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Optibase Ltd. Announces Second Quarter Results



  Optibase Ltd. Announces Second Quarter Results

Business Wire

HERZLIYA, Israel -- September 3, 2013

Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the second
quarter ended June 30, 2013.

Revenues from fixed income real estate totaled $3.4 million for the quarter
ended June 30, 2013, compared to revenues of $3.4 million for the first
quarter of 2013 and $3.4 million for the second quarter of 2012.

Net income for the second quarter ended June 30, 2013 was $619,000 or $0.16
per basic and diluted share, compared to a net income of $279,000 or $0.07 per
basic and diluted share for the first quarter of 2013 and to a net loss of
$289,000 or $0.08 per basic and diluted for the second quarter of 2012.

For the six months ended June 30, 2013, net income was $898,000 or $0.23 per
basic and diluted share, compared to a net income of $615,000 or $0.16 per
basic and diluted share for the six months ended June 30, 2012.

Weighted average shares outstanding used in the calculation for the periods
were approximately 3.8 million basic and diluted shares.

As of June 30, 2013, we had cash, cash equivalents, restricted cash and other
financial investments, net, of $17.6 million, and shareholders' equity of
$67.4 million, compared with $19 million, and $65.7 million, respectively, as
of March 31, 2013.

Commenting on the quarter, CEO of Optibase, Amir Philips, said, “We are
pleased with our second quarter operating results as our operating results
continue proving our stability over the last period which is even more
noticeable in today’s unexpected marketplace. Due to the fluctuation of the
Swiss Franc against the USD, our financial expenses decreased this quarter
compared to the previous quarter of 2013 and compared to the second quarter of
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.” Amir
concluded, “We are still actively looking for additional investment
opportunities and more recently have been looking into some opportunities in
the German real estate market. Nevertheless, current economic conditions and
the tightening of loan criteria by financial institutions may reduce the
availability of favorable financing for new transactions and affect their
attractiveness. For that matter, we are working to increase our available
financial resources in way of cash resources and financial guaranties so we
can finance such opportunities as we come across them.”

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 June 30, 2013
                                                                      
                         Six months ended              Three months ended
                         June 30       June 30         June 30       June 30
                         2013          2012            2013          2012
                         $             $               $             $
                         Unaudited     Unaudited       Unaudited     Unaudited
                                                                      
Fixed income real        6,838         6,918           3,404         3,431
estate rent
                                                                      
Cost and expenses:
Cost of real estate      1,064         1,005           559           518
operation
Real estate
depreciation and         1,597         1,286           819           623
amortization
General and              784           928             397           504
administrative
Total cost and           3,445         3,219           1,775         1,645
expenses
Operating income         3,393         3,699           1,629         1,786
                                                                      
Equity share in
earnings (losses) of     (45)          -               43            -
associates, net
Financial income
(expenses) and           (153)         (1,033)         77            (1,280)
other, net
                                                                      
Income before taxes      3,195         2,666           1,749         506
on income
                                                                      
Taxes on income          (1,044)       (872)           (496)         (339)
                                                                      
                                                                      
Net income               2,151         1,794           1,253         167
                                                                      
Net income
attributable to          1,253         1,179           634           456
non-controlling
interests
                                                                      
Net income (loss)
attributable to          898           615             619           (289)
Optibase LTD
                                                                      
                                                                      
Net earnings per
share:
Basic and Diluted        $0.23         $0.16           $0.16         ($0.08)
                                                                      
Number of shares
used in computing

Earning per share
Basic                    3,822         3,818           3,821         3,818
Diluted                  3,824         3,818           3,822         3,818
Amount in thousands

                                                                
                                                                   
Condensed Consolidated Balance Sheets
                                                                   
                                                   June 30,       December 31,
                                                   2013           2012
                                                                   
                                                   Unaudited      Audited
                                                                   
Assets
Current Assets:
Cash and cash equivalents                          17,428         19,142
Restricted cash                                    138            134
                                                                   
Trade receivables                                  307            148
Other accounts receivables and prepaid             141            217
expenses
Assets related to discontinued operations          675            980
Total current assets                               18,689         20,621
                                                                   
Long term investments                              8,059          8,043
                                                                   
Real Estate Property, net                          191,332        194,826
Other assets, net                                  1,252          1,392
Total property and other assets                    192,584        196,218
                                                                   
Total assets                                       219,332        224,882
                                                                   
Liabilities and shareholders' equity
Current Liabilities:
                                                                   
Current maturities of long term loans              2,519          2,597
Accrued payable and accrued expenses               4,027          3,476
Liabilities related to discontinued                2,235          2,563
operations
Total current liabilities                          8,781          8,636
                                                                   
Long term liabilities:
Deferred tax liabilities                           14,927         15,262
Land lease liability, net                          7,014          7,290
Other long term liabilities                        1,925          2,844
Long term loans, net of current maturities         119,296        124,298
Total long term liabilities                        143,162        149,694
                                                                   
Total shareholders’ equity of Optibase Ltd         47,639         47,474
Non-controlling interests                          19,750         19,078
Total shareholders' equity                         67,389         66,552
                                                                   
Total liabilities and shareholders’ equity         219,332        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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