Manhattan Bridge Capital, Inc. Reports Results for Fiscal Year 2012

Manhattan Bridge Capital, Inc. Reports Results for Fiscal Year 2012

NEW YORK, March 22, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc.
(Nasdaq:LOAN)

Manhattan Bridge Capital, Inc. announced today that total revenue for the year
ended December 31, 2012 was $1,816,000 compared to $1,400,000 for the year
ended December 31, 2011, an increase of $416,000 or 29.7%. The increase in
revenue represents an increase in lending operations. In 2012, $1,476,000 of
the Company's revenue represents interest income on secured, commercial loans
that the Company offers to small businesses compared to $1,142,000 in 2011,
and $340,000 represents origination fees on such loans compared to $259,000 in
2011.

Total operating costs and expenses for the year ended December 31, 2012 were
$1,151,000 compared to $1,031,000 for the year ended December 31, 2011, an
increase of $120,000 or 11.6%. This increase in operating costs and expenses
is primarily attributable to an increase in interest and amortization of debt
service costs of approximately $124,000, which is primarily attributable to
the Company's receipt of short term loans and a line of credit in order to
increase its ability to make loans.

Net income for the year ended December 31, 2012 was $0.09 per basic share and
per diluted share (based on 4.320 million shares and 4.326 million shares,
respectively), or $389,000, versus $0.07 per basic share and per diluted share
(based on 3.634 million shares and 3.646 million shares, respectively), or
$257,000 for the year ended December 31, 2011. This increase is primarily
attributable to an increase in revenue, offset by increases in interest and
amortization of debt service costs and in income tax expense.

As of December 31, 2012 total shareholders' equity was $8,479,000 compared to
$8,088,000 as of December 31, 2011, an increase of $391,000.

Assaf Ran, Chairman of the Board and CEO, stated, "Our performance during the
year 2012 reflects consistency of responsible growth in revenue as we are
firmly keeping costs low in order to enhance net earnings. Once again, we have
successfully avoided defaults."

"In 2012 we also became bankable, and established a line of credit with
Sterling National Bank. This is an outstanding achievement, in times when
lenders are usually not able to receive conventional bank financing," added
Mr. Ran.

Manhattan Bridge Capital, Inc., offers short-term, secured, non-banking loans
to real estate investors (also known as hard money) to fund their acquisition
and construction of properties located in the New York Metropolitan area. The
loans are principally secured by collateral consisting of real estate and,
generally, accompanied by personal guarantees from the principals of the
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.


MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, 2012 and 2011

Assets                                               2012         2011
Current assets:                                                  
Cash and cash equivalents                           $ 240,693  $ 221,905
Short term loans receivable                          11,022,866   6,916,090
Interest receivable on loans                         160,342      109,905
Other current assets                                 18,903       16,463
Total current assets                                 11,442,804   7,264,363
                                                                
Investment in real estate                            146,821      146,821
Long term loans receivable                           2,601,500    2,498,262
Property and equipment, net                          0            588
Security deposit                                     6,491        6,349
Investment in privately held company, at cost        100,000      100,000
Deferred financing costs                             41,735       72,788
                                                                
Total assets                                         $ 14,339,351 $ 10,089,171
                                                                
Liabilities and Stockholders' Equity                             
Current liabilities:                                             
Short term loans                                     $1,399,465 $1,159,465
Line of credit                                       3,500,000    --
Senior secured notes                                 500,000      --
Accounts payable and accrued expenses                70,403       60,072
Deferred origination fees                            122,242      112,780
Income taxes payable                                 268,256      168,786
Total current liabilities                            5,860,366    1,501,103
Long term liabilities:                                           
Senior secured notes                                 --           500,000
Total liabilities                                    5,860,366    2,001,103
                                                                
Commitments and contingencies                                    
Stockholders' equity:                                            
Preferred shares -- $.01 par value; 5,000,000 shares --           --
authorized; no shares issued
Common shares -- $.001 par value; 25,000,000
authorized; 4,405,190 issued; 4,298,059 and          4,405        4,405
4,324,459 outstanding
Additional paid-in capital                           9,687,159    9,656,280
Treasury stock, at cost - 107,131 and 80,731 shares  (269,972)    (241,400)
Accumulated deficit                                  (942,607)    (1,331,217)
Total stockholders' equity                           8,478,985    8,088,068
                                                                
Total liabilities and stockholders' equity           $ 14,339,351 $ 10,089,171



MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011

                                                      2012      2011
                                                                 
Interest income from loans                             $ 1,475,800 $ 1,141,531
Origination fees                                       339,767     258,917
Total Revenue                                          1,815,567   1,400,448
                                                                 
Operating costs and expenses:                                     
Interest and amortization of debt service costs        280,654     156,769
Referral fees                                          6,133       7,897
General and administrative expenses                    864,398     866,705
Total operating costs and expenses                     1,151,185   1,031,371
                                                                 
Income from operations                                 664,382     369,077
                                                                 
Other income                                           27,548      79,329
Income before income tax expense                       691,930     448,406
Income tax expense                                     (303,320)  (191,882)
Net income                                             $388,610  $256,524
                                                                 
Basic and diluted net income per common share                     
outstanding:
--Basic                                                $0.09       $0.07
--Diluted                                              $0.09       $0.07
Weighted average number of common shares outstanding              
--Basic                                                4,320,050   3,634,048
--Diluted                                              4,326,329   3,646,074



MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011

                              Additional                    Accumulated
            Common Stock     Paid-in    Treasury Stock     Deficit      Totals
                              Capital
                                                                    
            Shares    Amount           Shares  Cost                   
Balance,
January 1,   3,405,190 $3,405 $9,588,849 80,731  $(241,400) $(1,587,741) $7,763,113
2011
Non cash                    68,431                                  68,431
compensation
Grant of
restricted   1,000,000 1,000  (1,000)                                 
shares
Net
incomefor
the year                                                           
ended                                                       256,524     256,524
December 31,
2011
Balance,
December 31, 4,405,190 4,405  9,656,280  80,731  (241,400)  (1,331,217)  8,088,068
2011
Non cash                    30,879                                  30,879
compensation
Purchase of
treasury                              26,400  (28,572)               (28,572)
shares
Net
incomefor
the year                                                           
ended                                                       388,610     388,610
December 31,
2012
Balance,
December 31, 4,405,190 $4,405 $9,687,159 107,131 $(269,972) $(942,607)   $8,478,985
2012



MANHATTAN BRIDGE CAPITAL, INC.AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011

                                                     2012         2011
Cash flows from operating activities:                             
                                                                  
Net income                                            $ 388,610    $ 256,524
Adjustments to reconcile net income to net cash                   
provided by operating activities --
Amortization of deferred financing costs              47,078       36,395
Depreciation                                          588          1,837
Non cash compensation expense                         30,879       68,431
Changes in operating assets and liabilities                       
Interest receivable on loans                          (50,437)     (18,312)
Other current and non current assets                  (2,582)      8,130
Accounts payable and accrued expenses                 10,331       3,667
Deferred origination fees                             9,462        36,352
Income taxes payable                                  99,470       (11,727)
Net cash provided by operating activities             533,399      381,297
                                                                 
Cash flows from investing activities:                             
Investment in real estate (net of proceeds of         --           (146,821)
$528,179 from partial exercises of options)
Issuance of short term loans                          (15,173,500) (8,512,537)
Collections received from loans                       10,963,486  7,254,478
Net cash used in investing activities                 (4,210,014)  (1,404,880)
                                                                 
Cash flows from financing activities:                             
Proceeds from loans and line of credit, net           3,740,000    859,465
Purchase of treasury shares                           (28,572)     --
Deferred financing costs incurred                     (16,025)     --
Net cash provided by financing activities             3,695,403    859,465
                                                                 
Net increase (decrease) in cash and cash equivalents  18,788       (164,118)
                                                                 
Cash and cash equivalents, beginning of year          221,905      386,023
                                                                 
Cash and cash equivalents, end of year                $ 240,693    $ 221,905
                                                                 
Supplemental Cash Flow Information:                               
Taxes paid during the year                            $203,850     $203,727
Interest paid during the year                         $234,835     $120,375

CONTACT: Assaf Ran, CEO
         Vanessa Kao, CFO
         (516) 444-3400
 
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