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NEW YORK, March 22, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN)
Manhattan Bridge Capital, Inc. announced today that total revenue for the year ended December 31, 2012 was $1,816,000 compared to $1,400,000 for the year ended December 31, 2011, an increase of $416,000 or 29.7%. The increase in revenue represents an increase in lending operations. In 2012, $1,476,000 of the Company's revenue represents interest income on secured, commercial loans that the Company offers to small businesses compared to $1,142,000 in 2011, and $340,000 represents origination fees on such loans compared to $259,000 in 2011.
Total operating costs and expenses for the year ended December 31, 2012 were $1,151,000 compared to $1,031,000 for the year ended December 31, 2011, an increase of $120,000 or 11.6%. This increase in operating costs and expenses is primarily attributable to an increase in interest and amortization of debt service costs of approximately $124,000, which is primarily attributable to the Company's receipt of short term loans and a line of credit in order to increase its ability to make loans.
Net income for the year ended December 31, 2012 was $0.09 per basic share and per diluted share (based on 4.320 million shares and 4.326 million shares, respectively), or $389,000, versus $0.07 per basic share and per diluted share (based on 3.634 million shares and 3.646 million shares, respectively), or $257,000 for the year ended December 31, 2011. This increase is primarily attributable to an increase in revenue, offset by increases in interest and amortization of debt service costs and in income tax expense.
As of December 31, 2012 total shareholders' equity was $8,479,000 compared to $8,088,000 as of December 31, 2011, an increase of $391,000.
Assaf Ran, Chairman of the Board and CEO, stated, "Our performance during the year 2012 reflects consistency of responsible growth in revenue as we are firmly keeping costs low in order to enhance net earnings. Once again, we have successfully avoided defaults."