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Optibase Ltd. Announces Third Quarter Results

About Optibase

Optibase invests in the fixed-income real estate field and currently holds properties in Switzerland and Miami, FL, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia ("Vitec") in July 2010. For further information, please visit www.optibase-holdings.com.

This press release contains forward-looking statements concerning our marketing and operations plans. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, difficulties in finding suitable real-estate properties for investment, availability of financing for the acquisition of real-estate, difficulties in leasing of real-estate properties, insolvency of tenants, difficulties in the disposition of real-estate projects, risk relating to collaborative arrangements with our partners relating to our real-estate properties, risks relating to the full consummation of the transaction for the sale of our video solutions business, general economic conditions and other risk factors. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this news release, please refer to Optibase's most recent annual report on Form 20-F. The Company does not undertake any obligation to update forward-looking statements made herein.

 
Optibase Ltd.
Condensed Consolidated Statement of Operations

For the Period Ended September 30, 2012

 

   
Nine months ended Three months ended
September 30   September 30 September 30   September 30
2012 2011 2012 2011
$ $ $ $
Unaudited Unaudited Unaudited Unaudited
 
Fixed income real estate rent 10,227 9,102 3,309 3,962
 
Cost and expenses:
Cost of real estate operation 1,464 1,387 459 608
Real estate depreciation and amortization 1,915 1,541 628 618
General and administrative 1,565 2,459 638 544
Total cost and expenses 4,944 5,387 1,725 1,770
 
Operating income 5,283 3,715 1,584 2,192
 
Other income (loss) (100 ) 4,194 - -
Financial expenses, net (1,086 ) (6,157 ) (126 ) (3,940 )

Income (loss) before taxes on income

4,097

1,752

1,458

(1,748 )
Taxes on income (1,242 ) (24 ) (370 ) 195
 
Net income (loss) from continuing operation 2,855 1,728 1,088 (1,553 )
Net income (loss) from discontinued operation (14 ) (47 ) (41 ) 64
 
Net income (loss) 2,841 1,681 1,047 (1,489 )
 
Net income (loss) attributable to non-controlling interests 1,762 1,704 583 (317 )
Net income (loss) attributable to Optibase LTD 1,079 (23 ) 464 (1,172 )
 
Net income (loss) per share from continuing operation:
Basic and Diluted $ 0.29 $ 0.01 $ 0.13 ($0.32 )
 
Net income (loss) per share from discontinuing operation:
Basic and Diluted ($0.0 ) ($0.01 ) ($0.01 ) $ 0.02
 
Net income (loss) per share:
Basic and Diluted $ 0.28 ($0.01 ) $ 0.12 ($0.31 )
 
Number of shares used in computing (*)

Earning per share

Basic 3,818 3,584 3,819 3,815
Diluted 3,819 3,595 3,820 3,826
 

Amounts in thousands

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