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Manhattan Bridge Capital, Inc. Reports First Quarter 2021 Results
来源: Nasdaq GlobeNewswire / 14 4月 2021 07:05:00 America/New_York
GREAT NECK, N.Y., April 14, 2021 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that net income for the three months ended March 31, 2021 was approximately $1,106,000, or $0.12 per basic and diluted share (based on approximately 9.6 million weighted-average outstanding common shares), versus approximately $1,016,000, or $0.11 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares) for the three months ended March 31, 2020, an increase of $90,000, or 8.9%. This increase is primarily attributable to the decreases in interest expense and in general and administrative expenses.
Total revenues for the three months ended March 31, 2021 were approximately $1,729,000 compared to approximately $1,711,000 for the three months ended March 31, 2020, an increase of $18,000, or 1.0%. For the three months ended March 31, 2021, approximately $1,443,000 of our revenue represents interest income on secured commercial loans that we offer to small businesses, compared to approximately $1,474,000 for the same period in 2020, and approximately $286,000 and $237,000, 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, 2021, total shareholders' equity was approximately $33,073,000.
Assaf Ran, Chairman of the Board and CEO, stated, “I believe that the first quarter of 2021 reflects buds of optimism. We returned to work from the office, of course following all regulations, and our deal flow strengthened to approximately our pre-COVID pace. There are still many concerns. However, most of our loans are secured by first mortgages on 1-4 family houses located outside of Manhattan, a product that has actually appreciated in value during the pandemic. Given current market conditions, and considering the extra safety measures we’re taking to continue our no defaults track record, I am pleased with the results and hope to return to growth mode in the near future. I wish everyone good health.”
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 website: 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 the first quarter of 2021 reflects buds of optimism, that our deal flow strengthened to approximately our pre-COVID pace and the hope that we will return to growth mode in the near future, 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; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and (ix) if the effect of the COVID-19 pandemic on our business is greater than anticipated. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 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 SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
AssetsMarch 31, 2021
(unaudited)December 31, 2020
(audited)Loans receivable $ 58,490,238 $ 58,097,970 Interest receivable on loans 915,132 827,236 Cash 205,834 131,654 Cash - restricted --- 327,483 Other assets 80,977 66,566 Operating lease right-of-use asset, net 356,535 369,699 Deferred financing costs, net 17,315 22,807 Total assets $ 60,066,031 $ 59,843,415 Liabilities and Stockholders’ Equity
Liabilities: Line of credit $ 20,441,047 $ 20,308,873 Senior secured notes (net of deferred financing costs of $378,556 and $397,327, respectively) 5,621,444 5,602,673 Deferred origination fees 438,927 367,638 Accounts payable and accrued expenses 130,353 168,940 Operating lease liability 360,935 372,907 Dividends payable --- 1,058,194 Total liabilities 26,992,706 27,879,225 Commitments and contingencies Stockholders’ equity: Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued --- --- Common stock - $.001 par value; 25,000,000 shares authorized; 9,882,058 issued; 9,619,945 outstanding 9,882 9,882 Additional paid-in capital 33,160,362 33,157,096 Treasury stock, at cost – 262,113 shares (798,939) (798,939) Retained earnings (accumulated deficit) 702,020 (403,849) Total stockholders’ equity 33,073,325 31,964,190 Total liabilities and stockholders’ equity $ 60,066,031 $ 59,843,415 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
Three Months
Ended March 31,2021 2020 Interest income from loans $ 1,442,814 $ 1,473,544 Origination fees 286,473 237,442 Total revenue 1,729,287 1,710,986 Operating costs and expenses: Interest and amortization of deferred financing costs 317,186 352,442 Referral fees 1,751 542 General and administrative expenses 308,981 344,780 Total operating costs and expenses 627,918 697,764 Income from operations 1,101,369 1,013,222 Other income 4,500 3,000 Net income $ 1,105,869 $ 1,016,222 Basic and diluted net income per common share outstanding: --Basic $ 0.12 $ 0.11 --Diluted $ 0.12 $ 0.11 Weighted average number of common shares outstanding: --Basic 9,619,945 9,652,539 --Diluted 9,619,945 9,652,753
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)FOR THE THREE MONTHS ENDED MARCH 31, 2021
Common Stock Additional
Paid-in
CapitalTreasury Stock (Accumulated
Deficit)
Retained
EarningsTotals Shares Amount Shares Cost Balance, January 1, 2021 9,882,058 $9,882 $33,157,096 262,113 $(798,939) $(403,849) $31,964,190 Non-cash compensation 3,266 3,266 Net income 1,105,869 1,105,869 Balance, March 31, 2021 9,882,058 $9,882 $33,160,362 262,113 $(798,939) $702,020 $33,073,325 FOR THE THREE MONTHS ENDED MARCH 31, 2020
Common Stock Additional
Paid-in
CapitalTreasury Stock (Accumulated
Deficit)
Retained
EarningsTotals Shares Amount Shares Cost Balance, January 1, 2020 9,882,058 $9,882 $33,144,032 223,214 $(619,688) $(590,808) $ 31,943,418 Non-cash compensation 3,266 3,266 Purchase of treasury shares 26,609 (131,036) (131,036) Net income 1,016,222 1,016,222 Balance, March 31, 2020 9,882,058 $9,882 $33,147,298 249,823 $(750,724) $425,414 $ 32,831,870
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)Three Months
Ended March 31,2021 2020 Cash flows from operating activities: Net income $ 1,105,869 $ 1,016,222 Adjustments to reconcile net income to net cash provided by operating activities - Amortization of deferred financing costs 24,263 24,375 Adjustment to operating lease right-of-use asset and liability 1,192 (261) Depreciation 587 283 Non-cash compensation expense 3,266 3,266 Changes in operating assets and liabilities: Interest receivable on loans (87,896) (40,922) Other assets (14,998) (19,683) Accounts payable and accrued expenses (38,587) 13,463 Deferred origination fees 71,289 132,369 Net cash provided by operating activities 1,064,985 1,129,112 Cash flows from investing activities: Issuance of short term loans (9,659,678) (16,082,435) Collections received from loans 9,267,410 12,753,380 Release of loan holdback relating to mortgage receivable --- (15,000) Purchase of fixed assets --- (923) Net cash used in investing activities (392,268) (3,344,978) Cash flows from financing activities: Proceeds from line of credit, net 132,174 3,627,220 Dividend paid (1,058,194) (1,159,061) Purchase of treasury shares --- (131,036) Deferred financing costs incurred --- (27,102) Net cash (used in) provided by financing activities (926,020) 2,310,021 Net (decrease) increase in cash (253,303) 94,155 Cash and restricted cash, beginning of year 459,137 118,407 Cash and restricted cash, end of period $ 205,834 $ 212,562 Supplemental Cash Flow Information: Interest paid during the period $ 302,160 $ 328,871 Operating leases paid during the period $ 15,849 $ 13,604 SOURCE: Manhattan Bridge Capital, Inc.
Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400