Manhattan Bridge Capital, Inc. Reports First Quarter Results: 36.2% Increase in Revenue

Manhattan Bridge Capital, Inc. Reports First Quarter Results: 36.2% Increase
in Revenue

LONG ISLAND, N.Y., May 3, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital,
Inc. (Nasdaq:LOAN)

Total revenues for the three month period ended March 31, 2013 were
approximately $534,000 compared to approximately $392,000 for the three month
period ended March 31, 2012, an increase of $142,000 or 36.2%. The increase in
revenue represents an increase in lending operations. In 2013, approximately
$445,000 of our revenue represents interest income on secured, commercial
loans that we offer to small businesses compared to approximately $308,000 for
the same period in 2012, and approximately $90,000 represents origination fees
on such loans compared to approximately $84,000 for the same period in 2012.

Income from operations for the three month period ended March 31, 2013 was
approximately $258,000 compared to approximately $181,000 for the three month
period ended March 31, 2012, an increase of $77,000 or 42.5%. This increase in
income from operations is primarily attributable to an increase in revenue,
offset by an increase in interest and amortization of debt service costs
resulting from the Company's use of a line of credit in order to increase its
ability to make loans.

Net income for the three month period ended March 31, 2013 was $0.04 per basic
and diluted share (based on 4.283 million shares and 4.296 million shares,
respectively), or approximately $173,000 versus net income of $0.03 per basic
and diluted share (based on 4.324 million shares and 4.332 million shares,
respectively) or approximately $115,000 for the three month period ended March
31, 2012, an increase of approximately $58,000.

As of March 31, 2013 total stockholders' equity was approximately $8,622,000
compared to approximately $8,479,000 as of December 31, 2012, an increase of
$143,000.

Assaf Ran, Chairman of the Board and CEO, stated, "The first quarter results
represent once again our constant and safe pattern of growth. During that
period our line of credit increased to $5,000,000, an increase that will
secure further growth."

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

                                              March 31,2013 December 31,2012
Assets                                         (unaudited)    (audited)
Current assets:                                              
Cash and cash equivalents                     $236,513     $ 240,693
Short term loans receivable                    9,198,000      11,022,866
Interest receivable on loans                   147,653        160,342
Other current assets                           41,560         18,903
Total current assets                           9,623,726      11,442,804
                                                            
Investment in real estate                      146,821        146,821
Long term loans receivable                     3,336,000      2,601,500
Security deposit                               6,491          6,491
Investment in privately held company, at cost  100,000        100,000
Deferred financing costs                       28,631         41,735
                                                            
Total assets                                   $ 13,241,669   $ 14,339,351
                                                            
Liabilities and Stockholders' Equity                         
Current liabilities:                                         
Short term loans                               $1,159,465   $1,399,465
Line of credit                                 2,700,000      3,500,000
Senior secured notes                           500,000        500,000
Accounts payable and accrued expenses          57,630         70,403
Deferred origination fees                      116,033        122,242
Income taxes payable                           86,136         268,256
Total liabilities, all current                 4,619,264      5,860,366
                                                            
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; 4,412,190 and 4,405,190 issued;    4,412          4,405
4,275,459 and 4,298,059 outstanding
Additional paid-in capital                     9,695,257      9,687,159
Treasury stock, at cost - 136,731 and 107,131  (307,796)      (269,972)
shares
Accumulated deficit                            (769,468)      (942,607)
Total stockholders' equity                     8,622,405      8,478,985
                                                            
Total liabilities and stockholders' equity     $ 13,241,669  $ 14,339,351



MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                                                               
                                                 Three Months Ended March 31,
                                                 2013           2012
                                                               
Interest income from loans                        $ 444,779      $ 307,602
Origination fees                                  89,582         84,224
Total revenue                                     534,361        391,826
                                                               
Operating costs and expenses:                                   
Interest and amortization of debt service costs   102,646        41,141
Referral fees                                     596            2,129
General and administrative expenses               172,867        167,976
Total operating costs and expenses               276,109        211,246
                                                               
Income from operations                            258,252        180,580
                                                               
Other income                                      6,887          6,887
                                                               
Income before income tax expense                  265,139        187,467
Income tax expense                                (92,000)       (72,500)
Net income                                       $ 173,139      $ 114,967
                                                               
Basic and diluted net income per common share                   
outstanding:
--Basic                                           $ 0.04         $ 0.03
--Diluted                                        $ 0.04         $ 0.03
                                                               
Weighted average number of common shares                        
outstanding:
--Basic                                          4,283,218      4,324,459
--Diluted                                         4,295,658      4,331,998



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

                                                 Three Months ended March 31,
                                                 2013          2012
                                                               
Cash flows from operating activities:                           
Net income                                        $ 173,139      $ 114,967
Adjustments to reconcile net income to net cash                 
(used in) provided byoperating activities --
Amortization of deferred financing costs          13,104         9,099
Depreciation                                      0              161
Non cash compensation expense                     3,416          3,416
Changes in operating assets and liabilities:                    
Interest receivable on loans                      12,689         (2,823)
Other current and non current assets              (22,658)       (36,281)
Accounts payable and accrued expenses             (12,773)       10,704
Deferred origination fees                         (6,209)        (5,745)
Income taxes payable                              (182,120)      (22,551)
Net cash (used in) provided by operating          (21,412)       70,947
activities
                                                               
Cash flows from investing activities:                           
Issuance of short term loans                      (2,853,500)    (2,776,500)
Collections received from loans                   3,943,866      2,260,281
Net cash provided by (used in) investing          1,090,366      (516,219)
activities
                                                               
Cash flows from financing activities:                           
(Repayments of) proceeds from loans and line of   (1,040,000)    265,000
credit, net
Purchase of treasury shares                       (37,824)       --
Proceeds from exercise of stock options           4,690          --
Net cash (used in) provided by financing          (1,073,134)    265,000
activities
                                                               
Net decrease in cash and cash equivalents         (4,180)        (180,272)
Cash and cash equivalents, beginning of period    240,693        221,905
Cash and cash equivalents, end of period          $ 236,513      $41,633
                                                               
Supplemental Cash Flow Information:                             
Taxes paid during the period                      $ 274,120      $ 95,050
Interest paid during the period                   $89,541       $ 32,042

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