LONG ISLAND, N.Y., March 24, 2014 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that net income for the year ended December 31, 2013 was $0.14 per basic share and per diluted share (based on 4.269 million shares and 4.290 million shares, respectively), or approximately $583,000, versus $0.09 per basic share and per diluted share (based on 4.320 million shares and 4.326 million shares, respectively), or approximately $389,000 for the year ended December 31, 2012. This increase is primarily attributable to an increase in revenue, offset by increases in interest expense and in income tax expense.
Total revenue for the year ended December 31, 2013 was approximately $2,260,000 compared to approximately $1,816,000 for the year ended December 31, 2012, an increase of $444,000 or 24.4%. The increase in revenue represents an increase in lending operations. In 2013, approximately $1,858,000 of the Company's revenue represents interest income on secured, commercial loans that the Company offers to small businesses compared to approximately $1,476,000 in 2012, and approximately $402,000 represents origination fees on such loans compared to approximately $340,000 in 2012.
Total operating costs and expenses for the year ended December 31, 2013 were approximately $1,282,000 compared to approximately $1,151,000 for the year ended December 31, 2012, an increase of $131,000 or 11.4%. This increase in operating costs and expenses is primarily attributable to an increase in interest and amortization of debt service costs of approximately $162,000, which is primarily attributable to the Company's use of a line of credit in order to increase its ability to make loans.As of December 31, 2013 total shareholders' equity was approximately $8,893,000 compared to approximately $8,479,000 as of December 31, 2012, an increase of $414,000. Assaf Ran, Chairman of the Board and CEO, stated, "I'm pleased to report one more year of solid increase in revenue and net earning, simultaneously with no defaults. As the company's line of credit from Sterling National Bank was increased recently, I'm confident that we'll continue to grow in 2014 as well."
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