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AmBase Corporation, incorporated on October 22, 1975, is a holding company. The Company holds an equity interest in a real estate development property through a joint venture agreement to purchase and develop real property located at 105 through 111 West 57th Street in New York, New York (the 111 West 57th Property).
The Company also owns a commercial office building in Greenwich, Connecticut that is managed and operated by the Company. The building is approximately 14,500 square feet, with over 3,500 square feet utilized by the Company for its offices. The Company's subsidiaries include Maiden Lane Associates, Ltd., SDG Financial Corp. and 111 West 57th Investment LLC.


AmBase Reports Results For The Third Quarter And Nine Months Ended September 30, 2017
        
BOCA RATON, Fla., Nov. 14, 2017 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of $64,889,000 or $1.59 per share and $67,331,000 or $1.65 per share, for the three months and nine months ended September 30, 2017, respectively.

The net loss for the third quarter ended September 30, 2017 includes a $63,745,000 impairment of the Company's equity investment in the 111 West 57th Property.

For the three months and nine months ended September 30, 2016, the Company recorded a net loss of $712,000 or $0.02 per share and $2,675,000 or $0.07 per share, respectively.

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 quarterly period ended September 30, 2017, 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, 2016, filed with the Securities and Exchange Commission.

AmBase Corporation

Summary Results

(in thousands, except per share data)















Three Months

Nine Months






2017

2016

2017

2016

Operating expenses



$             1,124

$    1,011

$             3,517

$          2,404

Operating loss




(1,124)

(1,011)

(3,517)

(2,404)

Interest expense




(20)

-

(38)

-

Other income




-

128

-

128

Impairment of equity investment in 111 West 57th Partners LLC

(63,745)

-

(63,745)

-

Equity income (loss) - 111 West 57th Partners LLC

-

(49)

(25)

(549)

Income (loss) before income taxes


(64,889)

(932)

(67,325)

(2,825)

Income tax expense (benefit)


-

(220)

6

(150)

Net income (loss)



(64,889)

(712)

$         (67,331)

$         (2,675)










Net income (loss) per common share - basic

$              (1.59)

$     (0.02)

$              (1.65)

$           (0.07)

Net income (loss) per common share - assuming dilution

$              (1.59)

$     (0.02)

$              (1.65)

$           (0.07)










Weighted average common shares outstanding - basic

40,738

40,738

40,738

40,738

Weighted average common shares outstanding - assuming dilution

40,738

40,738

40,738

40,738




























 

 

SOURCE AmBase Corporation

CONTACT: Shareholder Services (203) 532-2048

 

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