• Manhattan Bridge Capital, Inc. Reports Second Quarter 2024 Results

    来源: Nasdaq GlobeNewswire / 22 7月 2024 06:05:00   America/Chicago

    GREAT NECK, N.Y., July 22, 2024 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2024 were approximately $2,443,000 compared to approximately $2,399,000 for the three months ended June 30, 2023, an increase of $44,000, or 1.8%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans, partially offset by a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the three months ended June 30, 2024 and 2023, approximately $2,033,000 and $1,943,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $411,000 and $457,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the three months ended June 30, 2024 was approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,422,000, or $0.12 per basic and diluted share (based on approximately 11.48 million weighted-average outstanding common shares), for the three months ended June 30, 2023, a decrease of $13,000, or 0.9%.

    Total revenues for the six months ended June 30, 2024 were approximately $5,016,000 compared to approximately $4,797,000 for the six months ended June 30, 2023, an increase of $219,000, or 4.6%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans, partially offset by a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the six months ended June 30, 2024 and 2023, revenues of approximately $4,175,000 and $3,896,000, respectively, were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $841,000 and $901,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the six months ended June 30, 2024 was approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,681,000, or $0.23 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares), for the six months ended June 30, 2023, an increase of $204,000, or 7.6%. This increase is primarily attributable to the increase in interest income from loans and the decrease in general and administrative expenses, partially offset by the increase in interest expense.

    As of June 30, 2024, total stockholders' equity was approximately $43,184,000.

    Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “While real estate markets in our geographic areas of operations are still slow and heavy due to the high-interest-rate environment, it seems like prices of real estate properties are holding on and sometimes increasing due to lack of inventory and the impact of inflation. As always, we’re carefully monitoring our portfolio and cherry-picking good opportunities.”

    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

     
     June 30, 2024 December 31, 2023
    Assets (unaudited)
     (audited)
    Loans receivable$66,859,733 $73,048,403
    Interest and other fees receivable on loans 1,488,784  1,395,905
    Cash        
     105,929  104,222
    Cash - restricted ---  1,587,773
    Other assets 134,321  63,636
    Right-of-use asset - operating lease, net 180,446  207,364
    Deferred financing costs, net 23,101  27,583
             Total assets$68,792,314 $76,434,886


    Liabilities and Stockholders’ Equity   
    Liabilities:   
    Line of credit$ 17,345,510 $ 25,152,338
    Senior secured notes (net of deferred financing costs of $134,528 and $172,069, respectively)5,865,472 5,827,931
    Deferred origination fees646,027 719,019
    Accounts payable and accrued expenses242,248 295,292
    Operating lease liability193,800 220,527
    Dividends payable1,315,445 1,287,073
    Total liabilities25,608,502 33,502,180


    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; 11,438,651 and 11,440,651 outstanding, respectively11,757 11,757
    Additional paid-in capital45,555,408 45,548,876
    Less: Treasury stock, at cost – 318,407 and 316,407 shares, respectively (1,070,406) (1,060,606)
    Accumulated deficit (1,312,947) (1,567,321)
    Total stockholders’ equity43,183,812 42,932,706
    Total liabilities and stockholders’ equity
    $
    68,792,314
     $

    76,434,886




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

     Three Months
    Ended June 30,
    Six Months
    Ended June 30,
      2024  2023  2024  2023 
    Revenue:
    Interest income from loans


    $


    2,032,687
     

    $


    1,942,527
     

    $


    4,175,174
     

    $


    3,896,349
     
    Origination fees 410,528  456,835  841,119  900,806 
    Total revenue 2,443,215  2,399,362  5,016,293  4,797,155 
         
    Operating costs and expenses:    
    Interest and amortization of deferred financing costs 

    603,230
      

    595,427
      

    1,293,819
      

    1,241,690
     
    Referral fees 500  1,000  1,000  1,292 
    General and administrative expenses 434,282  400,979  844,560  897,075 
    Total operating costs and expenses 1,038,012  997,406  2,139,379  2,140,057 
    Income from operations 1,405,203  1,401,956  2,876,914  2,657,098 
    Other income 4,500  20,380  9,000  24,880 
    Income before income tax expense 1,409,703  1,422,336  2,885,914  2,681,978 
    Income tax expense (650) (650) (650) (650)
    Net income$1,409,053 $1,421,686 $2,885,264 $2,681,328 
         
    Basic and diluted net income per common share outstanding:    
    --Basic$0.12 $0.12 $0.25 $0.23 
    --Diluted$0.12 $0.12 $0.25 $0.23 
         
    Weighted average number of common shares outstanding:    
    --Basic 11,438,651  11,475,406  11,438,662  11,485,116 
    --Diluted 11,438,651  11,475,406  11,438,662  11,485,116 




    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
    (unaudited)

    FOR THE THREE MONTHS ENDED JUNE 30, 2024
     Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
     SharesAmount SharesCost  
    Balance, April 1, 202411,757,058$11,757$45,552,142318,407$(1,070,406)$(1,406,555)$43,086,938 
    Non - cash compensation  3,266   3,266 
    Dividends declared and payable     (1,315,445)(1,315,445)
    Net income     1,409,053 1,409,053 
    Balance, June 30, 202411,757,058$11,757$45,555,408318,407$(1,070,406)$(1,312,947)$43,183,812 



    FOR THE THREE MONTHS ENDED JUNE 30, 2024
     Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
     SharesAmount SharesCost  
    Balance, April 1, 202311,757,058$11,757$45,539,077262,113$(798,939)$(1,918,595)$42,833,300 
    Purchase of treasury shares   33,360(164,806) (164,806)
    Non - cash compensation  3,266   3,266 
    Dividends declared and payable     (1,289,428)(1,289,428)
    Net income     1,421,686 1,421,686 
    Balance, June 30, 202411,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018 



    FOR THE SIX MONTHS ENDED JUNE 30, 2024
     Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
     SharesAmount SharesCost  
    Balance, January 1, 202411,757,058$11,757$45,548,876316,407$(1,060,606)$(1,567,321) $42,932,706 
    Purchase of treasury shares   2,000(9,800) (9,800)
    Non - cash compensation  6,532   6,532 
    Dividends paid     (1,315,445)(1,315,445)
    Dividends declared and payable     (1,315,445)(1,315,445)
    Net income     2,885,264 2,885,264 
    Balance, June 30, 202411,757,058$11,757$45,555,408318,407$(1,070,406)$(1,312,947)$43,183,812 



    FOR THE SIX MONTHS ENDED JUNE 30, 2024
     Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
     SharesAmount SharesCost  
    Balance, January 1, 202311,757,058$11,757$45,535,811262,113$(798,939) $(1,885,056) $42,863,573 
    Purchase of treasury shares   33,360(164,806) (164,806)
    Non - cash compensation  6,532   6,532 
    Dividends paid     (1,293,181)(1,293,181)
    Dividends declared and payable     (1,289,428)(1,289,428)
    Net income     2,681,328  2,681,328  
    Balance, June 30, 202411,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018 




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

     
      Six Months
    Ended June 30,
     
       2024  2023 
    Cash flows from operating activities:     
    Net income $ 2,885,264  $ 2,681,328 
    Adjustments to reconcile net income to net cash provided by operating activities -       
    Amortization of deferred financing costs  44,191  49,494 
    Adjustment to right-of-use asset - operating lease and liability  190  1,230 
    Depreciation  2,209  1,946 
    Non-cash compensation expense  6,532  6,532 
    Changes in operating assets and liabilities:       
    Interest and other fees receivable on loans (92,879) 89,214 
    Other assets (71,703) (72,115)
    Accounts payable and accrued expenses (53,044) (58,132)
    Deferred origination fees (72,992) 17,853 
    Net cash provided by operating activities  2,647,768  2,717,350 
          
    Cash flows from investing activities:     
    Issuance of short-term loans (19,677,520) (28,122,249)
    Collections received from loans  25,866,190  32,811,877 
    Purchase of fixed assets (1,191) (5,085)
    Net cash provided by investing activities  6,187,479  4,684,543 
          
    Cash flows from financing activities:     
    Repayment of line of credit, net (7,806,828) (4,323,513)
    Dividends paid (2,602,518) (2,730,049)
    Purchase of treasury shares (9,800) (164,806)
    Deferred financing costs incurred (2,167) (38,191)
    Net cash used in financing activities (10,421,313) (7,256,559)
          
    Net (decrease) increase in cash (1,586,066) 145,334 
    Cash and cash - restricted, beginning of period*  1,691,995  103,540 
    Cash, end of period $        105,929  $        248,874 
            
    Supplemental Disclosure of Cash Flow Information:       
    Cash paid during the period for taxes $ 650  $ 650 
    Cash paid during the period for interest $ 1,297,587  $ 1,215,297 
    Cash paid during the period for operating leases $ 32,208  $ 31,863 

    Supplemental Schedule of Noncash Financing Activities:
           
    Dividend declared and payable $1,315,445  $1,289,428 
    Loan holdback relating to mortgage receivable ---  $ 17,500 

    *At December 31, 2023, cash and restricted cash consisted of $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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