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

Stocks in this article: OBAS

As of December 31, 2011, we had cash, cash equivalents, and other financial investments, net, of $23.1 million, and shareholders' equity of $61 million, compared with $12.9 million, and $71 million, respectively, as of September 30, 2011.

In addition, we and S.A. Vitec ("Vitec"), the company that purchased our Video Solutions Business in July 2010, have been unable to come to an agreement as to several disputes which arose between the parties. To date, we and Vitec are parties to arbitration proceedings relating to the abovementioned disputes, regarding, inter alia, adjustment amount, the collecting of sums payable from past clients and, service and maintenance. Following the abovementioned disputes, Vitec submitted its Statement of Claim against us in the arbitration proceedings demanding us to pay Vitec approximately $24 million, and we submitted our Statement of Claim against Vitec demanding that Vitec pay us an aggregate sum of approximately $1.5 million. We believe the claim submitted by Vitec against us is with no merit.

Commenting on the fourth quarter and the years’ results, Mr. Amir Philips CEO of Optibase said, “We are pleased with our fourth quarter and full year performance. We have been able to maintain relative stability in our business during 2011 and we believe this reflects our focus on operating fundamentals. However, the fourth quarter results were slightly affected by the devaluation of the CHF against the USD at a rate of approximately 10% compared with the previous quarter. This devaluation caused a slight decrease in our revenues and which in turn also affected our bottom line," Mr. Philips concluded. "During the year we were able to complete the strategically important acquisition of CTN while joining forces with Phoenix, one of Israel's leading insurance companies and to successfully complete the refinancing process which provides long - term benefits to our cash flows, which we hope to benefit from in 2012 and on."

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