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Optibase Ltd. Announces Fourth Quarter Results

Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the fourth quarter ended December 31, 2010.

Revenues from fixed income real estate totaled $447,000 for the quarter ended December 31, 2010, compared with $400,000 for the previous quarter. Net loss for the quarter ended December 31, 2010 was $806,000 or $0.05 per basic and fully diluted share, compared with a net income of $5.9 million or $0.36 per basic and diluted share for the third quarter of 2010.

This quarter results include $600,000 of other loss from the impairment of the Company's investment in Mobixell Networks.

For the year ended on December 31, 2010, revenues, net income and earnings per share totaled $1.7 million, $4.5 million, $0.27 per basic and fully diluted share, respectively.

As previously indicated, following the closing of the transaction with Vitec on July 1, 2010, Optibase is no longer active in the video solutions business and a capital gain of approximately $6.3 million representing the gain from the sale of the video solutions business is presented in Optibase’s financial reports as discontinued operations activity.

The net income of Optibase’s discontinued operations for the quarter ended on December 31, 2010 was $98,000 or $0.01 per basic and fully diluted share, compared with a net loss of $157,000 or $0.01 per basic and fully diluted share for the third quarter of 2010 and with a net loss of $702,000 or $0.04 per basic and fully diluted share for the fourth quarter of 2009. Weighted average shares outstanding used in the calculation for the periods were approximately 16.6 million basic and 16.7 million fully diluted for the fourth quarter of 2010 and approximately 16.6 million basic and fully diluted for the third quarter of 2010, and approximately 16.5 million basic and fully diluted for the fourth quarter of 2009.

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