AMBASE REPORTS RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023

In This Article:

CORAL SPRINGS, Fla., March 18, 2024 /PRNewswire/ -- AmBase Corporation (OTC: ABCP) ("AmBase" or the "Company") announced today a net loss of $5,271,000 or $0.13 per share for the twelve months ended December 31, 2023.

For the twelve months ended December 31, 2022, the Company recorded a net loss of $3,473,000 or $0.09 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.

AmBase Corporation

Summary Results

(in thousands, except per share data)
















Twelve Months








2023

2022

Operating expenses





$            5,031

$          3,424

Operating loss






(5,031)

(3,424)

Interest income






2

9

Interest expense






(241)

(57)

Income (loss) before income taxes




(5,270)

(3,472)

Income tax expense (benefit)




1

1

Net income (loss)





$           (5,271)

$         (3,473)










Net income (loss) per common share - basic



$             (0.13)

$          (0.09)










Weighted average common shares outstanding - basic



40,738

40,738