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Optibase Ltd. Announces First Quarter Results



  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
info@optibase-holdings.com
or
Investor Relations Contact:
Marybeth Csaby, for Optibase
+1- 917-664-3055
Marybeth.Csaby@gmail.com
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