Despite executive reshuffles, a change in control and a slowing market, Optibase (Nasdaq:OBAS) today reported a 33% contraction in sequential quarterly pro forma loss.
Pro forma net loss excluding acquisition charges, stock-options and restructuring charges, came to $1.9 million or 16 cents per share, compared with earnings of 22 cents per share in the third quarter of 2000, but 33% less than in the second quarter.
The company announced $7.1 million revenue for the third quarter, about the same as in the previous quarter but 15% less than in the parallel period of last year.
Its results indicate that sales of traditional products did not radically decline, despite fears that they would.
The company ended the third quarter with $47.3 million cash, compared with $51 million at the end of the second quarter. Its book value is $61.9 million.
Optibase makes products to prepare and deliver MPEG-based digital media over broadband networks.