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 Third Quarter Financial Results

NEW YORK, October 30, 2008 / PRIME Newswire / -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN - news)

       Manhattan Bridge Capital, Inc. announced today that income from continuing operations for the three month period ended September 30, 2008 was $0.02 per basic and diluted share, versus loss from continuing operations of ($0.01) per basic and diluted share for the three month period ended September 30, 2007.

       Total revenues for the three month period ended September 30, 2008 were approximately $200,000 versus total revenues of approximately $62,000 for the three month period ended September 30, 2007.

       Net income for the nine month period ended September 30, 2008 was $0.07 per basic and diluted share or $240,723, versus net loss of ($0.11) per basic and diluted share or ($351,021) for the nine month period ended September 30, 2007.


     
      Total revenues for the nine month period ended September 30, 2008 were approximately $544,000 versus total revenues of approximately $70,000 for the nine month period ended September 30, 2007. For the nine month period ended September 30, 2008 revenue of approximately $489,000 represents interest income on the short term and long term loans and approximately $55,000 represents income from origination fees.

Other income for the nine month period ended September 30, 2008 was approximately $116,000.

As of September 30, 2008, the Company reported a book value of $7,016,372 or $2.17 per share.

As of September 30, 2008, the Company reported approximately $5,700,000 of outstanding short term and long term loans and $1,200,000 of cash and cash equivalents, marketable securities and auction rate securities.

      Assaf Ran, Chairman of the Board and CEO stated, “Despite the challenging market conditions our team managed to successfully accomplish the next stage of our business plan. Revenues continue to climb and earnings follow. As we grow our operations we continue to operate efficiently and maintain a low operating cost structure. We strive to increase growth further by leveraging our assets.”

 

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.

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 SHEETS

Assets

September 30, 2008
(Unaudited)

December 31,2007
(Audited)

Current assets:

   

 

Cash and cash equivalents     

$ 312,828

$ 621,724

Marketable securities

616,973

802,811

Auction rate securities

275,000

---

Short term investment – insurance annuity contract – at fair value

---

931,555

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

 

1,204,801

 

2,356,090

 

 

 

Short term loans

5,490,291

4,313,211

         Interest receivable on short term loans

64,692

41,184

Due from purchaser

23,881

156,103

Other current assets

24,518

17,083

            Total current assets

6,808,183

6,883,671

 

 

 

         Long term loans

200,000

---

Property and equipment, net

10,645

14,261

         Capitalized web development costs, net

37,007

74,015

Security deposit

17,515

17,515

Investment in privately held company, at cost

100,000

100,000

                     
            Total assets

 

$ 7,173,350

 

$ 7,089,462

Liabilities and Shareholders’ Equity


Current liabilities:

 

 

Accounts payable and accrued expenses

$ 85,216

$ 123,886

Deferred gain from the sale of Jewish Directories

---

72,917

Deferred origination fees

62,658

4,597

Income taxes payable

9,104

---

        Total current liabilities

156,978

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

9,259,267

9,180,235

Treasury stock, at cost- 68,730 shares

(231,113)

(231,113)

Accumulated other comprehensive loss

(632,718)

(441,272)

Accumulated deficit

(1,382,369)

(1,623,093)

            Total shareholders’ equity

7,016,372

6,888,062

                 
 Total liabilities and shareholders’ equity

 

$ 7,173,350

 

$ 7,089,462


 

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

 

Three Months
Ended September 30,

Nine Months
Ended September 30,

 

2008

2007

2008

2007

 

Interest income from short term loans

 

 $    177,650

 

 $     60,504

 

 $    489,035

 

 $       65,471

Origination fees

    22,438

      ----

    55,071

      ----

Subscription revenues, net

           38

   1,324

        138

    4,305

     Total Revenue

  200,126

  61,828

  544,244

  69,776

 

 

 

 

 

Operating costs and expenses:

 

 

 

 

Web development expenses

    12,336

   12,336

     37,008

  37,008

General and administrative expenses

       143,520

       159,330

         452,702

       549,368

     Total operating costs and expenses

       155,856

       171,666

         489,710

       586,376

Income (Loss) from operations

   44,270

(109,838)

     54,534

(516,600)

 

 

 

 

 

Interest and dividend income

     17,885

    36,631

   59,007

 189,434

Realized gain on marketable securities

          ----

   51,359

   18,122

   40,790

Other income

          ----

        ----

   39,000

         ----

     Total other income

    17,885

   87,990

  116,129

  230,224

Income (loss) from continuing operations before provision for income taxes

 

    62,155

  (21,848)

170,663

 (286,376)

Provision for income taxes

   (13,346)

    ----

  (2,857)

       ----

Income (loss) from continuing operations

 

    48,809

  (21,848)

       167,806

 (286,376)

Discontinued Operations:

 

 

 

 

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

         ----

    72,918

   72,917

  194,444

Gain (loss) from operations of Shopila (net of tax effect of 0)

         ----

  113,915

       ----

  (259,089)

Income (loss) from discontinued operations

         ----

  186,833

   72,917

    (64,645)

Net Income (loss)

 $     48,809

 $    164,985

 $     240,723

 $   (351,021)

 

 

 

 

 

Basic net income (loss) per common share outstanding:

 

 

 

 

Continuing operations

     $       0.02

     $      (0.01)

     $       0.05

     $      (0.09)

Discontinued operations

                

               0.06

               0.02

             (0.02)

Net income (loss) per common share- Basic

     $       0.02

    $        0.05

    $        0.07

    $       (0.11)

Diluted net income (loss) per common share outstanding:

 

 

 

 

Continuing operations

     $       0.02

     $      (0.01)

     $       0.05

     $      (0.09)

Discontinued operations

                

               0.06

               0.02

             (0.02)

Net income (loss) per common share- Diluted

     $       0.02

    $        0.05

    $        0.07

    $       (0.11)

Weighted average number of common shares outstanding

 

 

 

 

--Basic

     3,236,460

    3,236,460

    3,236,460

    3,236,460

--Diluted

     3,237,953

    3,236,460

   3,238,121

    3,236,460


 

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

 

 

 2008

 

 2007

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

 

    $   240,723

 

    $  (351,021)

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

 

 

 

 

  Gain on the sale of  Jewish Directories

 

(72,917)

 

(194,444)

  Loss from discontinued operations of Shopila

 

----

 

259,089

  Depreciation and amortization

 

40,624

 

40,376

  Non cash compensation expense

 

79,032

 

121,667

  Realized gain on sale of marketable securities

 

(18,122)

 

(40,790)

  Changes in operating assets and liabilities:

 

 

 

 

       Interest receivable on short term loans

 

(23,508)

 

(22,945)

       Due from purchaser

 

35,000

 

---

       Other current and non current assets

 

(7,435)

 

4,622

       Accounts payable and accrued expenses

 

(38,670)

 

(127,241)

       Deferred origination fees

 

58,061

 

----

       Income taxes payable

 

9,104

 

(29,436)

       Assets and Liabilities of discontinued operations

 

----

 

(94,653)

              Net cash provided by (used in) operating activities

 

301,892

 

(434,776)

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

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

 

1,844,070

 

1,888,680

   Investment in marketable securities, auction rate securities and annuity contract

 

(1,175,000)

 

(1,291,264)

   Issuance of short term and long term loans

 

(4,543,977)

 

(2,488,618)

   Collection received from short term loans

 

3,166,897

 

----

   Cash received on sale of Jewish Directories

 

97,222

 

255,860

             Net cash used in investing activities

 

(610,788)

 

(1,635,342)

 

 

 

 

 

 

 

 

 

 

             

 

 

 

 

Net decrease in cash

 

        (308,896)

 

     (2,070,118)

Cash and cash equivalents, beginning of the year

 

621,724

 

3,613,988

Cash and cash equivalents, end of period

 

    $   312,828

 

    $ 1,543,870

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

Taxes paid during the period

 

$11,465

 

$28,981

Interest Paid during the period

 

$4,421

 

----