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Optibase Ltd. Announces First Quarter Results

Optibase Ltd. (NASDAQ:OBAS) today announced financial results for the first quarter ended March 31, 2012.

Revenues from fixed income real estate totaled $3.5 million for the quarter ended March 31, 2012, compared to revenues of $1.4 million for the first quarter of 2011 and $3.4 million for the fourth quarter of 2011.

Net income for the first quarter ended March 31, 2012 was $904,000 or $0.05 per basic and diluted share, compared to a net income of $1.3 million or $0.08 per basic and diluted share for the first quarter of 2011 and to a net loss of $213,000 or $0.01 per basic and diluted for the fourth quarter of 2011.

The net income for the first quarter of 2011, includes gain on bargain purchase of $4.2 million related to the acquisition of Centre des Technologies Nouvelles (CTN) office building complex in Geneva, Switzerland on March 2, 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.

As of March 31, 2012, we had cash, cash equivalents, restricted cash and other financial investments, net, of $25.8 million, and shareholders' equity of $64.6 million, compared with $23.1 million, and $61.3 million, respectively, as of December 31, 2011.

Commenting on the first quarter results, Mr. Amir Philips CEO of Optibase said; “We are over all pleased with our first quarter results. Our income have increased significantly compared to Q1 2011 and have remained stable compared to the previous quarter. We kept our operating expenses at the same level as in the previous quarter and managed to generate operating income compared with an operating loss on Q1 2011. Due to the fluctuation of the Swiss France against the USD, we have recorded financial income this quarter, compared to financial expenses in the previous quarter as well as in Q1 2011. Depending on the fluctuation of the Swiss Franc against the USD, our financial income, net may continue to fluctuate in the quarters to come.” Mr. Philips concluded “Aside from the fluctuation in our financial income, net, we expect our operating results and other fundamentals to remain stable while we continue to look for additional attractive real estate investment opportunities.”

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