2011, respectively.

For the second quarter and six months ended June 30, 2010, the Company recorded a net loss of $546,000 or $0.01 per share and $1,091,000 or $0.02 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, 2011, filed with the Securities and Exchange Commission.

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


	Second Quarter		Six Months
	2011	2010	2011	2010
Operating expenses	$ 484	$ 548	$ 945	$ 1,097
Operating loss	(484)	(548)	(945)	(1,097)
Interest income	2	4	5	9
Realized gains on sales of investment securities	9	9	15	19
Other income	105	-	105	-
Loss before income taxes	(368)	(535)	(820)	(1,069)
Income tax expense	(15)	(11)	(30)	(22)
Net loss	$ (383)	$ (546)	$ (850)	$ (1,091)

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	43,075	43,075	43,075
Assuming dilution	43,075	43,075	43,075	43,075