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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 20222023 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 20222023 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 2022Common Stock Additional
Paid-in
CapitalTreasury Stock Accumulated
DeficitTotals Shares Amount Shares Cost Balance, January 1, 2022 11,757,058 $11,757 $45,522,746 262,113 $(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, 2022 11,757,058 11,757 45,535,811 262,113 (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, 2023 11,757,058 $11,757 $45,548,876 316,407 $(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 20222023 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.