AmBase Reports First Quarter Results

GREENWICH, Conn., May 10, 2012 /PRNewswire/ -- AmBase Corporation (the "Company") (OTC Bulletin Board: ABCP) announced today a net loss of $496,000 or $0.01 per share for the three months ended March 31, 2012.

For the three months ended March 31, 2011, the Company recorded a net loss of $467,000 or $0.01 per share.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Quarterly Report on 10-Q for the quarterly period March 31, 2012, filed with the Securities and Exchange Commission.

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


	Three Months
	2012	2011
Operating expenses	$ 517	$ 461
Operating loss	(517)	(461)
Interest income	3	3
Realized gains on sales of investment securities	16	6
Unrealized losses on trading securities	-	-
Other income	13	-
Loss before income taxes	(485)	(452)
Income tax expense	11	15
Net loss	$ (496)	$ (467)

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

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

SOURCE AmBase Corporation

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