Optibase Ltd. Announces Fourth Quarter Results Business Wire HERZLIYA, Israel -- March 14, 2013 Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the fourth quarter ended December 31, 2012. Revenues from fixed income real estate totaled $3.4 million for the quarter ended December, 2012, compared to revenues of $3.4 million for the fourth quarter of 2011 and $3.3 million for the third quarter of 2012. Net Income for the fourth quarter ended December 31, 2012 was $497,000 or $0.13 per basic and diluted share, compared to a net loss of $433,000 or $0.11 per basic and diluted share for the fourth quarter of 2011 and to a net income of $464,000 or $0.12 per basic and diluted for the third quarter of 2012. Weighted average shares outstanding used in the calculation for the periods were approximately 3.8 million basic and diluted shares. For the year ended December 31, 2012, revenues totaled $13.7 million, compared with $12.5 million for the year ended December 31, 2011. Net income was $1.6 million or $0.41 per basic and diluted share, compared to a net loss of $239,000 or $0.07 per basic and diluted share for the year ended December 31, 2011. Weighted average shares outstanding used in the calculation were approximately 3.8 million basic and diluted shares and 3.6 million basic and diluted shares respectively. As of December 31, 2012, we had cash, cash equivalents, restricted cash and other financial investments, net, of $19.3 million, and shareholders' equity of $66.6 million, compared with $26.2 million, and $64.3 million, respectively, as of September 30, 2012. During the fourth quarter we invested an amount of approximately $4 million to acquire a 19.66% indirect beneficial interest in the owner of a property located at Two Penn Center Plaza in Philadelphia. In addition, we have acquired a 4% beneficial interest in a portfolio of Texas shopping centers in consideration for $4 million. For further information please see our press releases dated October 12, 2012 and December 19, 2012. Amir Philips, Chief Executive Officer of Optibase commented on the quarter and years’ results: “We are pleased with our fourth quarter and full year performance. During the quarter we continued executing on our strategy of diversifying and upgrading the quality of our real estate portfolio by completing our investments in Two Penn Center Plaza and in Texas shopping centers. Amir concluded, “We are currently evaluating additional investment opportunities which we hope will materialize in the coming months.” About Optibase Optibase invests in the fixed-income real estate field and currently holds properties in Switzerland and Miami, FL, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia ("Vitec") in July 2010. For further information, please visit www.optibase-holdings.com. This press release contains forward-looking statements concerning our marketing and operations plans. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, difficulties in finding suitable real-estate properties for investment, availability of financing for the acquisition of real-estate, difficulties in leasing of real-estate properties, insolvency of tenants, difficulties in the disposition of real-estate projects, risk relating to collaborative arrangements with our partners relating to our real-estate properties, risks relating to the full consummation of the transaction for the sale of our video solutions business, general economic conditions and other risk factors. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this news release, please refer to Optibase's most recent annual report on Form 20-F. The Company does not undertake any obligation to update forward-looking statements made herein. Optibase Ltd. Condensed Consolidated Statement of Operations For the Period Ended December 31, 2012 Year ended Three months ended December 31 December 31 December 31 December 31 2012 2011 2012 2011 $ $ $ $ Unaudited Unaudited Unaudited Unaudited Fixed income 13,676 12,479 3,449 3,377 real estate rent Cost and expenses: Cost of real estate 1,966 1,869 502 493 operation Real estate depreciation and 2,569 2,153 654 601 amortization General and 2,068 3,057 504 598 administrative Total cost and 6,603 7,079 1,660 1,692 expenses Operating income 7,073 5,400 1,789 1,685 Gain on bargain - 4,412 - - purchase Equity share in earnings (losses) of (32 ) - (32 ) - associates, net Other loss (100 ) - - - Financial expenses, (1,243 ) (7,481 ) (143 ) (1,324 ) net Income before taxes on 5,698 2,331 1,614 361 income Taxes on income (1,643 ) (481 ) (401 ) (456 ) Net income (loss) from 4,055 1,850 1,213 (95 ) continuing operation Net income (loss) from - (51 ) - (4 ) discontinued operation Net income (loss) 4,055 1,799 1,213 (99 ) Net income (loss) attributable to 2,478 2,038 716 334 non-controlling interests Net income (loss) attributable to 1,577 (239 ) 497 (433 ) Optibase LTD Net income (loss) per share from continuing operation: Basic and Diluted $ 0.41 $ 0.07 $ 0.13 ($0.11 ) Net income (loss) per share from discontinuing operation: Basic and Diluted $ 0.00 ($0.00 ) $ 0.00 ($0.00 ) Net income (loss) per share: Basic and Diluted $ 0.41 ($0.07 ) $ 0.13 ($0.11 ) Number of shares used in computing (*) Earning per share Basic 3,818 3,642 3,819 3,815 Diluted 3,820 3,642 3,820 3,826 Amounts in thousands (*) All shares, options, and earnings per share amounts have been retroactively adjusted for all periods presented to reflect the 1:5 reverse stock split approved by the Company’s board of directors and shareholders on July 2, 2012 and August 16, 2012 respectively. Condensed Consolidated Balance Sheets December 31, December 31, 2012 2011 Unaudited Audited Assets Current Assets: Cash and cash equivalents 19,142 22,945 Restricted cash 134 131 Trade receivables 148 732 Other accounts receivables and prepaid expenses 217 1,267 Total assets attributed to discontinued 980 980 operations Total current assets 20,621 26,055 Long term deposit 50 45 Investments in companies and associates 7,993 100 Long term investments 8,043 145 Real Estate Property, net 194,826 192,173 Other assets, net 1,392 1,512 Total property equipment and other assets 196,218 193,685 Total assets 224,882 219,885 Liabilities and shareholders' equity Current Liabilities: Current maturities of long term loans 2,597 2,529 Accounts payable and accrued expenses 3,476 4,060 Total liabilities attributed to 2,563 2,990 discontinued operations Total current liabilities 8,636 9,579 Long term liabilities: Deferred tax liabilities 15,262 14,705 Land lease liability, net 7,290 7,175 Other long term liabilities 2,844 3,559 Long term loans, net of current 124,298 123,606 maturities Total long term liabilities 149,694 149,045 Total shareholders’ equity of Optibase 47,474 45,099 Ltd Non-controlling interests 19,078 16,162 Total shareholders' equity 66,552 61,261 Total liabilities and shareholders’ 224,882 219,885 equity Amounts in thousands Contact: Media Contacts: Amir Philips, CEO, Optibase Ltd. 011-972-73-7073-700 email@example.com or Investor Relations Contact: Marybeth Csaby, for Optibase +1-917-664-3055 Marybeth.Csaby@gmail.com
Optibase Ltd. Announces Fourth Quarter Results
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