AMBASE REPORTS RESULTS FOR THE SECOND QUARTER and SIX MONTHS ENDED JUNE 30, 2022
AmBase Corporation (OTC: ABCP) reported a net loss of $983,000 or $0.02 per share for Q2 2022, improving from a loss of $1,234,000 or $0.03 per share in Q2 2021. For the first half of 2022, the net loss was $2,040,000 or $0.05 per share, compared to $2,869,000 or $0.07 in the same period last year. Operating expenses for Q2 2022 were $983,000, down from $1,234,000 in Q2 2021. The results indicate a slight improvement in performance year-over-year, despite ongoing challenges.
- Net loss improved to $983,000 in Q2 2022 from $1,234,000 in Q2 2021.
- Operating expenses decreased from $1,234,000 in Q2 2021 to $983,000 in Q2 2022.
- Continued net losses, totaling $2,040,000 for the first half of 2022.
- Loss per share increased from $0.03 in Q2 2021 to $0.02 in Q2 2022.
CORAL SPRINGS, Fla., Aug. 5, 2022 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of
For the three months and six months ended June 30, 2021, 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 June 30, 2022, 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 Form 10-K for the annual period December 31, 2021, filed with the Securities and Exchange Commission.
AmBase Corporation | ||||||||
Summary Results | ||||||||
(in thousands, except per share data) | ||||||||
Three Months | Six Months | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating expenses | $ 983 | $ 1,234 | $ 2,040 | $ 2,869 | ||||
Operating loss | (983) | (1,234) | (2,040) | (2,869) | ||||
Interest income | 1 | - | 1 | 1 | ||||
Income (loss) before income taxes | (982) | (1,234) | (2,039) | (2,868) | ||||
Income tax expense (benefit) | 1 | - | 1 | 1 | ||||
Net income (loss) | $ (983) | $ (1,234) | $ (2,040) | $ (2,869) | ||||
Net income (loss) per common share - basic | $ (0.02) | $ (0.03) | $ (0.05) | $ (0.07) | ||||
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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