• Manhattan Bridge Capital, Inc. Reports Results for 2023

    来源: Nasdaq GlobeNewswire / 11 3月 2024 07:05:00   America/New_York

    GREAT NECK, N.Y., March 11, 2024 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that net income for the year ended December 31, 2023 was approximately $5,476,000, or $0.48 per share (based on approximately 11.5 million weighted-average outstanding common shares), versus approximately $5,212,000, or $0.45 per share (based on approximately 11.5 million weighted-average outstanding common shares) for the year ended December 31, 2022, an increase of $264,000, or 5.1%. This increase is primarily attributable to an increase in interest income from loans, partially offset by increases in interest expense and in general and administrative expenses.

    Total revenue for the year ended December 31, 2023 was approximately $9,796,000, compared to approximately $8,571,000 for the year ended December 31, 2022, an increase of $1,225,000, or 14.3%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans. In 2023, approximately $7,976,000 of its revenue represents interest income on secured, real estate loans that the Company offers to real estate investors, compared to approximately $6,773,000 in 2022, and approximately $1,820,000 represents origination fees on such loans, compared to approximately $1,798,000 in 2022. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Total operating costs and expenses for the year ended December 31, 2023 were approximately $4,353,000, compared to approximately $3,377,000 for the year ended December 31, 2022, an increase of $976,000, or 28.9%. The increase in operating costs and expenses was primarily attributable to an increase in interest expense due to higher interest rates and increases in amounts borrowed relating to the use of the Company’s credit line in order to support its ability to increase loan originations, and a special bonus as well as an annual bonus totaling $195,000 to its officers in 2023.

    As of December 31, 2023, total shareholders' equity was approximately $42,933,000, compared to approximately $42,864,000 as of December 31, 2022.

    On April 11, 2023, the Company’s Board of Directors authorized a share buyback program for the repurchase of up to 100,000 of its common shares in the next twelve months. This program does not obligate the Company to purchase any shares and expires on April 10, 2024. As of December 31, 2023, the Company had purchased an aggregate of 54,294 common shares under this repurchase program, at an aggregate cost of approximately $262,000.

    Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “As real estate investors are adjusting to a high-interest rate environment, liquidity crunches are more frequent. Thus, our challenge for 2023 was to avoid problematic loans and interest collection issues. I can proudly state that I believe we succeeded in meeting the challenge.”

    “The size of our loan portfolio was approximately the same as the prior year; however, due to the fact that we’re low-leveraged, we benefited from the higher interest rates and broke our records of both revenue and net earnings,” added Mr. Ran.

    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.


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
    December 31, 2023 and 2022
      2023
      2022
    Assets     
    Loans receivable$73,048,403 $74,483,463
    Interest receivable on loans 1,395,905  1,363,502
    Cash
     104,222  103,540
    Cash - restricted 1,587,773  ---
    Other assets 63,636  59,566
    Operating lease right-of-use asset, net 207,364  262,222
    Deferred financing costs, net 27,583  7,708
    Total assets$76,434,886 $76,280,001


    Liabilities and Stockholders’ Equity
    Liabilities:   
    Line of credit$25,152,338  $24,994,234 
    Senior secured notes (net of deferred financing costs of $172,069 and $247,155, respectively) 5,827,931   5,752,845 
    Deferred origination fees 719,019   669,128 
    Accounts payable and accrued expenses 295,292   289,868 
    Operating lease liability 220,527   273,485 
    Dividends payable 1,287,073   1,436,868 
    Total liabilities 33,502,180   33,416,428 
          
    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; 11,757,058 issued; 11,440,651 and 11,494,945 outstanding, respectively 11,757   11,757 
    Additional paid-in capital 45,548,876   45,535,811 
    Less: Treasury stock, at cost – 316,407 and 262,113 shares (1,060,606)  (798,939)
    Accumulated deficit (1,567,321)  (1,885,056)
    Total stockholders’ equity 42,932,706   42,863,573 
            
    Total liabilities and stockholders’ equity$76,434,886  $76,280,001 


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEARS ENDED December 31, 2023 and 2022

      2023
       2022
     
    Revenue:       
        
    Interest income from loans$7,976,232  $6,772,889 
    Origination fees 1,820,024   1,798,075 
    Total Revenue 9,796,256   8,570,964 
        
    Operating costs and expenses:   
    Interest and amortization of deferred financing costs 2,525,935   1,822,825 
    Referral fees 2,153   4,500 
    General and administrative expenses 1,825,227   1,549,251 
    Total operating costs and expenses 4,353,315   3,376,576 
        
    Income from operations 5,442,941   5,194,388 
    Other income 33,880   18,000 
    Income before income tax expense 5,476,821   5,212,388 
    Income tax expense (650)  (650)
    Net income$5,476,171  $5,211,738 
        
    Basic and diluted net income per common share outstanding:   
    --Basic$0.48  $0.45 
    --Diluted

    $0.48  $0.45 
        
    Weighted average number of common shares outstanding   
    --Basic 11,469,741   11,494,945 
    --Diluted 11,469,741   11,494,945 


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
    FOR THE YEARS ENDED December 31, 2023 and 2022

     
     Common StockAdditional
    Paid-in

    Capital
    Treasury StockAccumulated
    Deficit
    Totals
     SharesAmount SharesCost  
    Balance, January 1, 202211,757,058$11,757$45,522,746262,113$(798,939)$(1,349,322)$43,386,242 
    Non-cash compensation   13,065    13,065 
    Dividends paid      (4,310,604) (4,310,604)
    Dividends declared and payable      (1,436,868) (1,436,868)
    Net income for the year ended December 31, 2022      5,211,738  5,211,738 
    Balance, December 31, 202211,757,058 11,757 45,535,811262,113 (798,939) (1,885,056) 42,863,573 
    Purchase of treasury shares   54,294 (261,667)  (261,667)
    Non-cash compensation   13,065    13,065 
    Dividends paid      (3,871,363) (3,871,363)
    Dividends declared and payable      (1,287,073) (1,287,073)
    Net income for the year ended December 31, 2023      5,476,171  5,476,171 
    Balance, December 31, 202311,757,058$11,757$45,548,876316,407$(1,060,606)$(1,567,321)$42,932,706 


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    FOR THE YEARS ENDED December 31, 2023 and 2022
     
      2023   2022 
    Cash flows from operating activities:       
    Net income$5,476,171  $5,211,738 
    Adjustments to reconcile net income to net cash provided by operating activities -   
    Amortization of deferred financing costs 93,403   113,736 
    Depreciation 4,057   2,307 
    Non-cash compensation expense 13,065   13,065 
    Adjustment to operating lease right-of-use asset and liability 1,900   4,096 
    Changes in operating assets and liabilities:   
    Interest receivable on loans (32,403)  (408,059)
    Other assets (3,042)  5,742 
    Accounts payable and accrued expenses 5,424   135,699 
    Deferred origination fees 49,891   88,667 
    Net cash provided by operating activities 5,608,466   5,166,991 
        
    Cash flows from investing activities:   
    Issuance of short term loans (56,301,376)  (60,915,596)
    Collections received from loans 57,736,436   52,147,497 
    Purchase of fixed assets (5,085)  (2,871)
    Net cash provided by (used in) investing activities 1,429,975   (8,770,970)


    Cash flows from financing activities:
       
    Proceeds from line of credit, net 158,104   9,348,264 
    Dividends paid (5,308,231)  (5,747,472)
    Purchase of treasury shares (261,667)  --- 
    Deferred financing costs incurred (38,192)  (35,819)
    Net cash (used in) provided by financing activities (5,449,986)  3,564,973 
        
    Net increase (decrease) in cash and restricted cash 1,588,455   (39,006)
    Cash, beginning of year 103,540   142,546 
    Cash and restricted cash, end of year*$1,691,995  $103,540 
        
        
    Supplemental Disclosure of Cash Flow Information:   
    Cash paid for taxes during the year$650  $650 
    Cash paid for interest during the year$2,423,838  $1,581,935 
    Cash paid for operating leases during the year$64,055  $63,621 
        
    Supplemental Schedule of Noncash Financing Activities:
    Dividend declared and payable
    $1,287,073  $1,436,868 

    * At December 31, 2023, cash and restricted cash included $1,587,773 of restricted cash.


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

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