AMBASE REPORTS RESULTS for the THIRD QUARTER and NINE MONTHS ENDED SEPTEMBER 30, 2022
AmBase Corporation (OTC: ABCP) reported a net loss of $717,000 or $0.02 per share for Q3 2022 and a net loss of $2,757,000 or $0.07 per share for the nine months ending September 30, 2022. This compares to a net loss of $1,264,000 or $0.03 per share in Q3 2021 and a net loss of $4,133,000 or $0.10 per share for the nine months of 2021. The company highlights that forward-looking statements are subject to risks that could significantly impact actual results.
- Net loss decreased from $1,264,000 in Q3 2021 to $717,000 in Q3 2022.
- Net loss for the nine months decreased from $4,133,000 in 2021 to $2,757,000 in 2022.
- Continued net losses suggest ongoing financial challenges.
- Operating expenses for Q3 2022 were $721,000, higher than $1,264,000 in Q3 2021.
CORAL SPRINGS, Fla., Nov. 3, 2022 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of
For the three months and nine months ended September 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 September 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 | Nine Months | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Operating expenses | $ 721 | $ 1,264 | $ 2,761 | $ 4,133 | ||||
Operating loss | (721) | (1,264) | (2,761) | (4,133) | ||||
Interest income | 4 | - | 5 | 1 | ||||
Income (loss) before income taxes | (717) | (1,264) | (2,756) | (4,132) | ||||
Income tax expense (benefit) | - | - | 1 | 1 | ||||
Net income (loss) | $ (717) | $ (1,264) | $ (2,757) | $ (4,133) | ||||
Net income (loss) per common share - basic | $ (0.02) | $ (0.03) | $ (0.07) | $ (0.10) | ||||
Weighted average common shares outstanding - basic | 40,738 | 40,738 | 40,738 | 40,738 | ||||
View original content:https://www.prnewswire.com/news-releases/ambase-reports-results-for-the-third-quarter-and-nine-months-ended-september-30-2022-301668167.html
SOURCE AmBase Corporation
FAQ
What were the financial results of AmBase Corporation for Q3 2022?
How does AmBase Corporation's Q3 2022 loss compare to Q3 2021?
What are the net losses reported by AmBase Corporation for the nine months ending September 30, 2022?
What challenges does AmBase Corporation face according to its recent press release?
