BOCA RATON, Fla., March 27, 2019 /PRNewswire/ -- AmBase Corporation (OTC: ABCP) ("AmBase" or the "Company") announced today net income of $335,0000 or $0.01 per share for the twelve months ended December 31, 2018. Included in the net income for 2018 is a net gain on the sale of real estate owned of $3,278,000 and a net income tax benefit of $1,386,000.
For the twelve months ended December 31, 2017, the Company recorded a net loss of $48,057,000 or $1.18 per share. The net loss, includes a $63,745,000 impairment of the Company's equity investment in the 111 West 57th Property partially offset by a tax benefit of $20,086,000 relating to AMT Credit carryforwards projected to be refundable in future tax years as provided for in the 2017 Tax Cuts and Jobs Act.
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 17, 2019, as the record date for the upcoming 2019 Annual Meeting of Stockholders of AmBase Corporation, which will be held at 9:00 AM Eastern Time on Thursday, June 6, 2019 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, 2018, 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, 2018, filed with the Securities and Exchange Commission.
(in thousands, except per share data)
Gain on sale of real estate owned
Impairment of equity investment in 111 West 57th Partners LLC
Equity income (loss) - 111 West 57th Partners LLC
Income (loss) before income taxes
Income tax expense (benefit)
Net income (loss)
Net income (loss) per common share - basic
Weighted average common shares outstanding - basic
SOURCE AmBase Corporation