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 Fiscal Year 2008 Consolidated Financial Statements

 

NEW YORK, March 18, 2009 / GLOBAL Newswire / -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN - news)

Manhattan Bridge Capital, Inc., announced today that total revenue for the year ended December 31, 2008 was $758,000 compared to $221,000 for the year ended December 31, 2007, an increase of $537,000 or 243%. This increase in revenue represents an increase in lending operations. $684,000 of 2008 revenue represents interest income and $74,000 of revenue represents origination fees on loans made. As of December 31, 2008 the aggregate amount of loans made since inception was $10,267,000 of which $4,705,000 has been collected.

General and administrative expenses for the year ended December 31, 2008 were $682,000 (including non-cash compensation expense on grant of options of $141,000) compare to $766,000 for the year ended December 31, 2007, a decrease of $84,000 or 10.9%. This decrease in general and administrative expenses is mainly due to a decrease in professional fees, a decrease in compensation expenses and a decrease in hosting and maintenance expenses of Nextyellow’s website.

For the year ended December 31, 2008 the company reported a positive cash flow from operations of $ 401,000 compared to a negative cash flow from operations of ($487,000) for the year ended December 31, 2007.

 Total shareholders equity for the year ended December 31, 2008 was $6,990,000 compared to $6,888,000 for the year ended December 31, 2007, an increase of $102,000.

Due to the market conditions the company wrote-off and marked down an aggregate amount of $720,000 of the value of its marketable securities portfolio.

Net loss for the year ended December 31, 2008 was $520,000 or ($0.16) per basic and diluted share (based on 3.247 million shares). This loss mainly represents the non cash write-off of investments in marketable securities in the amount of $93,000 and other-than-temporary declines in the market value of investments in marketable securities in the amount of $628,000.

 

Assaf Ran, Chairman of the Board and CEO stated, “I am pleased with the growth and the development of our lending operations, we have succeeded in overcoming challenges and penetrating the financing industry safely and smoothly. We now feel comfortable expanding into the next stage of our plan.”

“Although we have decided to significantly mark down the value of our marketable securities portfolio I found comfort in the fact that we managed to increase the net equity of the company.”  Added Mr. Ran

  
Manhattan Bridge Capital, Inc., 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 searches. We operate several web sites including: http://www.manhattanbridgecapital.com. and  http://www.nextyellow.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.