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Optibase Ltd. Announces Fourth Quarter Results And Updates On The Transaction With Vitec

Stocks in this article: OBAS

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.

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