AMBASE REPORTS RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2022

Rhea-AI Summary

AmBase Corporation (OTC: ABCP) reported a net loss of $3,473,000 or $0.09 per share for the year ended December 31, 2022, an improvement compared to a net loss of $5,208,000 or $0.13 per share in 2021. Operating expenses were $3,424,000 in 2022, down from $5,208,000 in the previous year. The company will hold its 2023 Annual Meeting of Stockholders on June 1, 2023, with a record date set for April 12, 2023. Forward-looking statements in the release highlight risks and uncertainties that may affect future results. For more detailed results, refer to the Annual Report on Form 10-K for the year ended December 31, 2022.

Positive

• Net loss decreased from $5,208,000 in 2021 to $3,473,000 in 2022.
• Operating expenses reduced to $3,424,000 in 2022 from $5,208,000 in 2021.

Negative

• Still reporting a significant net loss of $3,473,000 for 2022.
• Operating loss remains high despite improvements.

CORAL SPRINGS, Fla., March 28, 2023 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of $3,473,000 or $0.09 per share for the twelve months ended December 31, 2022. 

For the twelve months ended December 31, 2021, the Company recorded a net loss of $5,208,000 or $0.13 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. 

The Company also announced that it has fixed the close of business on Wednesday, April 12, 2023, as the record date for the upcoming 2023 Annual Meeting of Stockholders of AmBase Corporation, which will be held at 9:00 AM Eastern Time on Thursday, June 1, 2023 at the Hyatt Regency Hotel, 1800 East Putnam Avenue, Greenwich, Connecticut. 

The information in this press release should be read in conjunction with the AmBase Corporation's Annual Report on Form 10-K for the year-to-date period ended December 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, 2022, filed with the Securities and Exchange Commission.

AmBase Corporation
Summary Results
(in thousands, except per share data)
							Twelve Months
							2022	2021
Operating expenses							$             3,424	$          5,208
Operating loss							(3,424)	(5,208)
Interest income							9	1
Interest expense							(57)	-
Income (loss) before income taxes							(3,472)	(5,207)
Income tax expense (benefit)							1	1
Net income (loss)							$           (3,473)	$         (5,208)
Net income (loss) per common share - basic							$              (0.09)	$           (0.13)
Weighted average common shares outstanding - basic							40,738	40,738

 

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SOURCE AmBase Corporation

FAQ

What were AmBase Corporation's (ABCP) financial results for 2022?

AmBase Corporation reported a net loss of $3,473,000 for the year ended December 31, 2022.

How does AmBase Corporation's 2022 net loss compare to 2021?

The net loss improved from $5,208,000 in 2021 to $3,473,000 in 2022.

When is the 2023 Annual Meeting of Stockholders for ABCP?

The Annual Meeting will be held on June 1, 2023.

What were the operating expenses for AmBase Corporation in 2022?

The operating expenses for 2022 were $3,424,000.

What was the net income per share for AmBase Corporation in 2022?

The net income per share for 2022 was -$0.09.