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 -
Record Revenue and Net Earnings

 

Great Neck, NY April 25, 2017 / GLOBE Newswire --
Manhattan Bridge Capital, Inc. (NASDAQ: LOAN ) announced today that total revenue for the three month period ended March 31, 2017 was approximately $1,330,000 compared to approximately $1,105,000 for the three month period ended March 31, 2016, an increase of $225,000, or 20.4%. The increase in revenue represents an increase in lending operations. In 2017, approximately $1,106,000 of the Company’s revenue represents interest income on secured, commercial loans that it offers to small businesses compared to approximately $914,000 for the same period in 2016, and approximately $223,000 represents origination fees on such loans compared to approximately $190,000 for the same period in 2016. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses.

Net income for the three month period ended March 31, 2017 was approximately $791,000, or $0.10 per basic and diluted share (based on approximately 8.1 million and 8.2 million weighted-average outstanding common shares, respectively), versus approximately $695,000, or $0.10 per basic and diluted share (based on approximately 7.3 million weighted-average outstanding common shares). This increase is primarily attributable to the increase in revenue, offset by an increase in operating expenses.

As of March 31, 2017, total stockholders' equity was approximately $23,108,000 compared to approximately $22,314,000 as of December 31, 2016, an increase of $794,000.

On March 14, 2017, the Company’s Board of Directors authorized a common stock repurchase allowing the buyback of up to 100,000 shares of the company’s common stock in market or off-market transactions at prevailing prices over the next twelve months. The manner, timing and number of shares purchased will be at the Company’s discretion. As of March 31, 2017, the Company had not yet repurchased any shares.

Assaf Ran, Chairman of the Board and CEO, stated, “As we present another quarter of record high revenue and net earnings, the Company once again demonstrates strength, stability and, most importantly, responsibility. The numbers speak for themselves. As a CEO with unprecedented personal commitment and a major shareholder of the Company, I am proud of our achievements to date, and am determined to achieve continued success,” added Mr. Ran.

 

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area. We operate the web site: http://www.manhattanbridgecapital.com


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

 

Assets

March 31, 2017
(unaudited)

 

December 31, 2016
(audited)

Current assets:

   

 

   

Cash and cash equivalents   

$      120,659

 

$        96,299

Cash - restricted

202,061

 

---

Short term loans receivable

26,699,500

 

27,495,500

         Interest receivable on loans

385,166

 

346,519

Other current assets

49,991

 

29,397

            Total current assets

27,457,377

 

27,967,715

 

 

 

 

Long term loans receivable

8,504,820

 

7,259,820

Property and equipment, net
Security deposit

6,922
6,816

 

7,980
6,816

Investment in privately held company

35,000

 

35,000

Deferred financing costs

44,151

 

56,193

                
            Total assets

 

36,055,086

 

 

$  35,333,524

Liabilities and Stockholders’ Equity


Current liabilities:

 

 

 

Line of credit

$    7,217,047

 

$    6,482,848

 

Accounts payable and accrued expenses

82,614

 

105,541

 

Deferred origination fees

326,018

 

315,411

 

Dividends payable

---

 

813,503

 

       Total current liabilities

7,625,679

 

7,717,303

 

Long term liabilities:

 

 

 

 

Senior secured notes (net of deferred financing costs of $678,898 and $697,669, respectively)

 

5,321,102

 

 

5,302,331

 

                 Total liabilities

12,946,781

 

13,019,634

 

             
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; 8,312,036 issued; 8,135,036 outstanding

 

  8,312

 

 

  8,312

 

Additional paid-in capital

23,137,279

 

23,134,013

 

Treasury stock, at cost – 177,000

(369,335)

 

(369,335)

 

Retained earnings (Accumulated deficit)

332,049

 

(459,100)

 

           Total stockholders’ equity

23,108,305

 

22,313,890

 

             
 Total liabilities and stockholders’ equity

 

$  36,055,086

 

 

$  35,333,524

 

 


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

 

Three Months
Ended March 31,

 

2017

2016

 

 

 

Interest income from loans

        $1,106,180

        $   914,309

Origination fees

             223,425

             190,281

            Total revenue

1,329,605

1,104,590

 

Operating costs and expenses:

 

 

Interest and amortization of deferred financing costs

            231,582

            179,550

Referral fees

1,360

1,369

General and administrative expenses

305,514

227,839

             Total operating costs and expenses

538,456

408,758

 

 

 

Income from operations before income tax expense

791,149

695,832

Income tax expense

---

(508)

Net income

$  791,149

$  695,324

 

 

 

Basic and diluted net income per common share outstanding:

 

 

--Basic

$       0.10

$       0.10

--Diluted

$       0.10

$       0.10

 

 

 

Weighted average number of common shares outstanding:

 

 

--Basic

8,135,036

7,264,039

--Diluted

8,158,316

7,292,372

   


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

 

 

Three Months
Ended March 31,

 

 

 2017

 

 2016

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

  Net income

 

$       791,149

 

$       695,324

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

 

 

 

 

  Amortization of deferred financing costs

 

30,813

 

12,041

  Depreciation

 

1,058

 

862

  Non cash compensation expense

 

3,266

 

3,397

    Changes in operating assets and liabilities:

 

 

 

 

       Interest receivable on loans

 

(38,647)

 

17,764

       Other current and non current assets

 

(20,594)

 

(16,063)

       Accounts payable and accrued expenses

 

(22,927)

 

28,135

       Deferred origination fees

 

10,607

 

(30,424)

              Net cash provided by operating activities

 

754,725

 

711,036

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

   Issuance of short term loans

 

(9,556,000)

 

(5,913,500)

   Collections received from loans

 

9,107,000

 

7,808,990

   Purchase of fixed assets

 

---

 

(1,038)

             Net cash (used in) provided by investing activities

 

(449,000)

 

1,894,452

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

    Proceeds from (repayment of) line of credit

               

734,199

 

(1,170,601)

    Cash restricted for reduction of line of credit

 

(202,061)

 

(464,889)

    Repayment of short-term loan

 

---

 

(235,000)

    Deferred financing costs

 

---

 

(163,112)

    Dividend paid

 

(813,503)

 

(617,443)

             Net cash used in financing activities

 

(281,365)

 

(2,651,045)

             

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

24,360

 

(45,557)

Cash and cash equivalents, beginning of period

 

96,299

 

106,836

Cash and cash equivalents, end of period

 

$     120,659

 

$       61,279

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

Taxes paid during the period

 

$              ---

 

$            508

Interest paid during the period

 

$     192,231

 

$     176,799