• Manhattan Bridge Capital, Inc. Reports Second Quarter 2022 Results

    来源: Nasdaq GlobeNewswire / 22 7月 2022 07:05:00   America/New_York

    GREAT NECK, N.Y., July 22, 2022 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its total revenues for the three months ended June 30, 2022 were approximately $2,117,000 compared to approximately $1,713,000 for the three months ended June 30, 2021, an increase of $404,000, or 23.6%. The increase in revenue was due to an increase in lending operations. For the three months ended June 30, 2022 and 2021, approximately $1,612,000 and $1,424,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that it offers to real estate investors, and approximately $504,000 and $290,000, respectively, of the Company’s 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, 2022 was approximately $1,356,000, or $0.12 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares), as compared to approximately $1,058,000, or $0.11 per basic and diluted share (based on approximately 9.62 million weighted-average outstanding common shares), for the three months ended June 30, 2021, an increase of $298,000, or 28.2%. This increase is primarily attributable to the increase in revenue, partially offset by increases in interest expense and in general and administrative expenses.

    Total revenues for the six months ended June 30, 2022 were approximately $4,232,000 compared to approximately $3,443,000 for the six months ended June 30, 2021, an increase of $789,000, or 22.9%. The increase in revenue was due to an increase in lending operations. For the six months ended June 30, 2022 and 2021, revenues of approximately $3,256,000 and $2,867,000, respectively, were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $976,000 and $576,000, respectively, were attributable to origination fees on such loans.

    Net income for the six months ended June 30, 2022 was approximately $2,781,000, or $0.24 per basic and diluted share (based on approximately 11.49 million weighted-average outstanding common shares) compared to approximately $2,164,000, or $0.22 per basic and diluted share (based on approximately 9.62 million weighted-average outstanding common shares), for the six months ended June 30, 2021, an increase of $617,000, or 28.5%. This increase is primarily attributable to the increase in revenue, partially offset by increases in interest expense and in general and administrative expenses.

    As of June 30, 2022, total stockholders' equity was approximately $43,300,000.

    Assaf Ran, Chairman of the Board and CEO, stated, “While we continue to present an impressive performance of no defaults since inception, we are operating in the context of new market dynamics -- interest rates are increasing, banks are tighter, and real estate developers are hesitant. We believe that in this environment, our ultra-low debt-to-equity ratio becomes a strength.”

    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 the Company’s 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 the belief that in the current market environment, our ultra-low debt-to-equity ratio becomes a strength, 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; (ix) an increase in interest rates may impact our profitability and (x) 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, 2021 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

    Assets June 30, 2022
    (unaudited)
      December 31, 2021
    (audited)
    Loans receivable$69,303,663 $65,715,364
    Interest receivable on loans 1,052,332  955,443
    Cash
     117,622  142,546
    Other assets 129,536  64,745
    Operating lease right-of-use asset, net 289,651  317,080
    Deferred financing costs, net 29,902  10,539
    Total assets$70,922,706 $67,205,717

    Liabilities and Stockholders’ Equity

    Liabilities:       
    Line of credit$19,273,526  $15,645,970 
    Senior secured notes (net of deferred financing costs of $284,698 and $322,241, respectively) 5,715,301   5,677,759 
    Deferred origination fees 712,627   580,461 
    Accounts payable and accrued expenses 185,320   154,169 
    Operating lease liability 299,135   324,248 
    Dividends payable 1,436,868   1,436,868 
    Total liabilities 27,622,777   23,819,475 
    Commitments and contingencies       
    Stockholders’ equity:       
    Preferred stock - $.01 par value; 5,000,000 shares authorized; none issued ---   --- 
    Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,494,945 outstanding 11,757   11,757 
    Additional paid-in capital 45,529,278   45,522,746 
    Treasury stock, at cost – 262,113 shares (798,939)  (798,939)
    Accumulated deficit (1,442,167)  (1,349,322)
    Total stockholders’ equity 43,299,929   43,386,242 
    Total liabilities and stockholders’ equity$70,922,706  $67,205,717 



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

     Three Months
    Ended June 30,
    Six Months
    Ended June 30,
      2022  2021  2022  2021 
    Interest income from loans$1,612,308 $1,423,759 $3,256,097 $2,866,573 
    Origination fees 504,455  289,670  975,726  576,143 
    Total revenue 2,116,763  1,713,429  4,231,823  3,442,716 
                       
    Operating costs and expenses:    
    Interest and amortization of deferred financing costs 376,383  316,915  708,236  634,101 
    Referral fees 1,958  2,643  3,320  4,394 
    General and administrative expenses 386,238  339,602  747,726  648,583 
    Total operating costs and expenses 764,579  659,160  1,459,282  1,287,078 
    Income from operations 1,352,184  1,054,269  2,772,541  2,155,638 
    Other income 4,500  4,500  9,000  9,000 
    Income before income tax expense 1,356,684  1,058,769  2,781,541  2,164,638 
    Income tax expense (650) (647) (650) (647)
    Net income$1,356,034 $1,058,122 $2,780,891 $2,163,991 
         
    Basic and diluted net income per common share outstanding:    
    --Basic$                0.12 $                0.11 $                  0.24 $                  0.22 
    --Diluted$                0.12 $                0.11 $                0.24 $                0.22 
         
    Weighted average number of common shares outstanding:    
    --Basic 11,494,945  9,619,945  11,494,945  9,619,945 
    --Diluted 11,494,945  9,619,945  11,494,945  9,619,945 



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

    FOR THE THREE MONTHS ENDED JUNE 30, 2022

     Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
     SharesAmount SharesCost  
    Balance, April 1, 202211,757,058$11,757$45,526,012262,113$(798,939)$(1,361,333)$43,377,497 
    Non - cash compensation   3,266    3,266 
    Dividends declared and payable      (1,436,868) (1,436,868)
    Net income                                                                                   1,356,034  1,356,034 
    Balance, June 30, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929 

    FOR THE THREE MONTHS ENDED JUNE 30, 2021

     Common SharesAdditional Paid in CapitalTreasury StockRetained EarningsTotals
     SharesAmount SharesCost  
    Balance, April 1, 20219,882,058$9,882$33,160,362262,113$(798,939)$ 702,020 $ 33,073,325 
    Non - cash compensation   3,266    3,266 
    Dividends paid      (1,058,194) (1,058,194)
    Net income                                                                                1,058,122  1,058,122 
    Balance, June 30, 20219,882,058$9,882$33,163,628262,113$(798,939)$ 701,948 $33,076,519 

    FOR THE SIX MONTHS ENDED JUNE 30, 2022

     Common SharesAdditional Paid in CapitalTreasury StockAccumulated DeficitTotals
     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   6,532    6,532 
    Dividends paid      (1,436,868) (1,436,868)
    Dividends declared and payable      (1,436,868) (1,436,868)
    Net income                                                                                  2,780,891  2,780,891 
    Balance, June 30, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929 

    FOR THE SIX MONTHS ENDED JUNE 30, 2021

     Common SharesAdditional Paid in CapitalTreasury Stock(Accumulated Deficit) Retained EarningsTotals
     SharesAmount SharesCost  
    Balance, January 1, 20219,882,058$9,882$33,157,096262,113$(798,939)$ (403,849)$ 31,964,190 
    Non - cash compensation   6,532    6,532 
    Dividends paid      (1,058,194) (1,058,194)
    Net income                                                                             2,163,991  2,163,991 
    Balance, June 30, 20219,882,058$9,882$33,163,628262,113$(798,939)$ 701,948 $33,076,519 



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

      Six Months
    Ended June 30,
       2022  2021
    Cash flows from operating activities:    
    Net income $2,780,891 $2,163,991
    Adjustments to reconcile net income to net cash provided by operating activities -    
    Amortization of deferred financing costs 53,999 45,294
    Adjustment to operating lease right-of-use asset and liability 2,316 2,060
    Depreciation 972 1,153
    Non-cash compensation expense 6,532 6,532
    Changes in operating assets and liabilities:    
    Interest receivable on loans (96,889) (88,502)
    Other assets (63,871) (56,768)
    Accounts payable and accrued expenses 31,151 (35,028)
    Deferred origination fees 132,166 (9,885)
    Net cash provided by operating activities 2,847,267 2,028,847
         
    Cash flows from investing activities:    
    Issuance of short term loans (37,953,007) (15,567,677)
    Collections received from loans 34,364,708 20,279,776
    Purchase of fixed assets (1,893) ---
    Net cash (used in) provided by investing activities (3,590,192) 4,712,099
         
    Cash flows from financing activities:    
    Proceeds from (repayment of) line of credit, net 3,627,556 (4,911,758)
    Dividends paid (2,873,736) (2,116,388)
    Deferred financing costs incurred (35,819) ---
    Pre-offering costs incurred --- (18,750)
    Net cash provided by (used in) financing activities 718,001 (7,046,896)
         
    Net decrease in cash                 (24,924)                 (305,950)
    Cash and restricted cash*, beginning of year 142,546 459,137
    Cash and restricted cash*, end of period $                117,622 $                153,187
         
    Supplemental Cash Flow Information:    
    Taxes paid during the period $650 $647
    Interest paid during the period $608,902 $603,869
    Operating leases paid during the period $31,786 $31,719
         
    Supplemental Information – Noncash Information:    
    Dividend declared and payable $1,436,868 $ --- 

    * At January 1, 2021, cash and restricted cash included $327,483 of restricted cash. No other periods above included restricted cash.

    SOURCE: Manhattan Bridge Capital, Inc.

     


    Contact:
    Assaf Ran, CEO
    Vanessa Kao, CFO
    (516) 444-3400

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