Revenues Increase 55% over Second Quarter 2006 and 20% over First Quarter 2007
Optibase, Ltd. (NASDAQ:OBAS), a leader in advanced digital video solutions, today announced financial results for the second quarter ended June 30, 2007.
Revenues for the second quarter ended June 30, 2007 were $6.7 million compared with $5.6 million for the first quarter of 2007 and $4.3 million for the second quarter of 2006.
Net loss for the quarter ended June 30, 2007, was $1.2 million or $0.09 per basic and diluted share. This compares with a net loss of $408,000 or $0.03 per basic and diluted share for the first quarter of 2007, and a net loss of $1.1 million or $0.08 per basic and diluted share for the second quarter of 2006. Gross margin was lower this quarter, at approximately 42%, due to the impact of orders largely comprised of third party equipment. Weighted average shares outstanding used in the calculation were approximately 13.5 million for the second and first quarters of 2007 and 13.4 million for the second quarter of 2006.
For the six months ended June 30, 2007, revenues totaled $12.2 million, compared with $8.3 million for the six months ended June 30, 2006. Net loss for the period was $1.6 million or $0.12 per basic and diluted share, compared to a net loss of $2.4 million or $0.18 per basic and diluted share for the six months ended June 30, 2006. Weighted average shares outstanding used in the calculation for the periods were approximately 13.5 million and 13.4 million respectively.
As of June 30, 2007, the Company had cash, cash equivalents, and investments in marketable securities and other financial investments, net, of $24.7 million, and shareholders’ equity of $42.7 million.
Amir Philips CFO of Optibase, said, “We are pleased with the steady progress that Optibase continued to show in the second quarter. For several quarters now, both our top-line, and the IPTV market as a whole, have shown improvement”.
“During the second quarter, we further developed our integrated partnerships and OEM agreements. These relationships are important to Optibase’s success in the digital video world as demonstrated by several wins we had this quarter, particularly UT Starcom and Huawei. By strengthening these alliances, we can strategically advance Optibase’s position within the growing IPTV market.
He concluded, “We are pleased with Optibase’s progress to date as we continue advancing our business. With new customers, new applications for our technology and important new partnerships, we are confident in the direction of the Company as the markets we serve continue to take shape.”
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