AmBase Reports Results For The Third Quarter And Nine Months Ended September 30, 2021
AmBase Corporation (OTC: ABCP) reported a net loss of $1,264,000 or $0.03 per share for Q3 2021 and $4,133,000 or $0.10 per share for the nine months ended September 30, 2021. This compares to a net loss of $1,463,000 ($0.04) and $3,845,000 ($0.09) during the same periods in 2020. The company's operating expenses for Q3 2021 were $1,264,000, a slight decrease from $1,494,000 in Q3 2020. AmBase emphasizes that forward-looking statements may involve risks and uncertainties that could lead to different results.
- Operating expenses decreased from $1,494,000 in Q3 2020 to $1,264,000 in Q3 2021.
- Net loss increased year-over-year for the third quarter: $1,264,000 in 2021 compared to $1,463,000 in 2020.
- Net loss for the nine months ended September 30, 2021, was $4,133,000, up from $3,845,000 in 2020.
CORAL SPRINGS, Fla., Nov. 9, 2021 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of
For the three months and six months ended September 30, 2020, the Company recorded a net loss of
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 September 30, 2021, 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, 2020, filed with the Securities and Exchange Commission.
AmBase Corporation | ||||||||
Summary Results | ||||||||
(in thousands, except per share data) | ||||||||
Three Months | Nine Months | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating expenses | $ 1,264 | $ 1,494 | $ 4,133 | $ 3,880 | ||||
Operating loss | (1,264) | (1,494) | (4,133) | (3,880) | ||||
Interest income | - | 1 | 1 | 7 | ||||
Income (loss) before income taxes | (1,264) | (1,493) | (4,132) | (3,873) | ||||
Income tax expense (benefit) | - | (30) | 1 | (28) | ||||
Net income (loss) | $ (1,264) | $ (1,463) | $ (4,133) | $ (3,845) | ||||
Net income (loss) per common share - basic | $ (0.03) | $ (0.04) | $ (0.10) | $ (0.09) | ||||
Weighted average common shares outstanding - basic | 40,738 | 40,738 | 40,738 | 40,738 | ||||
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SOURCE AmBase Corporation
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