AmBase Reports Third Quarter and Nine Months Results

News provided by

Nov 09, 2011, 04:02 ET

GREENWICH, Conn., Nov. 9, 2011 /PRNewswire/ -- AmBase Corporation (the "Company") "(OTC Bulletin Board: ABCP) announced today a net loss of $457,000 or $0.01 per share and $1,307,000 or $0.03 per share for the third quarter and nine months ended September 30, 2011, respectively.

For the third quarter and nine months ended September 30, 2010, the Company recorded a net loss of $418,000 or $0.01 per share and $1,509,000 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, 2011, filed with the Securities and Exchange Commission.

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


	Third Quarter		Nine Months
	2011	2010	2011	2010
Operating expenses	$ 436	$ 428	$ 1,381	$ 1,525
Operating loss	(436)	(428)	(1,381)	(1,525)
Interest income	1	10	6	19
Realized gains on sales of investment securities	3	11	18	30
Unrealized losses on trading securities	(30)	-	(30)	-
Other income	14	-	119	-
Loss before income taxes	(448)	(407)	(1,268)	(1,476)
Income tax expense	9	11	39	33
Net loss	$ (457)	$ (418)	$ (1,307)	$ (1,509)

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

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