LONG ISLAND, N.Y., July 31, 2015 (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, 2015 was approximately $912,000 compared to approximately $630,000 for the three month period ended June 30, 2014, an increase of $282,000, or 44.8%. For the three month period ended June 30, 2015, approximately $764,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $518,000 for the same period in 2014, and approximately $148,000 represents origination fees on such loans compared to approximately $112,000 for the same period in 2014. The increase in revenue represents an increase in lending operations.

Income from operations for the three month period ended June 30, 2015 was approximately $545,000 compared to approximately $331,000 for the same period ended June 30, 2014, an increase of $214,000 or 64.7%. This increase in income from operations resulted mainly from an increase in revenue, offset by increases in interest and amortization of debt service costs resulting from the Company's establishment and use of its three-year $14 million Webster Credit Line, and in public relations, payroll and travel expenses.

Net income for the three month period ended June 30, 2015 was approximately $530,000, versus approximately $421,000 for same period in 2014, an increase of $109,000 or 25.9%. This increase in net income is mainly due to an increase in income from operations. Net income per share for the three month period ended June 30, 2015 was $0.08, versus $0.10 for the same period in  2014. This decrease mainly resulted from the Company's sale of equity securities during the second quarter. The Company had only begun to realize the significant benefit from the deployment of the proceeds during the third quarter.

Total revenue for the six month period ended June 30, 2015 was approximately $1,824,000 compared to approximately $1,239,000 for the six month period ended June 30, 2014, an increase of $585,000, or 47.2%. For the six month period ended June 30, 2015, approximately $1,521,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $1,025,000 for the same period in 2014, and approximately $303,000 represents origination fees on such loans compared to approximately $214,000 for the same period in 2014. The increase in revenue represents an increase in lending operations.

Income from operations for the six month period ended June 30, 2015 was approximately $1,021,000 compared to approximately $647,000 for the same period ended June 30, 2014, an increase of $374,000 or 57.8%. This increase in income from operations resulted mainly from an increase in revenue, offset by increases in interest and amortization of debt service costs, and in payroll, public relations and consulting expenses, and a special bonus to officers for establishing a three-year $14 million revolving line of credit with Webster Business Credit Corporation.

Net income for the six month period ended June 30, 2015 was approximately $1,006,000, versus approximately $629,000 for the same period in 2014, an increase of $377,000 or 59.9%. This increase in net income is mainly due to an increase in income from operations. Net income per share for the six month period ended June 30, 2015 was $0.16, versus $0.15 for the same period in 2014.           As of June 30, 2015 total shareholders' equity was approximately $18,184,000 compared to approximately $13,866,000 as of December 31, 2014, an increase of $4,318,000.

The Company completed a public offering of 1,015,000 common shares on May 29, 2015, and the underwriter partially exercised its over-allotment option for an additional 105,000 common shares in June 2015. The gross proceeds from the offering, including the partial exercise of the over-allotment option, were approximately $4.9 million and the net proceeds were approximately $4.3 million, after deducting our underwriting discounts and commissions and offering expenses. 

Assaf Ran, Chairman of the Board and CEO stated, "During the second quarter, we managed to continue growing the Company responsibly and constantly. The successful public offering that was completed at the end of the quarter resulted in an increase in the number of outstanding shares while the Company had only begun to realize the significant benefit from the deployment of the proceeds of the offering during the third quarter. This factor resulted in the decrease in EPS even though net income was significantly higher than the correspond quarter of 2014," added Mr. Ran.

About Manhattan Bridge Capital, Inc. Manhattan Bridge Capital, Inc. offers short-term secured, non-banking loans (sometimes referred to as ''hard money'' loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area. We operate the web site: http://www.manhattanbridgecapital.com

This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions.  Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial condition and results of operations and our business and growth strategies.  These forward-looking statements are not guarantees of future performance and involve risks and uncertainties.  Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i)we may not qualify as a REIT; (ii) we have no operating history as a REIT;(iii) our loan origination activities, revenues and profits are limited by available funds (iv)we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (v) our chief executive officer is critical to our business and our future success may depend on our ability to retain him; (vi) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (vii) we may be subject to "lender liability" claims; (viii) our loan portfolio is illiquid; (ix) our due diligence may not uncover all of a borrower's liabilities or other risks to its business; (x) borrower concentration could lead to significant losses; (xi) our management has no experience managing a REIT; and (xii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive.   The accompanying information contained in this report, including the information set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations", identifies important factors that could cause such differences.  These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements.  We undertake no obligation to update or revise any forward-looking statements.  All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS
Assets June 30, 2015 (unaudited) December 31, 2014 (audited)
Current assets:     
Cash and cash equivalents $ 45,361   $  47,676  
Short term loans receivable   14,838,708     19,138,426  
 Interest receivable on loans   313,658     213,766  
Other current assets   67,981     26,995  
Total current assets   15,265,708     19,426,863  
     
Long term loans receivable   11,068,550     4,894,050  
Property and equipment, net   16,572     19,088  
Security deposit   6,816     6,816  
Investment in privately held company   50,000     65,000  
Deferred financing costs   128,440     32,500  
             
Total assets $  26,536,086   $  24,444,317  

Liabilities and Stockholders' Equity
Current liabilities:    
Short term loans $    1,095,620   $    2,469,465  
Line of credit   6,993,611     7,700,000  
Accounts payable and accrued expenses   87,013     163,622  
Deferred origination fees   175,448     244,776  
Total liabilities, all current   8,351,692     10,577,863  
     
Commitments and contingencies    
Stockholders' equity:    
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued   ---     ---  
Common shares - $.001 par value; 25,000,000 authorized; 7,394,489 and 6,260,689 issued; 7,217,489 and 6,083,689 outstanding    7,394     6,260  
Additional paid-in capital   18,400,776     14,116,183  
Treasury stock, at cost - 177,000   (369,335 )   (369,335 )
Retained earnings   145,559     113,346  
Total stockholders' equity   18,184,394     13,866,454  
 Total liabilities and stockholders' equity $  26,536,086   $ 24,444,317  

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
  Three Months Ended June 30, Six Months Ended June 30,
    2015     2014     2015     2014  
  Interest income from loans $  764,329   $    518,065   $   1,521,079   $   1,025,436  
Origination fees   147,625       112,017     302,636     213,556  
  Total Revenue   911,954       630,082       1,823,715       1,238,992  
         
Operating costs and expenses:        
Interest and amortization of debt service costs   150,721        122,906     333,777     239,329  
Referral fees   1,115     275     2,312     384  
General and administrative expenses   214,679       175,812     466,591     351,808  
  Total operating costs and expenses   366,515     298,993        802,680        591,521  
         
Income from operations   545,439     331,089     1,021,035     647,471  
Other income   ---         6,887     ---       13,774  
Loss on write-down of investment in privately held company   (15,000 )   ---     (15,000 )   ---  
Income before income tax benefit (expense)   530,439     337,976     1,006,035       661,245  
Income tax benefit (expense)   ---     83,000     ---       (32,000 )
Net income $ 530,439   $     420,976   $   1,006,035   $    629,245  
         
Basic and diluted net income per common share outstanding:        
--Basic $ 0.08   $     0.10   $      0.16   $      0.15  
--Diluted $ 0.08   $     0.10   $     0.16   $     0.15  
         
Weighted average number of common shares outstanding        
--Basic   6,470,905     4,283,805     6,280,278     4,270,074  
--Diluted   6,507,384     4,323,026     6,314,909     4,303,742  

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
    Six Months Ended June 30,
       2015        2014  
Cash flows from operating activities:        
Net Income   $   1,006,035     $ 629,245  
Adjustments to reconcile net income to net cash provided by operating activities -        
Amortization of deferred financing costs     15,460       ---  
Depreciation     3,200       ---  
Non cash compensation expense     6,832       6,832  
Loss on write-down of investment in privately held company     15,000       ---  
Changes in operating assets and liabilities:        
Interest receivable on loans     (99,892 )     (28,762 )
Other current and non current assets     (40,987 )     (31,888 )
Accounts payable and accrued expenses     (76,609 )     (7,651 )
Deferred origination fees     (69,327 )     42,873  
Income taxes payable     ---       (242,995 )
Net cash provided by operating activities     759,712       367,654  
         
Cash flows from investing activities:        
Issuance of short term loans     (8,825,000 )     (9,764,000 )
Collections received from loans     6,950,218       7,537,983  
Purchase of fixed assets     (684 )     ---  
Net cash used in investing activities       (1,875,466 )       (2,226,017 )
         
Cash flows from financing activities:        
(Repayments of) proceeds from loans and lines of credit, net     (2,080,234 )     1,250,000  
Deferred financing costs     (111,400 )     ---  
Capital raising costs     ---       (204,429 )
Proceeds from public offering, net     4,254,527       ---  
Proceeds from exercise of stock options and warrants     24,368       55,230  
Dividend paid     (973,822 )     (127,966 )
Net cash provided by financing activities     1,113,439       972,835  
         
Net decrease in cash and cash equivalents       (2,315 )       (885,528 )
Cash and cash equivalents, beginning of period     47,676       1,021,023  
Cash and cash equivalents, end of period   $     45,361     $     135,495  
         
Supplemental Cash Flow Information:        
Taxes paid during the period   $ ---     $ 274,995  
Interest paid during the period   $    318,317     $ 239,329  

 
Contact:Assaf Ran, CEOVanessa Kao, CFO(516) 444-3400SOURCE: Manhattan Bridge Capital, Inc.