/ 11.11.2009 12:00AM
Optibase 3Q Revenue Dips 48 Percent
HERZLIYA, ISRAEL: Video compressor Optibase its third quarter with
revenues of $3.2 million compared to
$6.6 million a year ago. Net loss was $700,000 compared to $1.8 million a year
earlier.
“Revenues, while down year-over-year, remained stable compared to last quarter
and we were able to improve our bottom line,” said Optibase chief financial
officer Amir Philips. “Over the past year, we have been adjusting our business
strategy to adapt to the changing business environment, which has not yet fully
recovered from the global economic downturn. The changes that we have
implemented have helped stabilize revenue and allowed for better management of
costs in this daunting environment.”
“Our recent decision to diversify our business has recently moved forward with
the acquisition of a commercial building located in Rumlang, Switzerland,” he
said. “This transaction is representative of the real estate opportunities we
are seeing in today’s markets. We will continue to look for more investment
opportunities around the globe and may invest in those prospects that we
believe will bring value to our shareholders in the long run.”
As of Sept. 30, 2009, Optibase (NASDAQ: OBAS) had cash and equivalents of $34
million compared to $38 million on June 30, 2009. Shares gained about 8 percent
today to reach $1.27.
More on Optibase:
August 4, 2009: “Optibase Cuts 2Q Loss
on Reduced Revenues”
Optibase, a video compression specialist,
reported a $1 million loss for the second quarter on revenues down 42 percent
compared to a year ago.
May 12, 2009: “Optibase Posts 1Q
Profit”
Video compression specialist Optibase ended the first quarter of 2009 with
net income of $2.9 million, or around 18 cents a share, on revenues of $3.6
million.
February 26, 2009: “Optibase Revenues Fall”
Optibase 4Q08 revenues dipped by more than one-third compared to the
year-earlier quarter-- $3.6 million for the three months ending Dec. 31, 2008,
compared to $5.6 million for 4Q07.