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Manhattan Bridge Capital, Inc. Reports Second Quarter Results

NEW YORK, Aug. 3, 2010 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that total revenue for the three month period ended June 30, 2010 was approximately $315,000 compared to approximately $250,000 for the three month period ended June 30, 2009 an increase of 26%. For the three month period ended June 30, 2010, $260,000 of the Company's revenue represented interest income on the short term secured commercial loans that the Company offers to small businesses compared to $204,000 for the same period in 2009, and $55,000 represents origination fees on such loans compared to $46,000 for the same period in 2009. The increase in revenue represents an increase in lending operations.

Income from operations for the three month period ended June 30, 2010 was approximately $123,000 compared to approximately $78,000 for the same period ended June 30, 2009, an increase of 58%. This increase in income from operations resulted mainly from an increase in revenue from short term secured commercial loans of $65,000, offset by an increase in operating costs and expenses of $20,000.

Net income for the three month period ended June 30, 2010 was $0.05 per basic and diluted share (based on 3.324 million shares and 3.370 million shares, respectively), or $154,941, versus net income of $0.02 per basic and diluted share (based on 3.3 million shares) or $60,001 for the three month period ended June 30, 2009. This increase in net income was mainly due to an increase in income from operations and other income, offset by an increase in income tax expense and in operating costs and expenses.

Total revenue for the six month period ended June 30, 2010 was approximately $606,000 compared to approximately $482,000 for the six month period ended June 30, 2009 an increase of 26%. For the six month period ended June 30, 2010, $496,000 of the Company's revenue represented interest income on the short term secured commercial loans that the Company offers to small businesses compared to $398,000 for the same period in 2009, and $110,000 represents origination fees on such loans compared to $84,000 for the same period in 2009.

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