Optibase Ltd. Announces Fourth Quarter Results

  Optibase Ltd. Announces Fourth Quarter Results  Business Wire  HERZLIYA, Israel -- March 31, 2014  Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the fourth quarter ended December 31, 2013.  Revenues from fixed income real estate totaled $3.5 million for the quarter ended December 31, 2013, compared to revenues of $3.4 million for the fourth quarter of 2012 and $3.4 million for the third quarter of 2013.  Net Income for the fourth quarter ended December 31, 2013 was $239,000 or $0.06 per basic and diluted share, compared to a net income of $497,000 or $0.13 per basic and diluted share for the fourth quarter of 2012 and to a net income of $328,000 or $0.09 per basic and diluted share for the third quarter of 2013.  Weighted average shares outstanding used in the calculation for the periods were approximately 3.8 million basic and diluted shares respectively.  For the year ended December 31, 2013, revenues totaled $13.7 million, compared with $13.7 million for the year ended December 31, 2012. Net income was $1.5 million or $0.38 per basic and diluted share, compared to a net income of $1.6 million or $0.41 per basic and diluted share for the year ended December 31, 2012.  Weighted average shares outstanding used in the calculation were approximately 3.8 million basic and diluted shares respectively.  As of December 31, 2013, we had cash, cash equivalents, restricted cash and other financial investments, net, of $19 million, and shareholders' equity of $78.9 million, compared with $18.3 million, and $70.2 million, respectively, as of September 30, 2013.  Amir Philips, Chief Executive Officer of Optibase, commented on the quarter and year's results: “During the fourth quarter, we have closed a transaction to purchase twelve luxury condominium units located in Miami Beach, Florida from our controlling shareholder in consideration for issuance of approximately 1.31 million newly issued shares of the company. This transaction has increased our portfolio in the Miami area, which is considered by many as an 'upcoming location.' For further information please see our press releases dated November 12, 2013.”  “Overall, we are pleased with our fourth quarter and full year performance maintaining stability and increasing our portfolio in what we consider a conservative manner," Amir concluded. “We will continue implementing our strategy into 2014, trying to maintain stability and create value for 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 December 31, 2013                     Year ended                    Three months ended                      December 31   December 31     December 31   December                                                                      31                      2013            2012            2013            2012                      $               $               $               $                      Unaudited       Unaudited       Unaudited       Unaudited                                                                       Fixed income            13,711          13,676          3,463          3,449 real estate rent Cost and expenses: Cost of real            2,199           1,966           616            502 estate operation Real estate depreciation and        3,369           2,569           935            654 amortization General and             1,870           2,068           714            504 administrative Total cost and          7,438           6,603           2,265          1,660 expenses Operating income        6,273           7,073           1,198          1,789                                                                       Equity share in earnings                (172   )        (32    )        (96    )       (32   ) (losses) of associates, net Other (loss)            384             (100   )        95             - Income Financial expenses &              (1,343 )        (1,243 )        (343   )       (143  ) other, net                                                                               Income before           5,142           5,698           854            1,614 taxes on income Taxes on income         (1,518 )        (1,643 )        (128   )       (401  )                                                                       Net income              3,624           4,055           726            1,213                                                                       Net income attributable to         2,159           2,478           487            716 non-controlling interests Net income attributable to         1,465           1,577           239            497 Optibase LTD                                                                       Net income per share : Basic and            $  0.38         $  0.41         $  0.06         $ 0.13 Diluted                                                                                                                                             Number of shares used in computing (*)  Earnings per share Basic                   3,822           3,818           3,823          3,819 Diluted                 3,826           3,820           3,827          3,820                                                                               (*) Amounts in thousands                                                                                                                                                              Condensed Consolidated Balance Sheets                                                                                                        December 31,         December 31,                                              2013                 2012                                                                                                                 Unaudited            Audited Assets Current Assets: Cash and cash equivalents                    18,811               19,142 Restricted cash                              144                  134 Trade receivables                            279                  148 Other accounts receivables and               138                  217 prepaid expenses Total assets attributed to                   675                  980 discontinued operations Total current assets                         20,047               20,621                                                                    Long term deposit                            61                   50 Investments in companies and                 7,738                7,993 associates Long term investments                        7,799                8,043                                                                    Real Estate Property, net                    209,761              194,826 Other assets, net                            1,141                1,392 Total property equipment and other           210,902              196,218 assets                                                                    Total assets                                 238,748              224,882                                                                    Liabilities and shareholders' equity Current Liabilities: Current maturities of long term              2,669                2,597 loans Accounts payable and accrued                 5,131                3,476 expenses Total liabilities attributed to              2,135                2,563 discontinued operations Total current liabilities                    9,935                8,636                                                                    Long term liabilities: Deferred tax liabilities                     15,815               15,262 Land lease liability, net                    7,374                7,290 Other long term liabilities                  1,628                2,844 Long term loans, net of current              125,072              124,298 maturities Total long term liabilities                  149,889              149,694                                                                    Total shareholders’ equity of                57,063               47,474 Optibase Ltd. Non-controlling interests                    21,861              19,078 Total shareholders' equity                   78,924              66,552                                                                    Total liabilities and shareholders’          238,748             224,882 equity                                                                    Amounts in thousands  Contact:  Media Contacts: Optibase Ltd. Amir Philips, CEO 011-972-73-7073-700 info@optibase-holdings.com or Investor Relations Contact: for Optibase Marybeth Csaby +1-917-664-3055 Marybeth.Csaby@gmail.com  
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