AmBase Reports Second Quarter And Six Months Results

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Aug 13, 2013, 01:47 ET

GREENWICH, Conn., Aug. 13, 2013 /PRNewswire/ -- AmBase Corporation (the "Company" or "AmBase") (OTC: ABCP) announced today a net loss of $1,383,000 or $0.03 per share and $2,100,000 or $0.05 per share for the second quarter and six months ended June 30, 2013, respectively.

For the second quarter and six months ended June 30, 2012, the Company recorded a net loss of $482,000 or $0.01 per share and $978,000 or $0.02 per share respectively.

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, retail and/or hotel 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.

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, 2013, filed with the Securities and Exchange Commission.

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

	Second Quarter		Six Months
	2013	2012	2013	2012
Operating expenses	$ 650	$ 479	$ 1,322	$ 996
Operating loss	(650)	(479)	(1,322)	(996)
Interest income	23	1	40	4
Realized gains on sales of investment securities	4	9	6	25
Unrealized gains (losses) on trading securities	-	(6)	-	(6)
Other income	-	4	-	17
Equity income (loss) - 111 West 57th Partners LLC	(12)	-	(12)	-
Loss before income taxes	(635)	(471)	(1,288)	(956)
Income tax expense	748	11	812	22
Net loss	$ (1,383)	$ (482)	$ (2,100)	$ (978)

Net loss per common share - basic	$ (0.03)	$ (0.01)	$ (0.05)	$ (0.02)
Net loss per common share - assuming dilution	$ (0.03)	$ (0.01)	$ (0.05)	$ (0.02)

Weighted average common shares outstanding - basic	42,664	43,075	42,933	43,075
Weighted average common shares outstanding - assuming dilution	42,664	43,075	42,933	43,075