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Manhattan Bridge Capital, Inc. Reports First Quarter Results: 36.2% Increase In Revenue

Stocks in this article: LOAN

LONG ISLAND, N.Y., May 3, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN)

Total revenues for the three month period ended March 31, 2013 were approximately $534,000 compared to approximately $392,000 for the three month period ended March 31, 2012, an increase of $142,000 or 36.2%. The increase in revenue represents an increase in lending operations. In 2013, approximately $445,000 of our revenue represents interest income on secured, commercial loans that we offer to small businesses compared to approximately $308,000 for the same period in 2012, and approximately $90,000 represents origination fees on such loans compared to approximately $84,000 for the same period in 2012.

Income from operations for the three month period ended March 31, 2013 was approximately $258,000 compared to approximately $181,000 for the three month period ended March 31, 2012, an increase of $77,000 or 42.5%. This increase in income from operations is primarily attributable to an increase in revenue, offset by an increase in interest and amortization of debt service costs resulting from the Company's use of a line of credit in order to increase its ability to make loans.

Net income for the three month period ended March 31, 2013 was $0.04 per basic and diluted share (based on 4.283 million shares and 4.296 million shares, respectively), or approximately $173,000 versus net income of $0.03 per basic and diluted share (based on 4.324 million shares and 4.332 million shares, respectively) or approximately $115,000 for the three month period ended March 31, 2012, an increase of approximately $58,000.

As of March 31, 2013 total stockholders' equity was approximately $8,622,000 compared to approximately $8,479,000 as of December 31, 2012, an increase of $143,000.

Assaf Ran, Chairman of the Board and CEO, stated, "The first quarter results represent once again our constant and safe pattern of growth. During that period our line of credit increased to $5,000,000, an increase that will secure further growth."

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