Printer Friendly

AMBASE CUTS LOSSES IN THIRD QUARTER

 AMBASE CUTS LOSSES IN THIRD QUARTER
 MORRISTOWN, N.J., Nov. 8 /PRNewswire/ -- AmBase Corporation


(NYSE: ABC) announced today a net loss of $11 million in the quarter ended Sept. 30, 1991 compared with a net loss of $55 million from continuing operations in last year's third quarter.
 For the first nine months of 1991, the company reported a net loss of $184 million compared with a net loss of $133 million from continuing operations for the same period in 1990. Carteret Savings, AmBase's principal subsidiary, reported a pretax loss of $6 million in the 1991 third quarter compared with a loss of $18 million in the previous year's third quarter. Carteret Savings' results reflect a charge of $7 million for losses on loans and real estate in the third quarter. For the first nine months of 1991, Carteret Savings reported a pretax loss of $159 million compared with a pretax loss of $28 million for the same period in 1990. The year to date figures for Carteret Savings are primarily the result of $168 million in additions to the loan loss reserve during the same period. Total reserves are now $302 million.
 "We are confident that we are taking the right steps to strengthen our capital base and return the Bank to profitability on an operating basis," stated Richard A. Bianco, chairman and chief executive officer of Carteret Savings. "We were able to significantly narrow our losses during the third quarter and we expect to show continued improvement moving forward." During the third quarter Carteret Savings reached agreement with the Office of Thrift Supervision (OTS) on a capital directive. Also during the quarter, the Bank was advised that it had been given an "outstanding" rating for compliance with the Community Reinvestment Act. "This is the highest possible rating and confirms our belief that by investing in the communities we serve, Carteret Savings can enhance the quality of these communities," commented Bianco.
 AMBASE CORPORATION
 Summary Results (Unaudited)(A)
 (in millions, except per share data)
 Periods ended Quarter Nine months
 Sept. 30 1991 1990 1991 1990
 Loss from continuing
 operations ($11) ($55) ($184) ($133)
 Loss from discontinued
 operations -- (639) -- (709)
 Loss before extraordinary
 item (11) (694) (184) (842)
 Extraordinary gain on
 extinguishment of debt,
 net of income taxes (B) -- -- 56 --
 Net loss ($11) ($694) ($128) ($842)
 Per share data:
 Loss from continuing
 operations ($0.30) ($1.62) ($4.86) ($3.93)
 Loss from discontinued
 operations -- (18.77) -- (20.80)
 Loss before extraordinary
 item (0.30) (20.39) (4.86) (24.73)
 Extraordinary gain on
 extinguishment of debt,
 net of income taxes (B) -- -- 1.48 --
 Net loss ($0.30) ($20.39) ($3.38) ($24.73)
 Dividends -- -- -- $0.05
 Average shares outstanding 38.4 34.0 38.0 34.1
 (A) Pursuant to generally accepted accounting principles, the consolidated operations of The Home Insurance Company have been reported as discontinued operations of AmBase Corporation.
 (B) Reflects an extraordinary gain, net of income taxes, of $56 million attributable to gains realized in the tender offers and repurchase of certain AmBase debt securities associated with the sale of the Home Insurance Company.
 AMBASE CORPORATION
 Supplemental Operating Information (Unaudited)
 (in millions)
 Periods ended Quarter Nine months
 Sept. 30 1991 1990 1991 1990
 Interest income $110 $140 $351 $428
 Interest expense (87) (110) (279) (333)
 Net interest income 23 30 72 95
 Provision for losses on
 loans and real estate (7) (35) (168) (62)
 Net interest income after
 provision for losses 16 (5) (96) 33
 Non-interest income 12 30 42 66
 Other expenses (34) (43) (105) (127)
 Loss before corporate
 expenses (6) (18) (159) (28)
 Corporate interest expense - (23) (10) (64)
 Corporate expenses and
 other operations (4) (13) (8) (37)
 Loss from continuing
 operations before
 income taxes (10) (54) (177) (129)
 Income taxes (1) (1) (7) (4)
 Loss from continuing
 operations ($11) ($55) ($184) ($133)
 -0- 11/8/91
 /CONTACT: Donald E. Reinhard of AmBase, 201-263-3011, ext. 6450/
 (ABC) CO: AmBase Corporation ST: New York IN: FIN SU: ERN SM -- NY054 -- 2694 11/08/91 16:09 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 8, 1991
Words:670
Previous Article:FORSCHNER REPORTS RECORD OCTOBER SALES OF VICTORINOX SWISS ARMY KNIVES
Next Article:CROWNAMERICA, INC. REPORTS FOURTH QUARTER, YEAR-END RESULTS
Topics:


Related Articles
AMBASE HOLDING DISCUSSIONS ON SALE OF SUBSIDIARY
CARTERET CAPITAL PLAN APPROVED
AMBASE ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS; FOURTH QUARTER PROFIT FOR CARTERET
AMBASE REPORTS FIRST QUARTER EARNINGS; PROFITS CONTINUE FOR CARTERET
AMBASE REPORTS RESULTS
AMBASE REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
AmBase Reports Fourth Quarter and Full Year Results
AmBase Announces Motion Filed To Dismiss FDIC.
AmBase Corporation Announces Senior Judge Smith of The U.S. Court of Federal Claims Grants AmBase's Motion to Review the Receivership Deficit When...
AmBase Reports Results for the Third Quarter and Nine Months Ended September 30, 2004.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters