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Manhattan Bridge Capital, Inc. Reports Fiscal Year 2010 Further Increase In Revenue And Earnings

Stocks in this article: LOAN

NEW YORK, March 16, 2011 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that total revenues for the year ended December 31, 2010 were approximately $1,210,000 compared to approximately $1,039,000 for the year ended December 31, 2009, an increase of $171,000 or 16.4%. The increase in revenue represents an increase in lending operations. For the year ended December 31, 2010, $994,000 of our revenue represents interest income on the short term secured commercial loans that we offer to small businesses compared to $840,000 in 2009 and $216,000 represents origination fees on such loans compared to $199,000 in 2009.

Total operating costs and expenses for the year ended December 31, 2010 were $824,000 compared to $673,000 for the year ended December 31, 2009, an increase of $151,000 or 22.4%. This increase in operating costs and expenses is primarily attributable to an increase in payroll expenses of approximately $88,000, an increase in interest expense of approximately $29,000 and an increase of $20,000 in legal expenses.

Net income for the year ended December 31, 2010 was $0.10 per basic share and $0.09 per diluted share (based on 3.324 million shares and 3.372 million shares, respectively), or $319,000, versus $0.07 per basic and diluted share (based on 3.326 million shares and 3.330 million shares, respectively) or $236,000 for the year ended December 31, 2009. This increase is primarily attributable to an increase in revenue and other income, offset by an increase in operating costs and expenses and an increase in income tax expense.

As of December 31, 2010 total shareholders' equity was $7,763,000 compared to $7,455,000 as of December 31, 2009, an increase of $308,000.

Assaf Ran, Chairman of the Board and CEO stated, "I am pleased with our achievements for the year 2010, although we experienced a temporary slow down in the fourth quarter due to a significant amount of payoffs. These proceeds were redeployed by the end of the quarter and the beginning of the first quarter of 2011, and therefore the Company is back on a growth track."

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