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Manhattan Bridge Capital, Inc. Reports Third Quarter Financial Results

NEW YORK, Oct. 27, 2010 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that total revenues for the three month period ended September 30, 2010 were approximately $306,000 compared to approximately $289,000 for the three month period ended September 30, 2009, an increase of $17,000 or 5.9%. The increase in revenue represents an increase in lending operations. For the three month period ended September 30, 2010, $256,000 of our revenue represents interest income on the short term secured commercial loans that we offer to small businesses compared to $235,000 for the same period in 2009, and $51,000 represents origination fees on such loans compared to $54,000 for the same period in 2009.

Net income for the three month period ended September 30, 2010 was $0.02 per basic and diluted share (based on 3.324 million shares and 3.380 million shares, respectively), or $56,854, versus net income of $0.03 per basic and diluted share (based on 3.326 million shares and 3.334 million shares, respectively) or $83,593 for the three month period ended September 30, 2009. This decrease in net income was mainly due to an increase in operating costs and expenses primarily due to increase in payroll expenses and an increase in income tax expense, offset by an increase in revenues.

As of September 30, 2010 total shareholders' equity was $7,771,000 compared to $7,701,000 as of June 30, 2010 and $7,455,000 as of December 31, 2009.

Total revenues for the nine month period ended September 30, 2010 were approximately $913,000 compared to approximately $770,000 for the nine month period ended September 30, 2009, an increase of $143,000, or 18.6%. The increase in revenue represents an increase in lending operations. Revenue of approximately $752,000 for the nine month period ended September 30, 2010, compared to approximately $633,000 for the same period in 2009, represents interest income on the short term secured commercial loans that we offer to small businesses, and $161,000 represents origination fees on such loans compared to $137,000 for the same period in 2009.

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