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Optibase Ltd. Announces Third Quarter Results



  Optibase Ltd. Announces Third Quarter Results

Business Wire

HERZLIYA, Israel -- December 1, 2013

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

Revenues from fixed income real estate totaled $3.4 million for the quarter
ended September 30, 2013, compared to revenues of $3.4 million for the second
quarter of 2013 and $3.3 million for the third quarter of 2012.

Net income for the third quarter ended September 30, 2013 was $328,000 or
$0.09 per basic and diluted share, compared to a net income of $619,000 or
$0.16 per basic and diluted share for the Second quarter of 2013 and to a net
income of $464,000 or $0.12 per basic and diluted for the third quarter of
2012.

For the nine months ended September 30, 2013, revenues totaled $10.2 compared
with $10.2 million for the nine months ended September 30, 2012. Net income
was $1.2 million or $0.32 per basic and diluted share, compared to a net
income of $1.1 million or $0.28 per basic and diluted share for the nine
months ended September 30, 2012.

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

As of September 30, 2013, we had cash, cash equivalents, restricted cash and
other financial investments, net, of $18.3 million, and shareholders' equity
of $70.2 million, compared with $17.6 million, and $67.4 million,
respectively, as of June 30, 2013.

Commenting on the quarter, CEO of Optibase, Amir Philips, said, “We are
pleased with our year to date operating results and the relative stability in
our portfolio despite a challenging leasing environment. We hope we can
maintain this stability going into the fourth quarter and into 2014, though
this may be a challenge. We have recently completed yet another transaction in
the Miami area, which we hope will close by this end of the year, subject to
our shareholders’ approval on the annual general meeting to be held on
December 19, 2013, and we believe this transaction will continue improving our
assets portfolio and bring added value to our shareholders".

About Optibase

Optibase invests in the fixed-income real estate field and currently holds
properties in Switzerland and in Miami, Texas and Philadelphia, 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 September 30, 2013
                          
                           Nine months ended           Three months ended
                           September     September     September     September
                           30            30            30            30
                           2013          2012          2013          2012
                           $             $             $             $
                           Unaudited     Unaudited     Unaudited     Unaudited
                                                                      
Fixed income real          10,248        10,227        3,409         3,309
estate rent
                                                                      
Cost and expenses:
Cost of real               1,583         1,464         518           459
estate operation
Real estate
depreciation and           2,434         1,915         837           628
amortization
General and                1,156         1,565         372           638
administrative
Total cost and             5,173         4,944         1,727         1,725
expenses
                                                                      
Operating income           5,075         5,283         1,682         1,584
                                                                      
Equity share in
losses of                  (76)          -             (31)          -
associates, net
Financial expenses         (711)         (1,200)       (558)         (167)
and other, net
                                                                      
Income before              4,288         4,083         1,093         1,417
taxes on income
Taxes on income            (1,390)       (1,242)       (346)         (370)
                                                                      
Net income                 2,898         2,841         747           1,047
                                                                      
Net income
attributable to            1,672         1,762         419           583
non-controlling
interests
Net income
attributable to            1,226         1,079         328           464
Optibase LTD
                                                                      
Net income per
share:
Basic and Diluted          $0.32         $0.28         $0.09         $0.12
                                                                      
Number of shares
used in computing
(*)

Earning per share
Basic                      3,822         3,818         3,822         3,819
Diluted                    3,825         3,819         3,827         3,820
                            
Amounts in
thousands
 

 
Condensed Consolidated Balance Sheets
 
                                              September 30,       December 31,
                                                                 
                                              2013                2012
                                              Unaudited           Audited
Assets
Current Assets:
Cash and cash equivalents                     18,164              19,142
Restricted cash                               141                 134
Trade receivables                             316                 148
Other accounts receivables and                250                 217
prepaid expenses
Assets related to discontinued                675                 980
operations
Total current assets                          19,546              20,621
                                                                   
Long term investments                         7,895               8,043
                                                                   
Real Estate Property, net                     199,516             194,826
Other assets, net                             1,253               1,392
Total property and other assets               200,769             196,218
                                                                   
Total assets                                  228,210             224,882
                                                                   
Liabilities and shareholders' equity
Current Liabilities:
Current maturities of long term loans         2,625               2,597
Accrued payable and accrued expenses          4,874               3,476
Liabilities related to discontinued           2,235               2,563
operations
Total current liabilities                     9,734               8,636
                                                                   
Long term liabilities:
Deferred tax liabilities                      15,556              15,262
Land lease liability, net                     7,280               7,290
Other long term liabilities                   1,830               2,844
Long term loans, net of current               123,650             124,298
maturities
Total long term liabilities                   148,316             149,694
                                                                   
Total shareholders’ equity of                 49,150              47,474
Optibase Ltd
Non-controlling interests                     21,010              19,078
Total shareholders' equity                    70,160              66,552
                                                                   
Total liabilities and shareholders’           228,210             224,882
equity
                                                                   
Amounts in thousands
 

Contact:

Media:
Optibase Ltd.
Amir Philips, 011-972-73-7073-700
CEO
info@optibase-holdings.com
or
Investor Relations:
for Optibase
Marybeth Csaby, +1- 917-664-3055
Marybeth.Csaby@gmail.com
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