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Optibase Ltd. Announces First Quarter Results

Stocks in this article: OBAS

Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the first quarter ended March 31, 2011.

Revenues from fixed income real estate totaled $1.4 million for the quarter ended March 31, 2011, compared with $396,000 for the first quarter of 2010 and $447,000 for the fourth quarter of 2010.

Net income for first quarter ended March 31, 2011 was $1.3 million or $0.08 per basic and diluted share, compared with a net loss of $672,000 or $0.04 per basic and diluted share for the first quarter of 2010 and with a net loss of $806,000 or $0.05 per basic and diluted share for the fourth quarter of 2010.

Weighted average shares outstanding used in the calculation for the periods were approximately 16.6 million basic and diluted.

On March 2, 2011, we completed through our subsidiary, the acquisition of an office building complex in Geneva, Switzerland known as Center des Technologies Nouvelles ("CTN"). The transaction was based on a property value of CHF 126.5 million. The acquisition was undertaken by OPCTN S.A., a Luxembourg subsidiary of the company owned 51% by Optibase and 49% by the Phoenix Group. OPCTN undertook the transaction by acquiring all of the ownership interest in the property owner Eldista GmbH, a Swiss company. For further details please see our announcement dated March 3, 2011.

The results for the first quarter of 2011 include a one-time other income of $4.2 million which is based on a preliminary purchase price allocation study, deriving from negative goodwill, and $909,000 of transaction costs. The negative goodwill is a result of the excess of the purchased asset fair value over the total consideration paid.

As of March 31, 2011, we had cash, cash equivalents, and other financial investments, net, of $10.4 million, and shareholders' equity of $66.1 million, compared with $30.3 million, and $40.1 million, respectively, as of December 31, 2010.

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