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Optibase Ltd. Announces Fourth Quarter Results

Stocks in this article: OBAS

Amir Philips, Chief Executive Officer of Optibase commented on the quarter and years’ results: “We are pleased with our fourth quarter and full year performance. During the quarter we continued executing on our strategy of diversifying and upgrading the quality of our real estate portfolio by completing our investments in Two Penn Center Plaza and in Texas shopping centers. Amir concluded, “We are currently evaluating additional investment opportunities which we hope will materialize in the coming months.”

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 December 31, 2012

       
Year ended Three months ended
December 31   December 31 December 31   December 31
2012 2011 2012 2011
$ $ $ $
Unaudited Unaudited Unaudited Unaudited
 
Fixed income real estate rent 13,676 12,479 3,449 3,377
Cost and expenses:
Cost of real estate operation 1,966 1,869 502 493
Real estate depreciation and amortization 2,569 2,153 654 601
General and administrative 2,068 3,057 504 598
Total cost and expenses 6,603 7,079 1,660 1,692
Operating income 7,073 5,400 1,789 1,685
 
Gain on bargain purchase - 4,412 - -
Equity share in earnings (losses) of associates, net (32 ) - (32 ) -
Other loss (100 ) - - -
Financial expenses, net (1,243 ) (7,481 ) (143 ) (1,324 )

Income before taxes on income

5,698

2,331

1,614

361
Taxes on income (1,643 ) (481 ) (401 ) (456 )
 
Net income (loss) from continuing operation 4,055 1,850 1,213 (95 )
Net income (loss) from discontinued operation - (51 ) - (4 )
 
Net income (loss) 4,055 1,799 1,213 (99 )
 
Net income (loss) attributable to non-controlling interests 2,478 2,038 716 334
Net income (loss) attributable to Optibase LTD 1,577 (239 ) 497 (433 )
 
Net income (loss) per share from continuing operation:
Basic and Diluted $ 0.41 $ 0.07 $ 0.13 ($0.11 )
 
Net income (loss) per share from discontinuing operation:
Basic and Diluted $ 0.00 ($0.00 ) $ 0.00 ($0.00 )
 
Net income (loss) per share:
Basic and Diluted $ 0.41 ($0.07 ) $ 0.13 ($0.11 )
 
Number of shares used in computing (*)

Earning per share

Basic 3,818 3,642 3,819 3,815
Diluted 3,820 3,642 3,820 3,826

Amounts in thousands

2 of 4

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