AmBase Reports Third Quarter and Nine Months Results

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Nov 09, 2010, 02:30 ET

GREENWICH, Conn., Nov. 9, 2010 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the "Company") announced today a net loss of $418,000 or $0.01 per share and $1,509,000 or $0.04 per share for the third quarter and nine months ended September 30, 2010, respectively.

For the third quarter and nine months ended September 30, 2009, the Company recorded a net loss of $491,000 or $0.01 per share and $1,865,000 or $0.04 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 September 30, 2010, filed with the Securities and Exchange Commission.

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


	Third Quarter		Nine Months
	2010	2009	2010	2009
Operating expenses	$ 428	$ 504	$ 1,525	$ 1,945
Operating loss	(428)	(504)	(1,525)	(1,945)
Interest income	10	15	19	36
Realized gains on sales of investment securities	11	-	30	-
Other income	-	-	-	50
Loss before income taxes	(407)	(489)	(1,476)	(1,859)
Income tax expense	(11)	(2)	(33)	(6)
Net loss	$ (418)	$ (491)	$ (1,509)	$ (1,865)

Net loss per common share:
Basic	$ (0.01)	$ (0.01)	$ (0.04)	$ (0.03)
Assuming dilution	$ (0.01)	$ (0.01)	$ (0.04)	$ (0.03)

Weighted average common shares outstanding:
Basic	43,075	43,131	43,075	43,172
Assuming dilution	43,075	43,131	43,075	43,172