Great Neck, NY October 20, 2020 / GLOBE Newswire -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its net income for the three months ended September 30, 2020 was approximately $1,151,000, or $0.12 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares), as compared to approximately $1,150,000, or $0.12 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), for the three months ended September 30, 2019.

Total revenues for the three months ended September 30, 2020 were approximately $1,786,000, as compared to approximately $1,917,000 for the three months ended September 30, 2019, a decrease of $131,000 or 6.8%. The decrease in revenue was primarily attributable to lower interest rates and origination fees charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the three months ended September 30, 2020 and 2019, approximately $1,521,000 and $1,619,000, respectively, of our revenues were attributable to interest income on secured commercial loans that we offer to small businesses, and approximately $265,000 and $298,000, respectively, of our revenues were attributable to origination fees on such loans.

Net income for the nine months ended September 30, 2020 was approximately $3,264,000, or $0.34 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares), as compared to approximately $3,355,000, or $0.35 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), for the nine months ended September 30, 2019, a decrease of $91,000, or 2.7%. This decrease is primarily attributable to the decrease in revenue, partially offset by the decrease in interest expense.

Total revenues for the nine months ended September 30, 2020 were approximately $5,239,000, as compared to approximately $5,484,000 for the nine months ended September 30, 2019, a decrease of $245,000, or 4.5%. The decrease in revenue was primarily attributable to lower interest rates and origination fees charged on loans due to market conditions and intense competition from other lenders, as well as lower demand for new loans resulting from the COVID-19 pandemic. For the nine months ended September 30, 2020 and 2019, revenues of approximately $4,485,000 and $4,609,000, respectively, were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $753,000 and $875,000, respectively, of our revenues were attributable to origination fees on such loans.

Assaf Ran, Chairman of the Board and CEO, stated, “I am pleased to report that our conservative and careful policies have once again proven to protect our shareholders’ value during rough times. Not only do we continue to have no defaults, but we also managed to increase our earnings per share (EPS) to $0.12 for the quarter from $0.11 for the quarter ended June 30, 2020, and to continue distributing dividends during the difficult time we are experiencing due to the COVID-19 crisis.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the web site: https://www.manhattanbridgecapital.com.

Forward Looking Statements

This press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when we discuss our belief that our conservative and careful policies have protected our shareholders’ value during rough times, we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. 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, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and (ix) if the effect of the COVID-19 pandemic on our business is greater than anticipated. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.