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Optibase says loss shrank 33% from Q3 to Q2

Results show that traditional product sales did not dive, despite slowing market

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.

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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.