NEW YORK, N.Y. October 29, 2012 / GLOBE Newswire / -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)

Manhattan Bridge Capital, Inc. announced today that total revenues for the three month period ended September 30, 2012 were approximately $491,000 compared to approximately $351,000 for the three month period ended September 30, 2011, an increase of $140,000 or 39.9%. The increase in revenue represents an increase in lending operations. For the three month period ended September 30, 2012, $402,000 of our revenue represents interest income on the secured commercial loans that we offer to small businesses compared to $284,000 for the same period in 2011, and $89,000 represents origination fees on such loans compared to $67,000 for the same period in 2011.

Net income for the three month period ended September 30, 2012 was $0.04 per basic and diluted share (based on 4.324 million shares and 4.327 million shares, respectively), or $161,600, versus net income of $0.03 per basic and diluted share (based on 3.553 million shares and 3.561 million shares, respectively) or $97,062 for the three month period ended September 30, 2011, an increase of approximately $65,000. This increase in net income was mainly due to an increase in revenue and a decrease in general and administrative expenses, offset by an increase in interest and amortization of debt service costs and a decrease in other income.

As of September 30, 2012 total shareholders' equity was $8,461,000 compared to $8,291,000 as of June 30, 2012 and $8,088,000 as of December 31, 2011.

Total revenues for the nine month period ended September 30, 2012 were approximately $1,298,000 compared to approximately $1,031,000 for the nine month period ended September 30, 2011, an increase of $267,000, or 25.9%. The increase in revenue represents an increase in lending operations. Revenue of approximately $1,042,000 for the nine month period ended September 30, 2012, compared to approximately $842,000 for the same period in 2011, represents interest income on the secured commercial loans that we offer to small businesses, and $256,000 represents origination fees on such loans compared to $189,000 for the same period in 2011. 

Net income for the nine month period ended September 30, 2012 was $0.08 per basic and diluted share (based on 4.324 million shares and 4.330 million shares, respectively), or $356,647, versus net income of $0.08 per basic share and diluted share (based on 3.401 million shares and 3.416 million shares, respectively) or $264,979 for the same period in 2011, an increase of approximately $92,000. This increase in net income was mainly due to an increase in revenue and a decrease in general and administrative expenses, offset by an increase in interest and amortization of debt service costs and a decrease in other income.

Assaf Ran, Chairman of the Board and CEO stated, “Once again we have demonstrated that our model works. This time, with the support of the line of credit from Sterling National Bank, we presented a very impressive increase in revenue and net earnings. As reported in the 10Q, to date we have not experienced any defaults on our loan portfolio. We look forward to continuing improvement our performance.”

Manhattan Bridge Capital, Inc., provides short-term secured non-banking commercial loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in New York Metropolitan area. 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.