Manhattan Bridge Capital, Inc. Reports Third Quarter Results

ID: 1465954
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(businesspress24) - LONG ISLAND, NY -- (Marketwired) -- 10/26/16 -- Manhattan Bridge Capital, Inc. (NASDAQ: LOAN) announced today that total revenue for the three month period ended September 30, 2016 was approximately $1,169,000 compared to approximately $1,032,000 for the three month period ended September 30, 2015, an increase of $137,000, or 13.3%. The increase in revenue represents an increase in lending operations. For the three month periods ended September 30, 2016 and 2015, approximately $960,000 and $871,000, respectively, of our revenues were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $209,000 and $160,000, respectively, of our revenues were attributable to origination fees on such loans.

Net income for the three month period ended September 30, 2016 was approximately $725,000 or $0.10 per basic and diluted share, versus net income of approximately $639,000 or $0.09 per basic and diluted share for the three month period ended September 30, 2015, an increase of $86,000 or 13.5%. This increase in net income was mainly due to an increase in operating income as a result of increased lending activity.

Total revenue for the nine month period ended September 30, 2016 was approximately $3,440,000 compared to approximately $2,855,000 for the nine month period ended September 30, 2015, an increase of $585,000, or 20.5%. The increase in revenue represents an increase in lending operations. For the nine month periods ended September 30, 2016 and 2015, revenues of approximately $2,849,000 and $2,392,000, respectively, were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $591,000 and $463,000, respectively, were attributable to origination fees on such loans.

Net income for the nine month period ended September 30, 2016 was approximately $2,130,000 or $0.29 per basic and diluted share, versus net income of approximately $1,645,000 or $0.25 per basic and diluted share for the same period in 2015, an increase of $485,000 or 29.5%. This increase in net income was mainly due to an increase in operating income as a result of increased lending activity.

As of September 30, 2016 total shareholders'' equity was approximately $23,125,000 compared to approximately $18,638,000 as of June 30, 2016 and approximately $17,743,000 as of December 31, 2015.

On August 15, 2016, we completed another public offering of 672,269 common shares. In addition, the underwriter fully exercised its over-allotment option for an additional 100,840 common shares. The gross proceeds from the offering, including the exercise of the over-allotment option, were approximately $4.6 million and the net proceeds were approximately $4.2 million, after deducting our underwriting discounts and commissions and offering expenses.

Assaf Ran, Chairman of the Board and CEO stated, "I am pleased with the results that we have reported for the quarter. In light of what I believe is presently a relatively risky and unstable real estate market climate, our challenge, more than ever, is to cherry-pick the safest lending opportunities. We have successfully achieved another record quarter on both revenue and net earnings while continuing our no-default track record."

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. We operate the web site:

This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial condition and results of operations and our business and growth strategies. These 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 (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) we have limited operating history as a REIT; (ii) our loan origination activities, revenues and profits are limited by available funds (iii)we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iv) our chief executive officer is critical to our business and our future success may depend on our ability to retain him; (v) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (vi) we may be subject to "lender liability" claims; (vii) our loan portfolio is illiquid; (viii) our due diligence may not uncover all of a borrower''s liabilities or other risks to its business; (ix) borrower concentration could lead to significant losses; (x) our management has no experience managing a REIT; and (xi) 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. The accompanying information contained in this report, including the information set forth under "Management''s Discussion and Analysis of Financial Condition and Results of Operations", identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.

Contact:


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



More information:
http://www.realwire.com/releases/UltraSoC-enhances-support-for-ARM-with-industry-first-AMBA-5-CHI-NoC-monitor http://www.canbedone.co.uk/ http://www.realwire.com/releases/InfiNet-Wireless-Brings-High-Speed-Internet-Connectivity http://www.canbedone.co.uk/



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Date: 10/26/2016 - 05:15
Language: English
News-ID 1465954
Character count: 4157
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Firma: Manhattan Bridge Capital, Inc.
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Stadt: LONG ISLAND, NY
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