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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Manhattan Bridge Capital, Inc. Reports First Quarter 2019 Results

April 15, 2019

GREAT NECK, N.Y., April 15, 2019 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN ) announced today that net income for the three months ended March 31, 2019 was approximately $1,121,000, or $0.12 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), versus approximately $981,000, or $0.12 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), an increase of $140,000, or 14.3%. This increase is primarily attributable to an increase in revenue.

Total revenue for the three months ended March 31, 2019 was approximately $1,788,000 compared to approximately $1,664,000 for the three months ended March 31, 2018, an increase of $124,000, or 7.4%. The increase in revenue was due to an increase in lending operations. For the three months ended March 31, 2019, approximately $1,503,000 of our revenue represents interest income on secured commercial loans that we offer to small businesses, compared to approximately $1,429,000 for the same period in 2018, and approximately $285,000 and $235,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers.

As of March 31, 2019, total shareholders’ equity was approximately $33,221,000.

Assaf Ran, Chairman of the Board and CEO, stated, “The New York real estate market is slow and uncertain. Yet, we manage to collect interest and principal balances at a normal pace. We believe that is a strong indication that our portfolio is solid and that our business model works. The challenge now is to redeploy funds into new loans without compromising our standards. We are working hard to meet this challenge and to continue our track record of no defaults.”

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. 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 portfolio is solid and that our business model works as well as continuing our track record, 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; and (viii) we may choose to make distributions in our own stock, in which case stockholders may be required to pay income taxes in excess of the cash dividends you receive. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 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.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED BALANCE SHEETS

March 31, December 31, Assets 2019 2018 (unaudited) (audited) Loans receivable $ 54,793,194 $ 54,836,127 Interest receivable on loans 582,422 596,777 Cash 174,622 203,682 Cash - restricted --- 151,375 Operating lease right-of-use asset, net 124,801 --- Other assets 87,359 73,131 Deferred financing costs 37,190 42,040 Total assets $ 55,799,588 $ 55,903,132 - ---------- - ----------

Liabilities and Stockholders’ Equity Liabilities: Line of credit $ 16,417,161 $ 16,622,147 Senior secured notes (net of deferred financing costs of $528,728 and $547,499) 5,471,272 5,452,501 Deferred origination fees 422,082 404,676 Accounts payable and accrued expenses 143,478 183,716 Operating lease liability 124,801 --- Dividends payable --- 1,158,717 - ---------- - ---------- Total liabilities 22,578,794 23,821,757 Commitments and contingencies Stockholders’ equity: Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued --- --- Common shares - $.001 par value; 25,000,000 shares authorized; 9,881,191 and 9,881 9,874 9,874,191 issued, respectively; 9,661,977 and 9,655,977 outstanding, respectively Additional paid-in capital 33,134,235 33,110,536 Treasury stock, at cost – 219,214 and 218,214 shares (595,878) (590,234) Retained earnings (accumulated deficit) 672,556 (448,801) - ---------- - ---------- Total stockholders’ equity 33,220,794 32,081,375 - ---------- - ---------- Total liabilities and stockholders’ equity $ 55,799,588 $ 55,903,132 - ---------- - ----------

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

Three Months Ended March 31, ------------------------ 2019 2018 ----------- - --------- Interest income from loans $ 1,503,085 $ 1,429,249 Origination fees 284,974 235,226 - --------- - --------- Total revenue 1,788,059 1,664,475 - --------- - --------- Operating costs and expenses: Interest and amortization of deferred financing costs 378,882 397,705 Referral fees 2,083 333 General and administrative expenses 288,737 285,519 - --------- - --------- Total operating costs and expenses 669,702 683,557 - --------- - --------- Income from operations 1,118,357 980,918 Other income 3,000 --- - --------- - --------- Net income $ 1,121,357 $ 980,918 - --------- - --------- Basic and diluted net income per common share outstanding: --Basic $ 0.12 $ 0.12 - --------- - --------- --Diluted $ 0.12 $ 0.12 - --------- - --------- Weighted average number of common shares outstanding: --Basic 9,655,781 8,108,934 - --------- - --------- --Diluted 9,658,160 8,121,728 - --------- - ---------

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

Three Months Ended March 31, ------------------------------ 2019 2018 -------------- -------------- Cash flows from operating activities: Net income $ 1,121,357 $ 980,918 Adjustments to reconcile net income to net cash provided by operating activities - Amortization of deferred financing costs 23,622 29,739 Depreciation 431 1,146 Non-cash compensation expense 3,266 3,266 Changes in operating assets and liabilities: Interest receivable on loans 14,355 37,068 Other assets (14,659) (27,088) Accounts payable and accrued expenses (40,238) (23,286) Deferred origination fees 17,406 22,252 Net cash provided by operating activities 1,125,540 1,024,015 - ------------ - ------------ Cash flows from investing activities: Issuance of short term loans (13,325,965) (11,000,000) Collections received from loans 13,368,898 10,067,500 Net cash provided by (used in) investing activities 42,933 (932,500) - ------------ - ------------ Cash flows from financing activities: Dividend paid (1,158,717) (891,983) (Repayment of) proceeds from line of credit, net (204,986) 849,559 Purchase of treasury shares (5,645) --- Proceeds from exercise of stock options 20,440 --- Net cash used in financing activities (1,348,908) (42,424) - ------------ - ------------ Net (decrease) increase in cash and restricted cash (180,435) 49,091 Cash and restricted cash, beginning of period 355,057 136,441 - ------------ - ------------ Cash and restricted cash, end of period $ 174,622 $ 185,532 - ------------ - ------------ Supplemental Cash Flow Information: Interest paid during the period $ 370,621 $ 364,292 - ------------ - ------------ Non-cash Investing Activities: Operating lease right-of-use asset $ 124,801 $ --- - ------------ - ------------ Operating lease liability $ 124,801 $ --- - ------------ - ------------

Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc.