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
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.  

 

Manhattan Bridge Capital, Inc. Reports First Quarter Results

 36.2% Increase in Revenue

 

LONG ISLAND, N.Y. May 3, 2013 / GLOBE Newswire / -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)
Total revenues for the three month period ended March 31, 2013 were approximately $534,000 compared to approximately $392,000 for the three month period ended March 31, 2012, an increase of $142,000 or 36.2%. The increase in revenue represents an increase in lending operations. In 2013, approximately $445,000 of our revenue represents interest income on secured, commercial loans that we offer to small businesses compared to approximately $308,000 for the same period in 2012, and approximately $90,000 represents origination fees on such loans compared to approximately $84,000 for the same period in 2012.
 
Income from operations for the three month period ended March 31, 2013 was approximately $258,000 compared to approximately $181,000 for the three month period ended March 31, 2012, an increase of $77,000 or 42.5%. This increase in income from operations is primarily attributable to an increase in revenue, offset by an increase in interest and amortization of debt service costs resulting from the Company’s use of a line of credit in order to increase its ability to make loans.

Net income for the three month period ended March 31, 2013 was $0.04 per basic and diluted share (based on 4.283 million shares and 4.296 million shares, respectively), or approximately $173,000 versus net income of $0.03 per basic and diluted share (based on 4.324 million shares and 4.332 million shares, respectively) or approximately $115,000 for the three month period ended March 31, 2012, an increase of approximately $58,000.

As of March 31, 2013 total stockholders' equity was approximately $8,622,000 compared to approximately $8,479,000 as of December 31, 2012, an increase of $143,000.

Assaf Ran, Chairman of the Board and CEO stated, “The first quarter results represent once again our constant and safe pattern of growth. During that period our line of credit increased to $5,000,000, an increase that will secure further growth. “
  
Manhattan Bridge Capital, Inc. offers short-term, secured, non-banking loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in the New York Metropolitan area. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the 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,  2013
(unaudited)

December 31,2012
(audited)

Current assets:

   

   

Cash and cash equivalents   

$       236,513

$      240,693

Short term loans receivable

9,198,000

11,022,866

         Interest receivable on loans

147,653

160,342

Other current assets

41,560

18,903

            Total current assets

9,623,726

11,442,804

 

 

 

Investment in real estate

146,821

146,821

Long term loans receivable

3,336,000

2,601,500

Security deposit

6,491

6,491

Investment in privately held company, at cost

100,000

100,000

Deferred financing costs

28,631

41,735

                
            Total assets

 

$ 13,241,669

 

$ 14,339,351

Liabilities and Stockholders’ Equity


Current liabilities:

 

 

Short term loans

$    1,159,465

$   1,399,465

Line of credit

2,700,000

3,500,000

Senior secured notes

500,000

500,000

Accounts payable and accrued expenses

57,630

70,403

Deferred origination fees

116,033

122,242

Income taxes payable

86,136

268,256

       Total liabilities, all current

4,619,264

5,860,366

              
Commitments and contingencies

 

 

Stockholders’ equity:

 

 

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

 

---

 

---

Common shares - $.001 par value; 25,000,000 authorized; 4,412,190 and 4,405,190 issued; 4,275,459 and 4,298,059 outstanding

 

 
4,412

 

  4,405

Additional paid-in capital

9,695,257

9,687,159

Treasury stock, at cost - 136,731 and 107,131 shares

(307,796)

(269,972)

Accumulated deficit

(769,468)

(942,607)

           Total stockholders’ equity

8,622,405

8,478,985

             
 Total liabilities and stockholders’ equity

 

$  13,241,669

 

$ 14,339,351


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

 

Three Months Ended March 31,

 

 

2013

2012

 

 

 

 

 

Interest income from loans

        $ 444,779

        $ 307,602

 

Origination fees

             89,582

             84,224

 

            Total revenue

534,361

391,826

 

 

Operating costs and expenses:

 

 

 

Interest and amortization of debt service costs

            102,646

             41,141

 

Referral fees

596

2,129

 

General and administrative expenses

172,867

167,976

 

             Total operating costs and expenses

276,109

211,246

 

 

 

 

 

Income from operations

258,252

180,580

 

 

 

 

 

Other income

6,887

6,887

 

 

 

 

 

Income before income tax expense

265,139

187,467

 

Income tax expense

(92,000)

(72,500)

 

Net income

$ 173,139

$ 114,967

 

 

 

 

 

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

4,283,218

4,324,459

 

--Diluted

4,295,658

4,331,998

 

 

   

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

                   Three Months ended March 31,

 

 

 2013

 

2012

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

  Net income

 

$ 173,139

 

$ 114,967

  Adjustments to reconcile net income to net cash (used in) provided by  
     operating activities -

 

 

 

 

  Amortization of deferred financing costs

 

13,104

 

9,099

  Depreciation

 

0

 

161

  Non cash compensation expense

 

3,416

 

3,416

    Changes in operating assets and liabilities:

 

 

 

 

       Interest receivable on loans

 

12,689

 

(2,823)

       Other current and non current assets

 

(22,658)

 

(36,281)

       Accounts payable and accrued expenses

 

(12,773)

 

10,704

       Deferred origination fees

 

(6,209)

 

(5,745)

       Income taxes payable

 

(182,120)

 

(22,551)

              Net cash (used in) provided by operating activities

 

(21,412)

 

70,947

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

   Issuance of short term loans

 

(2,853,500)

 

(2,776,500)

   Collections received from loans

 

3,943,866

 

2,260,281

             Net cash provided by (used in) investing activities

 

1,090,366

 

(516,219)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

    (Repayments of) proceeds from loans and line of credit, net

               

(1,040,000)

 

265,000

    Purchase of treasury shares

 

(37,824)

 

---

    Proceeds from exercise of stock options

               

4,690

 

---

             Net cash (used in) provided by financing activities

 

(1,073,134)

 

265,000

             

 

 

 

 

Net decrease in cash and cash equivalents

 

(4,180)

 

(180,272)

Cash and cash equivalents, beginning of period

 

240,693

 

221,905

Cash and cash equivalents, end of period

 

$ 236,513

 

$  41,633

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

Taxes paid during the period

 

$ 274,120

 

$  95,050

Interest paid during the period

 

$   89,541

 

$  32,042