AMBASE REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2022
AmBase Corporation (OTC: ABCP) reported a net loss of $1,057,000 or $0.03 per share for Q1 2022, an improvement from a net loss of $1,635,000 or $0.04 per share in Q1 2021. Operating expenses decreased from $1,635,000 to $1,057,000, indicating a reduction in costs. The company noted that forward-looking statements are subject to risks that may cause actual results to differ. For detailed financial insights, investors should consult the Quarterly Report on Form 10-Q for the period ended March 31, 2022.
- Net loss improved from $1,635,000 in Q1 2021 to $1,057,000 in Q1 2022.
- Operating expenses decreased from $1,635,000 to $1,057,000, representing cost control measures.
- Continued net losses indicate ongoing financial challenges.
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CORAL SPRINGS, Fla., May 5, 2022 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of
For the three months ended March 31, 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 March 31, 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 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 | ||||||||
2022 | 2021 | |||||||
Operating expenses | $ 1,057 | $ 1,635 | ||||||
Operating loss | (1,057) | (1,635) | ||||||
Interest income | - | 1 | ||||||
Income (loss) before income taxes | (1,057) | (1,634) | ||||||
Income tax expense (benefit) | - | 1 | ||||||
Net income (loss) | $ (1,057) | $ (1,635) | ||||||
Net income (loss) per common share - basic | $ (0.03) | $ (0.04) | ||||||
Weighted average common shares outstanding - basic | 40,738 | 40,738 | ||||||
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SOURCE AmBase Corporation
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