Manhattan Bridge Capital, Inc. Reports Second Quarter 2019 Results

GREAT NECK, N.Y., July 26, 2019 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. LOAN announced today that its total revenue for the three months ended June 30, 2019 was approximately $1,779,000 compared to approximately $1,668,000 for the three months ended June 30, 2018, an increase of $111,000, or 6.7%. For the three months ended June 30, 2019, approximately $1,487,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $1,423,000 for the same period in 2018, and approximately $292,000 represents origination fees on such loans compared to approximately $244,000 for the same period in 2018. The increase in revenue represents an increase in lending operations.

Net income for the three months ended June 30, 2019 was approximately $1,084,000, or $0.11 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), as compared to approximately $949,000, or $0.12 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), for the three months ended June 30, 2018. This increase is primarily attributable to an increase in revenue, and a decrease in interest costs resulting from lower outstanding amounts under a revolving credit facility following the Company's public offering in July 2018.

Total revenue for the six months ended June 30, 2019 was approximately $3,567,000 compared to approximately $3,332,000 for the six months ended June 30, 2018, an increase of $235,000, or 7.1%. For the six months ended June 30, 2019, approximately $2,990,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $2,853,000 for the same period in 2018, and approximately $577,000 represents origination fees on such loans compared to approximately $480,000 for the same period in 2018. The increase in revenue represents an increase in lending operations.

Net income for the six months ended June 30, 2019 was approximately $2,205,000, or $0.23 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), as compared to approximately $1,930,000, or $0.24 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), for the six months ended June 30, 2018. This increase is primarily attributable to an increase in revenue, and a decrease in interest costs resulting from lower outstanding amounts under a revolving credit facility following the Company's public offering in July 2018.

As of June 30, 2019, total stockholders' equity was approximately $33,125,000.

Assaf Ran, Chairman of the Board and CEO, stated, "The real estate market in the geographical areas in which we operate is slow and uncertain. In addition, we still face a high level of competition. Therefore, the interest rate we are able to charge has dropped by approximately 2%. These factors generate a challenging working environment for us, but we still managed to increase net earnings and maintain our default-free track record. In addition, we recently announced a geographical expansion to New Jersey, Connecticut and Florida. Rest assured that our high loan quality standards will not be compromised."

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, including New Jersey and Connecticut, and in Florida. 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 high loan quality standards will not be compromised, 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.

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