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. Doubles Net Earnings

LONG ISLAND, N.Y. July 31, 2013 / GLOBE Newswire / -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)

Manhattan Bridge Capital, Inc. announced today that its total revenue for the three month period ended June 30, 2013 was approximately $554,000 compared to approximately $415,000 for the three month period ended June 30, 2012, an increase of $139,000 or 33.5%. For the three month period ended June 30, 2013, approximately $448,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $332,000 for the same period in 2012, and approximately $106,000 represents origination fees on such loans compared to approximately $82,000 for the same period in 2012. The increase in revenue represents an increase in lending operations.

Income from operations for the three month period ended June 30, 2013 was approximately $247,000 compared to approximately $158,000 for the same period ended June 30, 2012, an increase of $89,000 or 56.3%. This increase in income from operations resulted mainly from an increase in revenue, offset by an increase in interest and amortization of debt service costs.

Net income for the three month period ended June 30, 2013 was $0.04 per basic and diluted share (based on 4.275 million shares and 4.289 million shares), or $158,000, versus net income of $0.02 per basic and diluted share (based on 4.324 million shares and 4.331 million shares) or $80,000 for the three month period ended June 30, 2012. This increase in net income is mainly due to an increase in income from operations, offset by an increase in income tax expense.

Total revenue for the six month period ended June 30, 2013 was approximately $1,088,000 compared to approximately $806,000 for the six month period ended June 30, 2012, an increase of $282,000 or 35%. For the six month period ended June 30, 2013, approximately $892,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $640,000 for the same period in 2012, and approximately $196,000 represents origination fees on such loans compared to approximately $166,000 for the same period in 2012. The increase in revenue represents an increase in lending operations.

Income from operations for the six month period ended June 30, 2013 was approximately $505,000 compared to approximately $338,000 for the same period ended June 30, 2012, an increase of $167,000 or 49.4%. This increase in income from operations resulted mainly from an increase in revenue, offset by an increase in interest and amortization of debt service costs.

Net income for the six month period ended June 30, 2013 was $0.08 per basic and diluted share (based on 4.279 million shares and 4.290 million shares), or $331,000, versus net income of $0.05 per basic and diluted share (based on 4.324 million shares and 4.332 million shares) or $195,000 for the same period in 2012, an increase of $136,000. This increase in net income is mainly due to an increase in income from operations, offset by an increase in income tax expense.
           
As of June 30, 2013 total shareholders' equity was approximately $8,722,000 compared to approximately $8,479,000 as of December 31, 2012, an increase of $243,000.

Assaf Ran, Chairman of the Board and CEO stated, “I’m pleased with the second quarter results. We continue to consistently increase revenue and net earnings, while maintaining our high quality standards.”

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

June 30, 2013
(unaudited)

December 31,2012
(audited)

Current assets:

   

   

Cash and cash equivalents          

$       1,094,373

$       240,693

Short term loans receivable

10,790,000

11,022,866

         Interest receivable on loans

160,418

160,342

Other current assets

51,105

18,903

            Total current assets

12,095,896

11,442,804

 

 

 

Investment in real estate

146,821

146,821

Long term loans receivable

3,393,000

2,601,500

Security deposit

6,491

6,491

Investment in privately held company, at cost

100,000

100,000

Deferred financing costs

18,197

41,735

                
            Total assets

 

$    15,760,405

 

$   14,339,351

Liabilities and Stockholders’ Equity


Current liabilities:

 

 

Short term loans

$      1,159,465

$     1,399,465

Line of credit

5,000,000

3,500,000

Senior secured notes

500,000

500,000

Accounts payable and accrued expenses

19,766

70,403

Deferred origination fees

176,765

122,242

Income taxes payable

182,136

268,256

       Total liabilities, all current

7,038,132

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; 4,433,190 and 4,405,190 issued; 4,270,190 and 4,298,059 outstanding

 

 
4,433

 

  4,405

Additional paid-in capital

9,718,188

9,687,159

Treasury stock, at cost – 163,000 and 107,131 shares

(346,025)

(269,972)

Accumulated deficit

(654,323)

(942,607)

           Total stockholders’ equity

8,722,273

8,478,985

             
 Total liabilities and stockholders’ equity

 

$  15,760,405

 

$  14,339,351

 

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

 

Three Months
Ended June 30,

Six Months
Ended June 30,

 

2013

2012

2013

2012

 

Interest income from loans

 

$   447,522

 

$   332,462

 

 $    892,301

 

 $   640,064

Origination fees

          106,273

   82,099

195,855

166,323

     Total Revenue

          553,795

        414,561

       1,088,156

          806,387

 

   

   

 

 

Operating costs and expenses:

 

 

 

 

Interest and amortization of debt service costs

                                       
        101,560

                                       
        58,932

 

204,206

 

100,074

Referral fees

334

1,530

929

3,659

General and administrative expenses

                   204,857

                   196,206

   
377,725

   
364,182

     Total operating costs and expenses

 

306,751

 

256,668

                          
         582,860

                        
        467,915

 

 

 

 

 

Income from operations

247,044

   157,893

505,296

338,472

 

Other income

          6,887

          6,887

              13,774

              13,774

 

Income before income tax expense

                                        253,931

                                         164,780

        519,070

         352,246

Income tax expense

         (96,000)

        (84,700)

      (188,000)

      (157,200)

 

Net Income

     $   157,931

     $    80,080

  $    331,070

  $   195,046

 

 

 

 

 

Basic and diluted net income per common share outstanding:

 

 

 

 

--Basic

    $     0.04

    $     0.02

    $     0.08

    $     0.05

--Diluted

    $     0.04

    $     0.02

   $      0.08

   $      0.05

 

 

 

 

 

Weighted average number of common shares outstanding

 

 

 

 

--Basic

4,274,562

4,324,459

4,278,868

4,324,459

--Diluted

4,289,134

4,331,140

4,289,988

4,332,322

 

   

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

 

 

 2013

 

 2012

Cash flows from operating activities:

 

 

 

 

  Net Income

 

    $   331,070

 

    $   195,046

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

 

 

 

 

  Amortization of deferred financing costs

 

23,538

 

4,843

  Depreciation

 

---

 

322

  Non cash compensation expense

 

8,518

 

7,730

  Changes in operating assets and liabilities:

 

 

 

 

       Interest receivable on loans

 

(76)

 

(9,574)

       Other current and non current assets

 

(32,202)

 

(33,376)

       Accounts payable and accrued expenses

 

(50,638)

 

(35,441)

       Deferred origination fees

 

54,523

 

29,940

       Income taxes payable

 

(86,120)

 

(43,530)

              Net cash provided by operating activities

 

248,613

 

115,960

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

   Issuance of short term loans

 

(8,430,500)

 

(5,896,000)

   Collections received from loans

 

7,871,866

 

4,244,641

             Net cash used in investing activities

 

        (558,634)

 

       (1,651,359)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

    Proceeds from loans and line of credit, net

 

1,260,000

 

1,480,000

    Purchase of treasury shares

 

(76,053)

 

---

    Proceeds from exercise of stock options

 

22,540

 

---

    Dividend paid ($0.01 per share)

 

(42,786)

 

---

              Net cash provided by financing activities

 

1,163,701

 

1,480,000

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

         853,680

 

          (55,399)

Cash and cash equivalents, beginning of period

 

240,693

 

221,905

Cash and cash equivalents, end of period

 

    $ 1,094,373

 

    $   166,506

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

Taxes paid during the period

 

$    274,120

 

$    200,730

Interest paid during the period

 

$    180,667

 

$      79,206