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AMBASE REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2022

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CORAL SPRINGS, Fla., May 5, 2022 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of $1,057,000 or $0.03 per share for the three months ended March 31, 2022.

For the three months ended March 31, 2021, the Company recorded a net loss of $1,635,000 or $0.04 per share.

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.|

The information in this press release should be read in conjunction with the AmBase Corporation's Quarterly Report on Form 10-Q for the year-to-date period ended March 31, 2022, filed with the Securities and Exchange Commission. A more complete discussion of the Company's annual results and the Company's affairs is included in AmBase Corporation's Annual Report on 10-K for the annual period December 31, 2021, filed with the Securities and Exchange Commission.  

AmBase Corporation

Summary Results

(in thousands, except per share data)
















Three Months








2022

2021

Operating expenses





$             1,057

$          1,635

Operating loss






(1,057)

(1,635)

Interest income






-

1

Income (loss) before income taxes




(1,057)

(1,634)

Income tax expense (benefit)




-

1

Net income (loss)





$           (1,057)

$         (1,635)










Net income (loss) per common share - basic



$              (0.03)

$           (0.04)










Weighted average common shares outstanding - basic



40,738

40,738

 

Cision View original content:https://www.prnewswire.com/news-releases/ambase-reports-results-for-the-three-months-ended-march-31-2022-301541123.html

SOURCE AmBase Corporation

AmBase Corporation

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