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AmBase Reports Third Quarter And Nine Months Results

Wednesday, November 14, 2012 1:19 PM


GREENWICH, Conn., Nov. 14, 2012 /PRNewswire/ -- AmBase Corporation (the "Company" or "AmBase") (OTC: ABCP) announced today a net loss of $531,000 or $0.01 per share and $1,509,000 or $0.03 per share for the third quarter and nine months ended September 30, 2012, respectively. 

For the third quarter and nine months ended September 30, 2011, the Company recorded a net loss of $457,000 or $0.01 per share and $1,307,000 or $0.03 per share respectively.

As previously announced, a Settlement Agreement in the Supervisory Goodwill legal proceedings between AmBase, the Federal Deposit Insurance Corporation - Receiver ("FDIC-R") and the Department of Justice ("DOJ") on behalf of the United States of America (the "United States"), was executed on August 31, 2012, the ("Settlement Agreement").  The Settlement Agreement was subject to approval by the United States Court of Federal Claims (the "Court of Federal Claims").  On October 11, 2012, the Court of Federal Claims issued an order approving the Settlement Agreement, and on October 19, 2012, the United States paid $180,650,000 (one hundred-eighty million, six hundred-fifty thousand dollars)  directly to AmBase.  As part of the Settlement Agreement, the Company is also entitled to a tax gross-up in an amount to be determined if and when any federal taxes should be imposed on the settlement amount and includes other terms as set forth in the Settlement Agreement.  A copy of the Settlement Agreement was included as an exhibit to the Company's Form 8-K as filed with the Securities and Exchange Commission on October 22, 2012.  The Company has no contingent fee agreements in place with its attorneys or any outside advisor in connection with the Supervisory Goodwill legal proceedings or award.  

As a result of the receipt of the Supervisory Goodwill settlement proceeds received and after various economic, financial, business, tax, accounting, regulatory, legal and administrative considerations, on October 22, 2012, the Company's Board of Directors declared a cash dividend of $2.00 per common share to shareholders of record at the close of business on November 21, 2012, payable on December 10, 2012. 

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, 2012, filed with the Securities and Exchange Commission.  The receipt of the settlement amount and the payment of the cash dividend will not be reflected in the Company's Consolidated Financial Statements until the Company's Annual Report on Form 10-K for the year ending December 31, 2012. 

AmBase Corporation

Summary Results

(in thousands, except per share data)
























Third Quarter

Nine Months






2012

2011

2012

2011

Operating expenses



$                 533

$            436

$             1,529

$          1,381

Operating loss




(533)

(436)

(1,529)

(1,381)

Interest income




1

1

5

6

Realized gains on sales of investment securities

6

3

31

18

Unrealized gains (losses) on trading securities

6

(30)

-

(30)

Other income

-

14

17

119

Loss before income taxes



(520)

(448)

(1,476)

(1,268)

Income tax expense



11

9

33

39

Net loss




$               (531)

$          (457)

$           (1,509)

$         (1,307)










Net loss per common share - basic


$              (0.01)

$         (0.01)

$              (0.03)

$           (0.03)

Net loss per common share - assuming dilution

$              (0.01)

$         (0.01)

$              (0.03)

$           (0.03)










Weighted average common shares outstanding - basic

43,174

43,075

43,108

43,075

Weighted average common shares outstanding - assuming dilution

43,174

43,075

43,108

43,075










 

SOURCE AmBase Corporation

(Source: PR Newswire )
(Source: Quotemedia)

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