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Manhattan Bridge Capital, Inc. Doubles Net Earnings

Stocks in this article: LOAN

LONG ISLAND, N.Y., July 31, 2013 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN)

Manhattan Bridge Capital, Inc. announced today that its total revenue for the three month period ended June 30, 2013 was approximately $554,000 compared to approximately $415,000 for the three month period ended June 30, 2012, an increase of $139,000 or 33.5%. For the three month period ended June 30, 2013, approximately $448,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $332,000 for the same period in 2012, and approximately $106,000 represents origination fees on such loans compared to approximately $82,000 for the same period in 2012. The increase in revenue represents an increase in lending operations.

Income from operations for the three month period ended June 30, 2013 was approximately $247,000 compared to approximately $158,000 for the same period ended June 30, 2012, an increase of $89,000 or 56.3%. This increase in income from operations resulted mainly from an increase in revenue, offset by an increase in interest and amortization of debt service costs.

Net income for the three month period ended June 30, 2013 was $0.04 per basic and diluted share (based on 4.275 million shares and 4.289 million shares), or $158,000, versus net income of $0.02 per basic and diluted share (based on 4.324 million shares and 4.331 million shares) or $80,000 for the three month period ended June 30, 2012. This increase in net income is mainly due to an increase in income from operations, offset by an increase in income tax expense.

Total revenue for the six month period ended June 30, 2013 was approximately $1,088,000 compared to approximately $806,000 for the six month period ended June 30, 2012, an increase of $282,000 or 35%. For the six month period ended June 30, 2013, approximately $892,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $640,000 for the same period in 2012, and approximately $196,000 represents origination fees on such loans compared to approximately $166,000 for the same period in 2012. The increase in revenue represents an increase in lending operations.

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