NEW YORK, N.Y. March 17, 2010 / GLOBE Newswire / -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN)

Manhattan Bridge Capital, Inc., announced today that total revenue for the year ended December 31, 2009 was $1,039,000 from interest and fees on loans compared to $758,000 for the year ended December 31, 2008, an increase of $281,000 or 37.1%. The increase in revenue represents an increase in lending operations.

General and administrative expenses for the year ended December 31, 2009 were $673,000 compared to $682,000 for the year ended December 31, 2008, a decrease of $9,000 or 1.3%. This decrease in general and administrative expenses is mainly due to a decrease in stock based compensation expenses of approximately $65,000, a decrease in professional fees of approximately $36,000 mainly due to a decrease in legal expenses and accounting expenses and a decrease in investor relation expenses of approximately $10,000, offset by an increase in payroll expenses of approximately $106,000.

Income from operations for the year ended December 31, 2009 was approximately $366,000 compared to approximately $1,000 for the year ended December 31, 2008, an increase of $365,000. This increase in income from operations resulted mainly from increase in revenue from short term secured commercial loans of $281,000 and amortization of nextyellow.com capitalized web development costs of $74,000 due to the fact that as of December 31, 2008 the Company decided that there is no value to the web development costs and therefore wrote off the remaining amortized balance.

Net income for the year ended December 31, 2009 was $0.07 per basic and diluted share (based on 3.3 million shares), or $236,000, versus net loss of ($0.16) per basic and diluted share (based on 3.2 million shares) or ($520,000) for the year ended December 31, 2008. This increase in net income was mainly due to an increase in revenue, offset by increase in income tax expense and other losses for the year ended December 31, 2008.

As of December 31, 2009 total shareholders' equity was $7,455,000 compared to $6,990,000 as of December 31, 2008, an increase of $465,000.

Assaf Ran, Chairman of the Board and CEO stated, “The Company has stabilized its position as a leading player in its sector of the New York City market place as a short term small business commercial lender. As we found the niche we are comfortable in, we have developed a broad platform of customer base and deal flow. As always in addition to good and liquid collateral we focus first on good individuals. That model has proven to work for us and we experienced no defaults or problematic situations.”

“Although we have managed to arrange for lines of credit and joint venture loans with third parties, our success in that regard is limited and increasing leverage is still our most important challenge,” added Mr. Ran.

   
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.