a
60 Cutter Mill Rd.
Suite 205
Great Neck, NY
11021
Tel: 516.444.3400
Fax: 516.444.3404

 

Press Releases

Contact:
Assaf Ran, CEO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. Reports First Quarter Results

 45% Increase in Income from Operations

NEW YORK, N.Y. May 6, 2010 / GLOBE Newswire / -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)
      Manhattan Bridge Capital, Inc. announced today that total revenues for the three month period ended March 31, 2010 were approximately $291,000 compared to approximately $232,000 for the three month period ended March 31, 2009 an increase of $59,000 or 25%.  In 2010, $236,000 of the Company’s revenue represented interest income on the short term secured commercial loans that the Company offers to small businesses compared to $194,000 for the same period in 2009, and $55,000 represents origination fees on such loans compared to $38,000 for the same period in 2009. The increase in revenue represents an increase in lending operations.
 
       Income from operations for the period ended March 31, 2010 was approximately $144,000 compared to approximately $99,000 for the three month period ended March 31, 2009, an increase of $45,000 or 45%. This increase in income from operations resulted mainly from an increase in revenue from short term secured commercial loans of $59,000, offset by an increase in operating costs and expenses of $14,000.

      Net income for the three month period ended March 31, 2010 was $0.04 per basic and diluted share (based on 3.324 million shares and 3,365 million shares, respectively ), or $140,592 versus net income of 0.03 per basic and diluted share (based on 3.326 million shares) or $85,609 for the period ended March 31, 2009, an increase of approximately $55,000. This increase in net income is mainly due to increases in revenue and other income offset by increases in operating costs and expenses and income tax expense.

      As of March 31, 2010 total shareholders' equity was $7,582,000 compared to $7,455,000 as of December 31, 2009, an increase of $127,000.
     
     Assaf Ran, Chairman of the Board and CEO stated, “I am pleased with the continued growth pattern that started three years ago. It seems that our model and disciplined expectations are passing the reality test. I am optimistic about our future growth as I feel that our market is reviving.”

 

 

Manhattan Bridge Capital, Inc., provides short term, secured, non-banking, commercial loans to
small businesses. We operate the web site: http://www.manhattanbridgecapital.com

 

This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Forward-looking statements are typically identified by the words “believe,” “expect,” “intend,” “estimate” and similar expressions.  Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies.  These forward-looking statements are not guarantees of future performance and involve risks and uncertainties.  Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as “Cautionary Statements”), including but not limited to the following: (i)  the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth.  The accompanying information contained in this report, including the information set forth under “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, identifies important factors that could cause such differences.  These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements.  We undertake no obligation to update or revise any forward-looking statements.  All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 

Assets

 March 31, 2010
(unaudited)

December 31, 2009
(audited)

Current assets:

   

 

Cash and cash equivalents

$ 111,508

$ 707,449

Investment in marketable securities

172,803

404,268

             Total cash and cash equivalents and investment in marketable securities

 

284,311

 

1,111,717

 

 

 

Short term loans

7,881,700

6,476,621

         Interest receivable on short term loans

60,001

60,207

Other current assets

16,768

26,568

            Total current assets

8,242,780

7,675,113

 

 

 

Property and equipment, net

4,700

5,458

Security deposit

17,515

17,515

Investment in privately held company, at cost

100,000

100,000

                
            Total assets

 

$ 8,364,995

 

$ 7,798,086

Liabilities and Shareholders’ Equity


Current liabilities:

 

 

Lines of credit

$ 458,434

$ ---

Accounts payable and accrued expenses

110,009

$ 77,768

Deferred origination fees

90,534

102,751

Income taxes payable

123,742

162,182

        Total liabilities, all current

782,719

342,701

             
Commitments and contingencies

 

 

 

Shareholders’ equity:

 

 

Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued

 

---

 

---

Common shares - $.001 par value; 25,000,000 authorized; 3,405,190 issued and 3,324,459 outstanding

 

3,405

 

3,405

Additional paid-in capital

9,486,370

9,476,762

Treasury stock, at cost- 80,731 shares

(241,400)

                          (241,400)

Accumulated other comprehensive income

100,514

123,823

Accumulated deficit

(1,766,613)

(1,907,205)

          Total shareholders’ equity

7,582,276

7,455,385

            
 Total liabilities and shareholders’ equity

 

$ 8,364,995

 

$ 7,798,086


         
           MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
            (unaudited)

 

 Three Months Ended March 31,

 

 

        2010

       2009

 

 

 

 

 

 

 

 

 

Interest income from short term loans

        $ 236,203

        $ 193,698

 

Origination fees

             54,971

             38,279

 

            Total Revenue

291,174

231,977

 

 

Operating costs and expenses:

 

 

 

Interest expense on lines of credit used

5,134

---

 

General and administrative expenses

142,078

133,263

 

             Total operating costs and expenses

147,212

133,263

 

 

 

 

 

Income from operations

143,962

98,714

 

 

 

 

 

Interest and dividend income

3,344

9,224

 

Realized gain on marketable securities that were previously marked down

 

55,286

 

---

 

             Total other income

58,630

9,224

 

 

 

 

 

Income from operations before income tax expense

202,592

107,938

 

Income tax expense

(62,000)

(22,329)

 

Net Income

$140,592

$85,609

 

 

 

 

 

Basic and diluted net income per common share outstanding:

 

 

 

 

--Basic

$ 0.04

$ 0.03

 

--Diluted

$ 0.04

$ 0.03

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

--Basic

3,324,459

3,325,760

 

--Diluted

3,365,239

3,325,760

 

 

 

 

 

 


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

       Three Months ended March 31,

 

 

 2010

 

 2009

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

  Net Income

 

$ 140,592

 

$ 85, 609

  Adjustments to reconcile net income to net cash provided by  
     operating activities -

 

 

 

 

  Depreciation

 

758

 

1,222

  Non cash compensation expense

 

9,608

 

14,983

  Realized gain on sale of marketable securities that were 
  previously marked down

 

(55,286)

 

----

    Changes in operating assets and liabilities:

 

 

 

 

       Interest receivable on short and long term commercial loans

 

206

 

12,304

       Other current and non current assets

 

9,800

 

(17,165)

       Accounts payable and accrued expenses

 

32,241

 

10,117

       Deferred origination fees

 

(12,217)

 

(1,159)

       Income tax payable

 

(38,440)

 

14,004

              Net cash provided by operating activities

 

87,262

 

119,915

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

   Proceeds from sale of marketable securities

 

263,442

 

----

   Short term commercial loans made

 

(2,149,000)

 

(1,785,529)

   Collections received from short term commercial loans

 

743,921

 

1,298,709

             Net cash used in investing activities

 

(1,141,637)

 

(486,820)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

    Proceeds from lines of credit, net

               

458,434

 

----

              Net cash provided by financing activities

 

458,434

 

----

              

 

 

 

 

Net decrease in cash and cash equivalents

 

(595,941)

 

(366,905)

Cash and cash equivalents, beginning of period

 

707,449

 

884,296

Cash and cash equivalents, end of period

 

$ 111,508

 

$ 517,391

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

Taxes paid during the period

 

$100,440

 

$ 8,325

Interest Paid during the period

 

$ 5,134

 

$ ----