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AMBASE REPORTS RESULTS

 GREENWICH, Conn., March 29 /PRNewswire/ - AmBase Corporation (AmBase or the company) announced today a loss from continuing operations of $8.6 million or $0.21 per share for the full year ended Dec. 31, 1992 as compared to a loss from continuing operations of $47.3 million or $1.22 per share in the 1991 period. For the fourth quarter of 1992, the company reported a loss from continuing operations of $1.7 million or $0.04 per share as compared with a loss from continuing operations of $21.6 million or $0.54 per share in the 1991 fourth quarter. The 1991 losses included additions to various corporate
reserves recorded in the fourth quarter. As previously announced, on


Dec. 4, 1992, the Office of Thrift Supervision (OTS) placed Carteret Savings Bank, FA (Carteret Savings), the company's principal operating subsidiary, in receivership eliminating the company's ownership interest in Carteret Savings. Accordingly, pursuant to generally accepted accounting principles, the consolidated operations of Carteret Savings have been designated as discontinued banking operations.
 For the full year ended Dec. 31, 1992, AmBase reported net income of $23.5 million or $0.58 per share which includes non-cash income from discontinued banking operations of $32.0 million or $0.79 per share. For the full year ended Dec. 31, 1991, the company reported a net loss of $145.0 million or $3.75 per share which includes a loss from discontinued banking operations of $155.3 million or $4.02 per share, an extraordinary gain of $57.6 million or $1.49 per share on extinguishment of debt and additions to various corporate reserves recognized in the fourth quarter.
 Net income for the fourth quarter of 1992 was $15.6 million or $0.39 per share which includes a non-cash gain of $17.3 million or $0.43 per share on the company's discontinued banking operations due to the elimination of the company's negative investment in Carteret Savings. In the 1991 fourth quarter, the company recorded a net loss of $16.6 million or $0.42 per share. The loss for the 1991 fourth quarter includes additions to various corporate reserves offset by income of $3.5 million or $0.08 per share from the company's discontinued banking operations.
 At Dec. 31, 1992, the company's liabilities and reserves, including certain contingent accounts, exceeded total assets by approximately $52 million. On that date, the company's remaining assets consisted principally of $36 million of cash and cash equivalents and a $34 million receivable from Home Holdings Inc., the purchaser of The Home Insurance Company in February 1991. The company has significant alleged tax liabilities and is a defendant in a number of lawsuits and proceedings, the ultimate outcome of which could have a material impact on its financial condition and results of operations.
 The company is presently preparing to file a claim in the United States Court of Federal Claims against the United States based upon the impact of Financial Institutions Reform, Recovery and Enforcement Act of 1989 on its investment in Carteret Savings. This is the type of litigation generally referred to as "goodwill litigation". The ultimate outcome of such a claim cannot be predicted.
 Additionally, AmBase announced that it accepted Donald Kramer's resignation from the board of directors. Concurrent with Mr. Kramer's resignation from the AmBase Board (effective March 2, 1993), he resigned his position as president and chief financial officer of Carteret Federal Savings Bank, where he had served in the transition at the request of the Resolution Trust Corporation.
 The company also announced that it has fixed the close of business on Tuesday, April 20, 1993 as the record date for the upcoming 1993 annual meeting of stockholders of AmBase Corporation, which will be held at 9:00 a.m. (EDT), on Friday, May 28, 1993, at the Cole Auditorium, Greenwich Library, 101 West Putnam Avenue, Greenwich, Conn.
 AMBASE CORPORATION
 Summary Results
 (In thousands, except per share data)
 Periods ended Fourth Quarter Year
 1992 1991 1992 1991
 Operating revenue $467 $317 $1,070 $1,110
 Operating expenses (1,298) (18,863) (5,970) (27,411)
 Interest income
 (expense), net 258 552 1,124 (9,390)
 Loss before income taxes (573) (17,994) (3,776) (35,691)
 Income tax expense (1,100) (3,572) (4,783) (11,589)
 Loss from continuing
 operations (1,673) (21,566) (8,559) (47,280)
 Income (loss) from
 discontinued banking
 operations (A) 17,305 3,534 32,017 (155,305)
 Income (loss) before
 extraordinary item 15,632 (18,032) 23,458 (202,585)
 Extraordinary gain on
 extinguishment of debt,
 net of income taxes (B) -- 1,400 -- 57,584
 Net income (loss) $ 15,632 $(16,632) $23,458 $(145,001)
 Per share data:
 Loss from continuing
 operations $ (0.04) $ (0.54) $(0.21) $ (1.22)
 Income (loss) from
 discontinued banking
 operations (A) 0.43 0.08 0.79 (4.02)
 Extraordinary gain on
 extinguishment of debt,
 net of taxes (B) -- 0.04 -- 1.49
 Net income (loss) $ 0.39 $ (0.42) $ 0.58 $ (3.75)
 Average shares
 outstanding 40,606 39,765 40,642 38,683
 (A) -- On Dec. 4, 1992, the OTS placed Carteret in receivership eliminating the Company's ownership interest in Carteret. Accordingly, the consolidated operations of Carteret have been designated as discontinued banking operations. Income (loss) from discontinued banking operations reflects the unaudited results of operations of Carteret through Sept. 30, 1992 and a non-cash gain of $17,305,000 resulting from the elimination of the company's negative investment in Carteret.
 (B) -- In 1991, in connection with the sale of The Home, Home Holdings assumed approximately $219 million of corporate and subsidiary indebtedness. In 1991, the company recognized an extraordinary gain on the extinguishment of debt, net of income taxes, of $57,584,000 in connection with its tender offers on certain corporate and subsidiary indebtedness in connection with the sale of The Home.
 -0- 3/29/93
 /CONTACT: Neil L. Cohen of AmBase Corporation, 203-532-2048/


CO: AmBase Corporation ST: Connecticut IN: FIN SU: ERN

TS -- NY093 -- 0709 03/29/93 16:58 EST
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Date:Mar 29, 1993
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