Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASDAQ 4,086.22 52.06 1.29%
Ticker Volume Price Price Delta
STOXX 50 3,127.34 -11.92 -0.38%
FTSE 100 6,581.69 -2.48 -0.04%
DAX 9,304.52 -13.30 -0.14%
Ticker Volume Price Price Delta
NIKKEI 14,417.53 -0.15 -0.00%
TOPIX 1,166.59 0.04 0.00%
HANG SENG 22,760.24 64.23 0.28%

Manhattan Bridge Capital, Inc. Doubles Net Earnings



Manhattan Bridge Capital, Inc. Doubles Net Earnings

LONG ISLAND, N.Y., July 31, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital,
Inc. (Nasdaq:LOAN)

Manhattan Bridge Capital, Inc. announced today that its total revenue for the
three month period ended June 30, 2013 was approximately $554,000 compared to
approximately $415,000 for the three month period ended June 30, 2012, an
increase of $139,000 or 33.5%. For the three month period ended June 30, 2013,
approximately $448,000 of the Company's revenue represents interest income on
the secured, commercial loans that the Company offers to small businesses
compared to approximately $332,000 for the same period in 2012, and
approximately $106,000 represents origination fees on such loans compared to
approximately $82,000 for the same period in 2012. The increase in revenue
represents an increase in lending operations.

Income from operations for the three month period ended June 30, 2013 was
approximately $247,000 compared to approximately $158,000 for the same period
ended June 30, 2012, an increase of $89,000 or 56.3%. This increase in income
from operations resulted mainly from an increase in revenue, offset by an
increase in interest and amortization of debt service costs.

Net income for the three month period ended June 30, 2013 was $0.04 per basic
and diluted share (based on 4.275 million shares and 4.289 million shares), or
$158,000, versus net income of $0.02 per basic and diluted share (based on
4.324 million shares and 4.331 million shares) or $80,000 for the three month
period ended June 30, 2012. This increase in net income is mainly due to an
increase in income from operations, offset by an increase in income tax
expense.

Total revenue for the six month period ended June 30, 2013 was approximately
$1,088,000 compared to approximately $806,000 for the six month period ended
June 30, 2012, an increase of $282,000 or 35%. For the six month period ended
June 30, 2013, approximately $892,000 of the Company's revenue represents
interest income on the secured, commercial loans that the Company offers to
small businesses compared to approximately $640,000 for the same period in
2012, and approximately $196,000 represents origination fees on such loans
compared to approximately $166,000 for the same period in 2012. The increase
in revenue represents an increase in lending operations.

Income from operations for the six month period ended June 30, 2013 was
approximately $505,000 compared to approximately $338,000 for the same period
ended June 30, 2012, an increase of $167,000 or 49.4%. This increase in income
from operations resulted mainly from an increase in revenue, offset by an
increase in interest and amortization of debt service costs.

Net income for the six month period ended June 30, 2013 was $0.08 per basic
and diluted share (based on 4.279 million shares and 4.290 million shares), or
$331,000, versus net income of $0.05 per basic and diluted share (based on
4.324 million shares and 4.332 million shares) or $195,000 for the same period
in 2012, an increase of $136,000. This increase in net income is mainly due to
an increase in income from operations, offset by an increase in income tax
expense.

As of June 30, 2013 total shareholders' equity was approximately $8,722,000
compared to approximately $8,479,000 as of December 31, 2012, an increase of
$243,000.

Assaf Ran, Chairman of the Board and CEO stated, "I'm pleased with the second
quarter results. We continue to consistently increase revenue and net
earnings, while maintaining our high quality standards."

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.

                                                               
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
                                                               
                                                June 30, 2013 December 31,2012
Assets                                          (unaudited)   (audited)
Current assets:                                                
Cash and cash equivalents                       $ 1,094,373   $ 240,693
Short term loans receivable                     10,790,000    11,022,866
Interest receivable on loans                    160,418       160,342
Other current assets                            51,105        18,903
Total current assets                            12,095,896    11,442,804
                                                               
Investment in real estate                       146,821       146,821
Long term loans receivable                      3,393,000     2,601,500
Security deposit                                6,491         6,491
Investment in privately held company, at cost   100,000       100,000
Deferred financing costs                        18,197        41,735
Total assets                                    $ 15,760,405  $ 14,339,351
                                                               
Liabilities and Stockholders' Equity                           
Current liabilities:                                           
Short term loans                                $1,159,465    $1,399,465
Line of credit                                  5,000,000     3,500,000
Senior secured notes                            500,000       500,000
Accounts payable and accrued expenses           19,766        70,403
Deferred origination fees                       176,765       122,242
Income taxes payable                            182,136       268,256
Total liabilities, all current                  7,038,132     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; 4,433,190 and 4,405,190 issued;     4,433         4,405
4,270,190 and 4,298,059 outstanding
Additional paid-in capital                      9,718,188     9,687,159
Treasury stock, at cost – 163,000 and 107,131   (346,025)     (269,972)
shares
Accumulated deficit                             (654,323)     (942,607)
Total stockholders' equity                      8,722,273     8,478,985
                                                               
Total liabilities and stockholders' equity      $ 15,760,405  $ 14,339,351
                                                               

                                       

 
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                                                        
                                Three Months           Six Months
                                Ended June 30,          Ended June 30,
                                2013        2012       2013        2012
                                                                    
Interest income from loans      $   447,522 $  332,462  $  892,301  $  640,064
Origination fees                 106,273     82,099    195,855     166,323
Total Revenue                    553,795     414,561    1,088,156   806,387
                                                                    
Operating costs and expenses:                                       
Interest and amortization of      101,560    58,932    204,206     100,074
debt service costs
Referral fees                   334         1,530      929         3,659
General and administrative       204,857     196,206   377,725     364,182
expenses
Total operating costs and       306,751     256,668     582,860     467,915
expenses
                                                                    
Income from operations          247,044      157,893   505,296     338,472
                                                                    
Other income                       6,887      6,887      13,774      13,774
 
Income before income tax         253,931     164,780    519,070     352,246
expense
Income tax expense               (96,000)    (84,700)   (188,000)   (157,200)
                                 $ 157,931   $ 80,080   $  331,070  $  195,046
Net Income
                                                                    
Basic and diluted net income                                        
per common share outstanding:
--Basic                          $ 0.04      $ 0.02     $   0.08    $ 0.05
--Diluted                        $ 0.04      $ 0.02     $ 0.08      $ 0.05
                                                                    
Weighted average number of                                          
common shares outstanding
--Basic                         4,274,562   4,324,459  4,278,868   4,324,459
--Diluted                       4,289,134   4,331,140  4,289,988   4,332,322

 
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
                                                     Six Months
                                                     Ended June 30,
                                                      2013         2012
Cash flows from operating activities:                              
Net Income                                            $ 331,070    $ 195,046
Adjustments to reconcile net income to net cash                    
provided by operating activities --
Amortization of deferred financing costs             23,538       4,843
Depreciation                                         ---          322
Non cash compensation expense                        8,518        7,730
Changes in operating assets and liabilities:                       
Interest receivable on loans                         (76)         (9,574)
Other current and non current assets                 (32,202)     (33,376)
Accounts payable and accrued expenses                (50,638)     (35,441)
Deferred origination fees                            54,523       29,940
Income taxes payable                                 (86,120)     (43,530)
Net cash provided by operating activities            248,613      115,960
                                                                   
Cash flows from investing activities:                              
Issuance of short term loans                         (8,430,500)  (5,896,000)
Collections received from loans                      7,871,866    4,244,641
Net cash used in investing activities                 (558,634)    (1,651,359)
                                                                   
Cash flows from financing activities:                              
Proceeds from loans and line of credit, net          1,260,000    1,480,000
Purchase of treasury shares                          (76,053)     ---
Proceeds from exercise of stock options              22,540       ---
Dividend paid ($0.01 per share)                      (42,786)     ---
Net cash provided by financing activities            1,163,701    1,480,000
                                                                   
Net increase (decrease) in cash and cash equivalents  853,680      (55,399)
Cash and cash equivalents, beginning of period       240,693      221,905
Cash and cash equivalents, end of period              $ 1,094,373  $ 166,506
                                                                   
Supplemental Cash Flow Information:                                
Taxes paid during the period                         $ 274,120    $ 200,730
Interest paid during the period                      $  180,667   $ 79,206

CONTACT: Assaf Ran, CEO
         Vanessa Kao, CFO
         (516) 444-3400
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement