zk1314006.htm
FORM 6-K
  
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
 
Date of Report: November 29, 2013
 
Commission File No.: 000-29992
 
OPTIBASE LTD.
(Translation of registrant’s name into English)

10 Hasadnaot Street
Herzliya 4672837, Israel
+972-73-7073700
 (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 S    Form 40-F £
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____ 
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ 
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. 
 
Yes £    No S
 
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 way of reference herein is a press release issued by the Registrant and entitled “Optibase Ltd. announces third quarter results”.
 
 
 
 
 
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.
(the “Registrant”)
 
By: /s/ Amir Philips
——————————————
Amir Philips
Chief Executive Officer
 
Date: November 29, 2013
 
 
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Media Contacts:
Amir Philips, CEO, Optibase Ltd.
011-972-73-7073-700
info@optibase-holdings.com
 
Investor Relations Contact:
Marybeth Csaby, for Optibase
+1- 917-664-3055
Marybeth.Csaby@gmail.com
 
OPTIBASE LTD. ANNOUNCES THIRD QUARTER RESULTS

HERZLIYA, Israel, November 29, 2013 – Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the third quarter ended September 30, 2013.

Revenues from fixed income real estate totaled $3.4 million for the quarter ended September 30, 2013, compared to revenues of $3.4 million for the second quarter of 2013 and $3.3 million for the third quarter of 2012.

Net income for the third quarter ended September 30, 2013 was $328,000 or $0.09 per basic and diluted share, compared to a net income of $619,000 or $0.16 per basic and diluted share for the Second quarter of 2013 and to a net income of $464,000 or $0.12 per basic and diluted for the third quarter of 2012.

For the nine months ended September 30, 2013, revenues totaled $10.2 compared with $10.2 million for the nine months ended September 30, 2012. Net income was $1.2 million or $0.32 per basic and diluted share, compared to a net income of $1.1 million or $0.28 per basic and diluted share for the nine months ended September 30, 2012.

Weighted average shares outstanding used in the calculation for the periods were approximately 3.8 million basic and diluted shares.

As of September 30, 2013, we had cash, cash equivalents, restricted cash and other financial investments, net, of $18.3 million, and shareholders' equity of $70.2 million, compared with $17.6 million, and $67.4 million, respectively, as of June 30, 2013.

Commenting on the quarter, CEO of Optibase, Amir Philips, said, “We are pleased with our year to date operating results and the relative stability in our portfolio despite a challenging leasing environment. We hope we can maintain this stability going into the fourth quarter and into 2014, though this may be a challenge. We have recently completed yet another transaction in the Miami area, which we hope will close by this end of the year, subject to our shareholders’ approval on the annual general meeting to be held on December 19, 2013, and we believe this transaction will continue improving our assets portfolio and bring added value to our shareholders".
 
 
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OPTIBASE REPORTS/2
 
About Optibase
Optibase invests in the fixed-income real estate field and currently holds properties in Switzerland and in Miami, Texas and Philadelphia, 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.
 
 
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OPTIBASE REPORTS/3
Optibase Ltd.
Condensed Consolidated Statement of Operations
For the Period Ended September 30, 2013

   
Nine months ended
    
Three months ended
  
   
September 30
    
September 30
    
September 30
    
September 30
  
   
2013
    
2012
    
2013
    
2012
  
    $     $     $     $  
   
Unaudited
    
Unaudited
    
Unaudited
    
Unaudited
  
                                 
Fixed income real estate rent
     10,248       10,227       3,409       3,309  
                                 
Cost and expenses:
                                
Cost of real estate operation
     1,583       1,464       518       459  
Real estate depreciation and amortization
     2,434       1,915       837       628  
General and administrative
     1,156       1,565       372       638  
       Total cost and expenses
     5,173       4,944       1,727       1,725  
                                 
Operating income
     5,075       5,283       1,682       1,584  
                                 
Equity share in losses of associates, net
     (76 )     -       (31 )     -  
Financial expenses and other, net
     (711 )     (1,200 )     (558 )     (167 )
                                 
Income before taxes on income
     4,288       4,083       1,093       1,417  
Taxes on income
     (1,390 )     (1,242 )     (346 )     (370 )
                                 
Net income
     2,898       2,841       747       1,047  
                                 
Net income attributable to non-controlling interests
     1,672       1,762       419       583  
Net income attributable to Optibase LTD
     1,226       1,079       328       464  
                                 
Net income per share:
                                
Basic and Diluted
   $ 0.32     $ 0.28     $ 0.09     $ 0.12  
                                 
Number of shares used in computing (*)
                                
Earning per share                                
Basic
     3,822       3,818       3,822       3,819  
Diluted
     3,825       3,819       3,827       3,820  

Amounts in thousands
 
 
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OPTIBASE REPORTS/4
Condensed Consolidated Balance Sheets

   
September 30,
2013
Unaudited
    
December 31,
2012
Audited
  
 
Assets
            
Current Assets:
            
Cash and cash equivalents
     18,164       19,142  
Restricted cash
     141       134  
Trade receivables
     316       148  
Other accounts receivables and prepaid expenses
     250       217  
Assets related to discontinued operations
     675       980  
        Total current assets
     19,546       20,621  
                 
Long term investments
     7,895       8,043  
                 
Real Estate Property, net
     199,516       194,826  
Other assets, net
     1,253       1,392  
       Total property and other assets
     200,769       196,218  
                 
Total assets
     228,210       224,882  
                 
Liabilities and shareholders' equity
                
Current Liabilities:
                
Current maturities of long term loans
     2,625       2,597  
Accrued payable and accrued expenses
     4,874       3,476  
Liabilities related to discontinued operations
     2,235       2,563  
        Total current liabilities
     9,734       8,636  
                 
Long term liabilities:
                
Deferred tax liabilities
     15,556       15,262  
Land lease liability, net
     7,280       7,290  
Other long term liabilities
     1,830       2,844  
Long term loans, net of current maturities
     123,650       124,298  
         Total long term liabilities
     148,316       149,694  
                 
Total shareholders’ equity of Optibase Ltd
     49,150       47,474  
Non-controlling interests
     21,010       19,078  
       Total shareholders' equity
     70,160       66,552  
                 
Total liabilities and shareholders’ equity
     228,210       224,882  
                 
Amounts in thousands
                

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