GREAT NECK, N.Y., Oct. 21, 2019 (GLOBE NEWSWIRE) —Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that total revenue for the three month period ended September 30, 2019 was approximately $1,917,000 compared to approximately $1,891,000 for the three month period ended September 30, 2018, an increase of $26,000, or 1.4%. The increase in revenue is the result of an increase in lending operations. For the three month periods ended September 30, 2019 and 2018, approximately $1,619,000 and $1,617,000, respectively, of our revenues were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $298,000 and $275,000, respectively, of our revenues were attributable to origination fees on such loans.Net income for the three month period ended September 30, 2019 was approximately $1,150,000, or $0.12 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), versus net income of approximately $1,189,000, or $0.13 per basic and diluted share (based on approximately 9.3 million weighted-average outstanding common shares), for the three month period ended September 30, 2018, a decrease of $39,000, or 3.3%. This decrease is primarily attributable to an increase in general and administrative expenses.Total revenue for the nine month period ended September 30, 2019 was approximately $5,484,000 compared to approximately $5,224,000 for the nine month period ended September 30, 2018, an increase of $260,000, or 5.0%. The increase in revenue is the result of an increase in lending operations. For the nine month periods ended September 30, 2019 and 2018, revenues of approximately $4,609,000 and $4,469,000, respectively, were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $875,000 and $755,000, respectively, were attributable to origination fees on such loans.Net income for the nine month period ended September 30, 2019 was approximately $3,355,000, or $0.35 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), versus net income of approximately $3,119,000, or $0.37 per basic and diluted share (based on approximately 8.5 million weighted-average outstanding common shares), for the same period in 2018, an increase of $236,000, or 7.6%. This increase is primarily attributable to the increase in revenue, offset by an increase in general and administrative expenses.As of September 30, 2019, total shareholders’ equity was approximately $33,119,000.Assaf Ran, Chairman of the Board and CEO, stated, “We continue to operate under challenging market conditions: real estate property prices are declining, listed houses are taking longer to sell, our borrowers are more hesitant to step in to new deals and yet the competition from other lenders remains intense. In addition, the market standard hard money annual interest rate dropped from 12% a year ago to 10% today. Given these conditions, I believe that the financial results for the third quarter reflect success. I believe that our loan portfolio is strong and solid, and will prevail despite the market slow down. Once again, we can proudly report that we have no defaulted loans,” 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 web site: https://www.manhattanbridgecapital.com.Forward Looking StatementsThis 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 that the belief that our loan portfolio is strong and solid, and will prevail despite the market slow down, 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; and (viii) we may choose to make distributions in our own stock, in which case stockholders may be required to pay income taxes in excess of the cash dividends you receive. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 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.
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