Optibase Ltd. Announces First Quarter Results Business Wire HERZLIYA, Israel -- June 4, 2013 Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the first quarter ended March 31, 2013. Revenues from fixed income real estate totaled $3.4 million for the quarter ended March 31, 2013, compared to revenues of $3.5 million for the first quarter of 2012 and $3.4 million for the fourth quarter of 2012. Net income for the first quarter ended March 31, 2013 was $279,000 or $0.07 per basic and diluted share, compared to a net income of $904,000 or $0.24 per basic and diluted share for the first quarter of 2012, and to a net income of $497,000 or $0.13 per basic and diluted for the fourth quarter of 2012. Weighted average shares outstanding used in the calculation for the periods were approximately 3.8 million basic and diluted shares. As of March 31, 2013, we had cash, cash equivalents, restricted cash and other financial investments, net, of $19 million, and shareholders' equity of $65.7 million, compared with $19.3 million, and $66.6 million, respectively, as of December 31, 2012. Commenting on the first quarter results, Mr. Amir Philips, CEO of Optibase, said, “We are over all pleased with our first quarter results. Our income has remained stable compared to Q1 2012 and compared to the previous quarter. We kept our operating expenses at the same level as in the previous quarter and managed to generate operating income. Due to the fluctuation of the Swiss France against the USD, we have recorded financial expenses this quarter, compared to financial income in Q1 2012. Depending on the fluctuation of the Swiss Franc against the USD, our financial income, net may continue to fluctuate in the quarters to come.” Mr. Philips concluded, “Aside from the fluctuation in our financial income, net, and given no other major external events, we expect our operating results and other fundamentals to remain stable while we continue to look for additional attractive real estate investment opportunities.” 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 March 31, 2013 Three months ended March 31 March 31 2013 2012 Unaudited $ Unaudited $ Fixed income real estate rent 3,434 3,487 Cost and expenses: Cost of real estate operation 505 487 Real estate depreciation and amortization 778 663 General and administrative 387 424 Total cost and expenses 1,670 1,574 Operating income 1,764 1,913 Equity share in earnings (losses) of (88 ) - associates, net Financial income (expenses) and other, net (229 ) 247 Income before taxes on income 1,447 2,160 Taxes on income (548 ) (533 ) Net income 899 1,627 Net income attributable to non-controlling 620 723 interests Net income attributable to Optibase LTD 279 904 Net earnings per share: Basic and diluted $ 0.07 $ 0.24 Number of shares used in computing Earnings per share: Basic 3,821 3,816 Diluted 3,823 3,819 Amounts in thousands Condensed Consolidated Balance Sheets March 31, December 31, 2013 2012 Unaudited Audited Assets Current Assets: Cash and cash equivalents 18,871 19,142 Restricted cash 137 134 Trade receivables 522 148 Other accounts receivables and prepaid expenses 274 217 Assets related to discontinued operations 980 980 Total current assets 20,784 20,621 Long term investments 8,605 8,043 Real Estate Property, net 186,935 194,826 Other assets, net 1,288 1,392 Total property and other assets 188,223 196,218 Total assets 217,612 224,882 Liabilities and shareholders' equity Current Liabilities: Current maturities of long term loans 2,495 2,597 Accrued payable and accrued expenses 4,054 3,476 Liabilities related to discontinued operations 2,520 2,563 Total current liabilities 9,069 8,636 Long term liabilities: Deferred tax liabilities 14,704 15,262 Land lease liability, net 6,975 7,290 Other long term liabilities 2,402 2,844 Long term loans, net of current maturities 118,787 124,298 Total long term liabilities 142,868 149,694 Total shareholders’ equity of Optibase Ltd 46,741 47,474 Non-controlling interests 18,934 19,078 Total shareholders' equity 65,675 66,552 Total liabilities and shareholders’ equity 217,612 224,882 Amounts in thousands Contact: Media Contacts: Optibase Ltd. Amir Philips, CEO 011-972-73-7073-700 firstname.lastname@example.org or Investor Relations Contact: Marybeth Csaby, for Optibase +1-917-664-3055 Marybeth.Csaby@gmail.com
Optibase Ltd. Announces First Quarter Results
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