SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report of
Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
The
Securities Exchange Act of 1934
For the
month of February, 2010
OPTIBASE
LTD
(Translation
of registrant's name into English)
2 Gav Yam Center,
7 Shenkar Street, Herzliya
46120, Israel
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Form 20-F
x Form 40-F o
Indicate
by check mark whether the registrant by furnishing the information contained in
this form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
If "Yes"
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- N/A
Attached
hereto and incorporated by reference herein is a copy of the press
release
OPTIBASE
LTD. ANNOUNCES FORTH QUARTER AND YEAR END
RESULTS
This
report is hereby incorporated by reference to the Registration Statements on
Form S-8 (File Nos.
333-10840;333-12814;333-13186;333-91650;333-122128;333-137644;333-139688) of the
Company.
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
OPTIBASE
LTD.
(Registrant)
|
|||
|
|
By:
|
/s/ Amir Philips | |
| Amir Philips | |||
| Title: Chief Financial Officer | |||
Date:
February 16, 2010
3
 |
Media
Contacts:
Talia
Rimon, Director of Corporate Communications, Optibase Ltd.
011-972-9-9709-125
taliar@optibase.com
Investor Relations
Contact:
Marybeth
Csaby, KCSA for Optibase
+1-212-896-1236
mcsaby@kcsa.com
|
OPTIBASE
LTD. ANNOUNCES FORTH QUARTER AND YEAR END RESULTS
HERZLIYA, Israel, February 16, 2010 –
Optibase Ltd. (NASDAQ:OBAS) a leader in advanced digital video solutions
today announced financial results for the fourth quarter and year ended December
31, 2009.
Total
revenues for the fourth quarter ended December 31, 2009 were $3.4 million
compared with $3.2 million for the third quarter of 2009 and $3.6 million for
the fourth quarter of 2008. Total revenues for the fourth quarter of 2009,
includes an amount of $272,000 which relates to real estate income.
Net loss
for the fourth quarter ended December 31, 2009, was $1.1 million or $0.07 per
basic and fully diluted share, compared with a net loss of $0.7 million or $0.04
per basic and fully diluted share for the third quarter of 2009 and with a net
loss of $2.8 million or $0.17 per basic and fully diluted share for the fourth
quarter of 2008. Weighted average shares outstanding used in the calculation for
the periods were approximately 16.5 million basic and fully diluted for the
fourth quarter of 2009, the third quarter of 2009, and for the fourth quarter of
2008.
For the
year ended December 31, 2009, revenues totaled $13.4 million, compared with
$19.9 million for the year ended December 31, 2008. Total revenues for the year
include an amount of $272,000 which relates to real estate income. Net income
for the period was $60,000 or $0 per basic and fully diluted share, compared to
a net loss of $9.5 million or $0.63 per basic and fully diluted share for the
year ended December 31, 2008. Weighted average shares outstanding used in the
calculation for the periods were approximately 16.5 million basic and fully
diluted and 15.2 million basic and fully diluted respectively.
The
yearly results also include $4.8 million of other income from the sale of our
holding in Scopus’ shares, net of equity in losses during the
period.
As of
December 31, 2009, the Company had cash, cash equivalents, and other financial
investments, net, of $28.7 million, and shareholders' equity of $35.2 million,
compared with $34 million, and $36.4 million as of September 30,
2009.
Commenting
on the quarter, CFO of Optibase, Amir Philips, said, “This last year has been a
very challenging year for us. The global economic downturn had placed many
challenges for us and the other players in the market. Though the global economy
has seen some recovery over the last few months, there is still a great deal of
uncertainty. During the last quarter we have actively engaged our
real estate activity, purchasing our first asset in Switzerland, the results of
which are already showing on our financial statements.”
4
OPTIBASE
REPORTS/2
About
Optibase
Optibase
provides video over IP solutions, specializing in video encoding, decoding and
streaming for federal and state government agencies, Telco operators, enterprise
organizations and the world's leading broadcast service
providers. With a collection of open, standards-based products,
Optibase enables its customers to take full advantage of video distribution over
their IP network, ensuring superb video quality in a scale of bit-rates for
simple and effective video streaming to desktops, STBs and VOD applications.
Optibase has recently resolved to diversify its operations by entering into the
fixed-income real-estate sector. For further information, please visit www.optibase.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, risks related to the video technologies market in
general, and the evolving IPTV market in particular, competition, our ability to
manage growth and expansion, 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, 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.
This
release and prior releases are available on the Company’s Web site at www.optibase.com.
5
OPTIBASE
REPORTS/3
Optibase
Ltd.
Condensed
Consolidated Statement of Operations
For
the Period Ended December 31, 2009
|
year
ended
|
Three
months ended
|
|||||||||||||||
|
December
31
|
Decmber31
|
December
31
|
December
31
|
|||||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||
|
$
|
$
|
$
|
$
|
|||||||||||||
|
Unaudited
|
Audited
|
Unaudited
|
Unaudited
|
|||||||||||||
|
Revenues:
|
||||||||||||||||
|
Video
solutions
|
13,149 | 19,901 | 3,099 | 3,556 | ||||||||||||
|
Fixed
income real estate
|
272 | - | 272 | - | ||||||||||||
|
Total
revenues
|
13,421 | 19,901 | 3,371 | 3,556 | ||||||||||||
|
Cost
and expenses:
|
||||||||||||||||
|
Cost
of video solution operation
|
6,537 | 9,754 | 1,305 | 1,865 | ||||||||||||
|
Research
and development, net
|
3,725 | 6,375 | 871 | 1,300 | ||||||||||||
|
Selling,
general and administrative
|
8,364 | 11,895 | 2,259 | 2,800 | ||||||||||||
|
Cost
of real estate operation
|
11 | - | 11 | - | ||||||||||||
|
Real
estate depreciation and amortization
|
114 | - | 114 | - | ||||||||||||
|
Total
cost and expenses
|
18,751 | 28,024 | 4,560 | 5,965 | ||||||||||||
|
Operating
loss
|
(5,330 | ) | (8,123 | ) | (1,189 | ) | (2,409 | ) | ||||||||
|
Other
income (expenses)
|
4,773 | 218 | (4 | ) | (508 | ) | ||||||||||
|
Financial
income, net
|
617 | 270 | 66 | 142 | ||||||||||||
|
Equity
in losses of affiliated companies
|
- | (1,930 | ) | - | - | |||||||||||
|
Net Income
(loss) from continuing operations
|
60 | (9,565 | ) | (1,127 | ) | (2,775 | ) | |||||||||
|
Income
related to discontinued operations
|
- | 20 | - | - | ||||||||||||
|
Net
Income (loss)
|
60 | (9,545 | ) | (1,127 | ) | (2,775 | ) | |||||||||
|
Other Comprehensive loss
|
(54 | ) | (266 | ) | (54 | ) | - | |||||||||
|
Total Comprehensive Income
(loss)
|
6 | (9,811 | ) | (1,181 | ) | (2,775 | ) | |||||||||
|
Net
Income (loss) per share:
|
||||||||||||||||
|
Basic
|
$ | 0.00 | $ | (0.63 | ) | $ | (0.07 | ) | $ | (0.17 | ) | |||||
|
Diluted
|
$ | 0.00 | $ | (0.63 | ) | $ | (0.07 | ) | $ | (0.17 | ) | |||||
|
Number
of shares used in computing Earning
per share
|
||||||||||||||||
|
Basic
|
16,534 | 15,159 | 16,534 | 16,522 | ||||||||||||
|
Diluted
|
16,540 | 15,159 | 16,534 | 16,522 | ||||||||||||
Amount in
thousands
6
OPTIBASE
REPORTS/4
Optibase
Ltd.
Condensed
Consolidated Balance Sheets
|
December
31
2009
|
December
31
2008
|
|||||||
|
Unaudited
|
Audited
|
|||||||
|
Assets
|
||||||||
|
Current
Assets:
|
||||||||
|
Cash,
cash equivalents and short term investments, net
|
28,651 | 11,386 | ||||||
|
Trade
receivables net of allowance for bad debts
|
2,438 | 3,241 | ||||||
|
Inventories
|
2,356 | 4,373 | ||||||
|
Other
receivables and prepaid expenses
|
4,492 | 690 | ||||||
|
Total
current assets
|
37,937 | 19,690 | ||||||
|
Other
long term investments
|
2,163 | 26,388 | ||||||
|
Fixed
assets, net
|
636 | 1,228 | ||||||
|
Other
assets, net
|
634 | |||||||
|
Property,
net
|
22,080 | |||||||
|
Total
assets
|
63,450 | 47,306 | ||||||
|
Liabilities and shareholders'
equity
|
||||||||
|
Current
Liabilities:
|
||||||||
|
Current
maturities
|
365 | - | ||||||
|
Trade
payables
|
1,095 | 2,276 | ||||||
|
Accrued
expenses and other liabilities
|
6,962 | 7,642 | ||||||
|
Total
current liabilities
|
8,422 | 9,918 | ||||||
|
Long
term liabilities:
|
||||||||
|
Long
term loans, net of current maturities
|
17,897 | - | ||||||
|
Liabilities
Related To Discontinued Operations
|
162 | 162 | ||||||
|
Total
long term liabilities
|
18,059 | 162 | ||||||
|
Accrued
severance pay
|
1,731 | 2,215 | ||||||
|
Total
shareholders’ equity
|
35,238 | 35,011 | ||||||
|
Total
liabilities and shareholders’ equity
|
63,450 | 47,306 | ||||||
Amounts
in thousands
7