Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the fourth quarter ended December 31, 2011.
Revenues from fixed income real estate totaled $3.4 million for the quarter ended December 31, 2011, compared to revenues of $447,000 for the fourth quarter of 2010 and $4 million for the third quarter of 2011.
Net loss for the fourth quarter ended December 31, 2011 was $325,000 or $0.02 per basic and diluted share, compared to a net loss of $806,000 or $0.05 per basic and diluted share for the fourth quarter of 2010 and to a net loss of $1.2 million or $0.06 per basic and diluted for the third quarter of 2011.
Weighted average shares outstanding used in the calculation for the periods were approximately 19.1 million basic and diluted shares, 16.6 million basic and diluted shares and 19.1 million basic and diluted shares respectively.For the year ended on December 31, 2011, revenues totaled $12.5 million compared to revenues of $1.7 million for the year ended December 31, 2010. Net loss for period was $350,000 or $0.02 compared to a net income of $4.5 million or $0.27 for the year ended December 31, 2010. The net income for the year ended December 31, 2010, includes net income from discontinued operations of $5.4 million which represent the net capital gain form the sale of the video solution business. Weighted average shares outstanding used in the calculation for the periods were approximately 18.2 million basic and diluted shares, 16.6 million basic and 16.7 million diluted shares respectively. During this quarter we completed a CHF 100 million refinancing with Credit Suisse for the Company's Centre de Technologies Nouvelles (CTN) office building complex in Geneva, Switzerland. The refinancing increased our overall liquidity and reduced principal payments by a total of CHF 3.75 million over the next four years period. Based on current interest rates and net of loan expenses, we also expect a reduction of interest expenses by approximately CHF 2.1 million, resulting in an overall expected improvement to cash flows due to the refinancing of approximately CHF 5.8 million for the four years period. For additional information, please refer to our press release dated October 28, 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV