Manhattan Bridge Capital, Inc. Reports Third Quarter Results

Manhattan Bridge Capital, Inc. Reports Third Quarter Results

New Record for the Lending Operations

LONG ISLAND, N.Y., Oct. 30, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital,
Inc. (Nasdaq:LOAN) announced today that total revenues for the three month
period ended September 30, 2013 were approximately $585,000 compared to
approximately $491,000 for the three month period ended September 30, 2012, an
increase of $94,000 or 19.1%. The increase in revenue represents an increase
in lending operations. For the three month periods ended September 30, 2013
and 2012, approximately $479,000 and $402,000, respectively, of our revenues
were attributable to interest income on the secured commercial loans that we
offer to small businesses, and approximately $106,000 and $89,000,
respectively, of our revenues were attributable to origination fees on such
loans.

Net income for the three month period ended September 30, 2013 was $0.05 per
basic and diluted share (based on 4.263 million shares and 4.288 million
shares, respectively), or $193,921, versus net income of $0.04 per basic and
diluted share (based on 4.324 million shares and 4.327 million shares,
respectively) or $161,600 for the three month period ended September 30, 2012,
an increase of approximately $32,000. This increase in net income was mainly
due to an increase in revenue and a decrease in general and administrative
expenses, offset by an increase in interest and amortization of debt service
costs.

As of September 30, 2013 total shareholders' equity was $8,864,000 compared to
$8,722,000 as of June 30, 2013 and $8,479,000 as of December 31, 2012.

Total revenues for the nine month period ended September 30, 2013 were
approximately $1,673,000 compared to approximately $1,298,000 for the nine
month period ended September 30, 2012, an increase of $375,000, or 28.9%. The
increase in revenue represents an increase in lending operations. For the nine
month periods ended September 30, 2013 and 2012, revenues of approximately
$1,371,000 and $1,042,000, respectively, were attributable to interest income
on the secured commercial loans that we offer to small businesses, and
approximately $302,000 and $256,000, respectively, were attributable to
origination fees on such loans.

Net income for the nine month period ended September 30, 2013 was $0.12 per
basic and diluted share (based on 4.274 million shares and 4.289 million
shares, respectively), or $524,991, versus net income of $0.08 per basic share
and diluted share (based on 4.324 million shares and 4.330 million shares,
respectively) or $356,647 for the same period in 2012, an increase of
approximately $168,000. This increase in net income was mainly due to an
increase in revenue, offset by an increase in interest and amortization of
debt service costs.

Assaf Ran, Chairman of the Board and CEO stated, "The results of the third
quarter demonstrate an all-time record of revenue and net earnings for our
lending operations, while we maintain a portfolio of performing loans which
had never experienced a default."

"As the marketplace recovers and in some cases even exceeds the pre-2008
crisis levels, we enhance our risk control measures even more." added Mr. Ran.

Manhattan Bridge Capital, Inc., provides 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 New York Metropolitan area. 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
                                                           
                                         September 30, 2013 December 31, 2012
Assets                                    (Unaudited)        (audited)
                                                           
Current assets:                                             
Cash and cash equivalents                $69,045            $240,693
Short term loans receivable               11,363,000         11,022,866
Interest receivable on loans             173,208            160,342
Other current assets                      35,057             18,903
Total current assets                     11,640,310         11,442,804
                                                           
Investment in real estate                 146,821            146,821
Long term loans receivable                4,037,000          2,601,500
Security deposit                          6,637              6,491
Investment in privately held company, at  100,000            100,000
cost
Deferred financing costs                  9,099              41,735
                                                           
Total assets                             $15,939,867        $14,339,351
Liabilities and Shareholders' Equity                        
Current liabilities:                                        
Short term loans                          $1,319,465         $1,399,465
Line of credit                            4,800,000          3,500,000
Senior secured notes                      500,000            500,000
Accounts payable and accrued expenses     16,048             70,403
Deferred origination fees                 160,392            122,242
Income taxes payable                      280,219            268,256
Total liabilities, all current           7,076,124          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      4,433              4,405
4,405,190 issued; 4,256,190 and 4,298,059
outstanding
Additional paid-in capital                9,731,718          9,687,159
Treasury stock, at cost – 177,000 and     (369,335)          (269,972)
107,131 shares
Accumulated deficit                       (503,073)          (942,607)
Total stockholders' equity               8,863,743          8,478,985
                                                           
Total liabilities and stockholders'      $15,939,867        $14,339,351
equity



MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
                                                                
                                    Three Months        Nine Months
                                    Ended September 30, Ended September 30,
                                    2013      2012      2013       2012
                                                                
Interest income from loans           $479,118  $402,119  $1,371,420 $1,042,183
Origination fees                     105,920   89,191    301,775    255,514
Total Revenue                       585,038   491,310   1,673,195  1,297,697
                                                                
Operating costs and expenses:                                    
Interest and amortization of debt    119,272   86,779    323,478    186,851
service costs
Referral fees                        312       1,232     1,242      4,891
General and administrative expenses  172,420   183,586   550,145    547,769
                                                                
Total operating costs and expenses  292,004   271,597   874,865    739,511
                                                                
Income from operations               293,034   219,713   798,330    558,186
                                                                
Other income                         6,887     6,887     20,661     20,661
                                                                
Income before income tax expense     299,921   226,600   818,991    578,847
Income tax expense                   (106,000) (65,000)  (294,000)  (222,200)
                                                                
Net Income                           $193,921  $161,600  $524,991   $356,647
                                                                
Basic and diluted net income per                                 
common share outstanding:
---Basic                             $0.05     $0.04     $0.12      $0.08
---Diluted                           $0.05     $0.04     $0.12      $0.08
                                                                
Weighted average number of common                                
shares outstanding
---Basic                            4,263,194 4,324,258 4,273,544  4,324,392
---Diluted                           4,287,698 4,327,305 4,289,225  4,330,435



MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
                                                             
                                              Nine Months Ended September 30,
                                              2013            2012
Cash flows from operating activities:                         
Net Income                                   $524,991        $356,647
Adjustments to reconcile net income to net                   
cash provided byoperating activities --
Amortization of deferred financing costs      32,636          17,948
Depreciation                                 ---             482
Non cash compensation expense                 22,048          19,304
Changes in operating assets and liabilities:                 
Interest receivable on loans                  (12,866)        (34,841)
Other current and non current assets          (16,300)        (37,770)
Accounts payable and accrued expenses         (54,355)        (46,362)
Deferred origination fees                     38,150          15,993
Income taxes payable                          11,963          21,470
Net cash provided by operating activities     546,267         312,871
                                                             
Cash flows from investing activities:                         
Issuance of short term loans                  (12,020,500)    (11,148,500)
Collections received from loans               10,244,866      7,874,691
Net cash used in investing activities         (1,775,634)     (3,273,809)
                                                             
Cash flows from financing activities:                         
Proceeds from loans and line of credit, net   1,220,000       2,950,000
Purchase of treasury shares                   (99,363)        (2,607)
Proceeds from exercise of stock options       22,540          ---
Dividend paid ($0.01 per share)               (85,458)        ---
Net cash provided by financing activities     1,057,719       2,947,393
                                                             
Net decrease in cash and cash equivalents      (171,648)       (13,545)
Cash and cash equivalents, beginning of period 240,693         221,905
Cash and cash equivalents, end of period       $69,045         $208,360
                                                             
Supplemental Cash Flow Information:                           
Taxes paid during the period                   $282,037        $200,730
Interest paid during the period                $290,840        $152,879
                                                             

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