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
Inbar Evron-Yogev, CFO
(212) 489-6800
SOURCE: Manhattan Bridge Capital, Inc.

 

 

Manhattan Bridge Capital, Inc. Reports Second Quarter Financial Results

NEW YORK, August 6, 2008 / PRIME Newswire / -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN - news)

       Manhattan Bridge Capital, Inc. announced today that net income for the three month period ended June 30, 2008 was $0.02 per basic and diluted share, versus net loss of (0.11) per basic and diluted share for the three month period ended June 30, 2007.

       Total revenue for the three month period ended June 30, 2008 were approximately $179,000 versus total revenue of approximately $7,000 for the three month period ended June 30, 2007. For the three month period ended June 30, 2008 revenue of approximately $164,000 represents interest income on short term and long term loans made through DAG Funding and approximately $15,000 represents origination fees.

       Net income for the six month period ended June 30, 2008 was $0.06 per basic and diluted share or $191,914, versus net loss of (0.16) per basic and diluted share or ($516,004) for the six month period ended June 30, 2007.
      
       Total revenue for the six month period ended June 30, 2008 were approximately $344,000 versus total revenue of approximately $8,000 for the six month period ended June 30, 2007. For the six month period ended June 30, 2008 revenue of approximately $311,000 represents interest income on the short term and long term loans made through DAG Funding and approximately $33,000 represents origination fees.


       Income from continuing operations for the six month period ended June 30, 2008 was approximately $119,000 compared to a loss from continuing operations of approximately ($265,000) for the six month period ended June 30, 2007, an increase of approximately $384,000. This increase in income from continuing operations resulted mainly from increase in revenue from short term and long term loans generated through DAG Funding of approximately $336,000 and a decrease of approximately $81,000 in general and administrative expense, offset by a decrease of approximately $44,000 in other income.

      Assaf Ran, Chairman of the Board and CEO stated, “I’m Pleased that we have managed to achieve our goal and stabilize profit as we reported a fourth consecutive profitable quarter. Our transition into profitability was made possible by our significant efforts to identify good short term commercial finance opportunities. Our next challenge is to arrange a leverage financing facility against our portfolio in order to expand the scale of our businesses.”

 

Manhattan Bridge Capital, Inc., through our subsidiaries, provides short term, secured, non–banking, commercial loans to small businesses. In addition we developed innovative software and a related web site that allows retail businesses and other service providers to reach prospective customers and clients for their goods and services in a more effective way than traditional on-line and print yellow pages search . We operate several web sites: http://www.manhattanbridgecapital.com. http://www.dagfundingsolutions.com, and http://www.nextyellow.com.

 

Forward-looking statements in this release are made pursuant to the “safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995 These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.


       
 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET

Assets

  June 30, 2008
    (Unaudited)

December 31, 2007
(Audited)

Current assets:

   

 

Cash and cash equivalents     

$ 1,134,317

$ 621,724

Marketable securities

732,636

802,811

Auction rate securities

450,000

---

Short term investment – insurance annuity contract – at fair value

---

931,555

             Total cash and cash equivalents, marketable securities and short term investment

 

2,316,953

 

2,356,090

 

 

 

Short term loans

4,334,185

4,313,211

         Interest receivable on short term loans

53,246

41,184

Due from purchaser

38,881

156,103

Other current assets

39,073

17,083

            Total current assets

6,782,338

6,883,671

 

 

 

         Long term loans

200,000

---

Property and equipment, net

11,868

14,261

         Capitalized web development costs, net

49,343

74,015

Security deposit

17,515

17,515

Investment in privately held company, at cost

100,000

100,000

                     
            Total assets

 

$ 7,161,064

 

$ 7,089,462

Liabilities and Shareholders’ Equity


Current liabilities:

 

 

Accounts payable and accrued expenses

$ 82,968

$ 123,886

Deferred gain from the sale of Jewish Directories

---

72,917

Deferred origination fee

19,896

4,597

        Total current liabilities

102,864

201,400

             
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; 3,305,190 issued and 3,236,460 outstanding

 

3,305

 

3,305

Additional paid-in capital

9,232,923

9,180,235

Treasury stock, at cost- 68,730 shares

(231,113)

(231,113)

Accumulated other comprehensive loss

(515,737)

(441,272)

Accumulated deficit

(1,431,178)

(1,623,093)

            Total shareholders’ equity

7,058,200

6,888,062

                 
 Total liabilities and shareholders’ equity

 

$ 7,161,064

 

$ 7,089,462


 

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

 

Three Months
Ended June 30,

Six Months
Ended June 30,

 

2008

2007

2008

2007

 

Interest income from short term loans

 

    $         163,924

 

    $           4,967

 

   $        311,385

 

   $            4,967

Origination fees

                 14,808

                     ----

32,633

----

Subscription revenues, net

                        43

                1,619

          100

          2,981

     Total Revenue

               178,775

                 6,586

             344,118

                 7,948

 

    

    

 

 

Operating costs and expenses:

 

 

 

 

Web development expenses

                 12,336

12,336

24,672

24,672

General and administrative expenses

               148,759

     188,391

    309,182

    390,038

     Total operating costs and expenses

 

               161,095

 

200,727

                  
             333,854

                  
             414,710

Income (Loss) from operations

                 17,680

            (194,141)

                10,264

            (406,762)

 

 

 

 

 

Interest and dividend income

                 16,371

98,040

41,122

152,803

Realized gain (loss) on marketable securities

                 18,122

16,257

18,122

(10,569)

Other income

                       ----

                     ----

                39,000

                     ----

     Total other income

                  34,493

              114,297

                98,244

              142,234

Income (loss) from continuing operations before income tax benefit

                    
                 52,173

(79,844)

                                            
             108,508

(264,528)

Income tax benefit

                    ----

----

10,489

----

Income (loss) from continuing operations

       
                 52,173

(79,844)

118,997

(264,528)

Discontinued Operations:

 

 

 

 

Gain on the sale of the Jewish Directories (net of tax effect of 0 in 2008 and 2007)

  ----

72,916

72,917

121,527

Loss from operations of Shopila (net of tax effect of 0)

                     ----

            (353,011)

                     ----

            (373,003)

Income from discontinued operations

                     ----

            (280,095)

                72,917

            (251,476)

Net Income (loss)

    $            52,173

    $      (359,939)

    $       191,914

    $      (516,004)

 

 

 

 

 

Basic net income (loss) per common share outstanding:

 

 

 

 

Continuing operations

     $        0.02

     $       (0.02)

     $        0.04

     $       (0.08)

Discontinued operations

                

              (0.09)

               0.02

              (0.08)

Net income (loss) per common share- Basic

     $        0.02

    $       (0.11)

    $         0.06

    $       (0.16)

Diluted net income (loss) per common share outstanding:

 

 

 

 

Continuing operations

     $        0.02

     $       (0.02)

     $        0.04

     $       (0.08)

Discontinued operations

                

              (0.09)

               0.02

              (0.08)

Net income (loss) per common share- Diluted

     $        0.02

    $       (0.11)

    $         0.06

    $       (0.16)

Weighted average number of common shares outstanding

 

 

 

 

--Basic

     3,236,460

    3,236,460

    3,236,460

    3,236,460

--Diluted

     3,237,406

    3,236,460

   3,238,215

    3,236,460


 

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Six Months Ended June 30,

 

 2008

 

 2007

Cash flows from operating activities:

 

 

 

  Net income (loss)

    $   191,914

 

    $  (516,004)

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

 

 

 

  Gain on the sale of  Jewish Directories

(72,917)

 

(121,527)

  Loss from discontinued operations of Shopila

----

 

373,003

  Depreciation and amortization

27,065

 

26,917

  Non cash compensation expense

52,688

 

86,408

  Realized (gain) loss on sale of marketable securities

(18,122)

 

10,569

  Changes in operating assets and liabilities:

 

 

 

       Interest receivable on short term loans

(12,062)

 

(4,966)

       Due from purchaser

20,000

 

---

       Other current and non current assets

(21,990)

 

(14,263)

       Accounts payable and accrued expenses

(40,918)

 

(87,105)

       Deferred origination fees

15,299

 

----

       Income tax payable

----

 

(4,764)

       Assets and Liabilities of discontinued operations

----

 

(101,118)

              Net cash provided by (used in) operating activities

140,957

 

(352,850)

 

 

 

 

Cash flows from investing activities:

 

 

 

   Proceeds from sale of marketable securities, auction rate securities and annuity contract

1,670,388

 

480,439

   Investment in marketable securities, auction rate securities and annuity contract

(1,175,000)

 

(806,391)

   Issuance of short term and long term loans

(2,221,123)

 

(795,000)

   Collection received from short term loans

2,000,149

 

----

   Cash received on sale of Jewish Directories

97,222

 

173,389

             Net cash provided by (used in) investing activities

371,636

 

(947,563)

 

 

 

 

 

 

 

 

             

 

 

 

Net increase (decrease) in cash

         512,593

 

     (1,300,413)

Cash and cash equivalents, beginning of the year

621,724

 

3,630,937

Cash and cash equivalents, end of period

    $ 1,134,317

 

    $ 2,330,524

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

Taxes paid during the period

$5,766

 

$4,764

Interest Paid during the period

$4,356

 

----