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Optibase Ltd. Announces Third Quarter Results

Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the third quarter ended September 30, 2010.

Revenues from fixed income real estate totaled $400,000 for the quarter ended September 30, 2010, compared with $408,000 for the previous quarter. Net income for the quarter ended September 30, 2010 was $5.9 million or $0.37 per basic and diluted share, compared with a net income of $206,000 or $0.02 per basic and diluted share for the second quarter of 2010.

For the period of nine months ended on September 30, 2010, revenues, net income and earnings per basic and diluted share totaled $1.2 million, $5.3 million and $0.38 respectively.

Following the closing of the transaction with Vitec on July 1, 2010, Optibase is no longer active in the video business and such activity is presented in Optibase’s financial reports as discontinued operations activity. The third quarter’s results also include other income of approximately $6.3 million which represents the capital gain from the sale of the video solutions business.

The net loss of Optibase’s discontinued operations for the quarter ended on September 30, 2010 was $157,000 or $0.01 per basic and diluted share, compared with a net loss of $261,000 or $0.02 per basic and diluted share for the second quarter of 2010 and with a net loss of $740,000 or $0.04 per basic and diluted share for the third quarter of 2009. Weighted average shares outstanding used in the calculation for the periods were approximately 16.6 million basic and diluted for the third quarter of 2010 and for the second quarter of 2010, and approximately 16.5 million basic and diluted for the third quarter of 2009.

For the nine months ended September 30, 2010, net loss from discontinued operations was $1 million or $0.06 per basic and diluted share, compared to a net income of $1.2 million or $0.07 per basic and diluted share for the nine months ended September 30, 2009. Weighted average shares outstanding used in the calculation for the periods were approximately 16.6 million basic and diluted and 16.5 million basic and diluted respectively.

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