LONG ISLAND, N.Y., Oct. 29, 2015 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NASDAQ:LOAN)

Manhattan Bridge Capital, Inc. announced today that total revenues for the three month period ended September 30, 2015 were approximately $1,032,000 compared to approximately $766,000 for the three month period ended September 30, 2014, an increase of $266,000, or 34.7%. The increase in revenue represents an increase in lending operations. For the three month periods ended September 30, 2015 and 2014, approximately $871,000 and $632,000, respectively, of our revenues were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $160,000 and $134,000, respectively, of our revenues were attributable to origination fees on such loans.

Net income for the three month period ended September 30, 2015 was approximately $639,000 or $0.09 per share, versus net income of approximately $429,000 or $0.08 per for the three month period ended September 30, 2014, an increase of $210,000 or 49.0%. This increase in net income was mainly due to an increase in operating income as a result of increased lending activity.

Total revenues for the nine month period ended September 30, 2015 were approximately $2,855,000 compared to approximately $2,005,000 for the nine month period ended September 30, 2014, an increase of $850,000, or 42.4%. The increase in revenue represents an increase in lending operations. For the nine month periods ended September 30, 2015 and 2014, revenues of approximately $2,392,000 and $1,657,000, respectively, were attributable to interest income on the secured commercial loans that we offer to small businesses, and approximately $463,000 and $348,000, respectively, were attributable to origination fees on such loans.

Net income for the nine month period ended September 30, 2015 was approximately $1,645,000 or $0.25 per basic and diluted share, versus net income of approximately $1,058,000 or $0.23 per basic share and $0.22 per diluted share for the same period in 2014, an increase of $587,000 or 55.5%. This increase in net income was mainly due to an increase in operating income as a result of increased lending activity.

As of September 30, 2015 total shareholders' equity was approximately $18,241,000 compared to approximately $18,184,000 as of June 30, 2015 and approximately 13,866,000 as of December 31, 2014.

We currently satisfy all of the requirements to be taxed as a REIT and elected to be taxed as a REIT commencing with our taxable year ended December 31, 2014. As a REIT, we are required to distribute at least 90% of our taxable income to our shareholders on an annual basis.

Assaf Ran, Chairman of the Board and CEO stated, "During the third quarter we have managed to responsibly continue our constant growth in accordance with our expectations. The numbers speak for themselves, as our plan works. The goal is to continue underwriting good loans to good borrowers while maintaining a safe equity to leverage ratio," 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
 
  September 30, 2015 December 31, 2014
Assets (unaudited) (audited)
Current assets:    
Cash and cash equivalents $   61,144   $   47,676  
Short term loans receivable   15,633,990     19,138,426  
Interest receivable on loans   322,582     213,766  
Other current assets   54,370     26,995  
Total current assets   16,072,086     19,426,863  
     
Long term loans receivable   13,510,050     4,894,050  
Property and equipment, net   17,636     19,088  
Security deposit   6,816     6,816  
Investment in privately held company   50,000     65,000  
Deferred financing costs   116,399     32,500  
             
Total assets $  29,772,987   $ 24,444,317  
     
Liabilities and Stockholders ' Equity    
Current liabilities:    
Short term loans $   1,095,620   $   2,469,465  
Line of credit   10,098,083     7,700,000  
Accounts payable and accrued expenses   89,591     163,622  
Deferred origination fees   249,135     244,776  
Total liabilities, all current   11,532,429     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; 7,401,489 and 6,260,689 issued; 7,224,489 and 6,083,689 outstanding   7,401       6,260  
Additional paid-in capital   18,395,326     14,116,183  
Treasury stock, at cost - 177,000   (369,335 )   (369,335 )
Retained earnings   207,166     113,346  
Total stockholders' equity   18,240,558     13,866,454  
             
Total liabilities and stockholders' equity $ 29,772,987   $  24,444,317  

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
  Three Months Ended September 30 , Nine Months Ended September 30 ,
    2015     2014     2015     2014  
                         
Interest income from loans $  871,250   $   631,640   $ 2,392,329   $ 1,657,076  
Origination fees   160,456     134,080     463,092     347,637  
Total Revenue   1,031,706     765,720     2,855,421     2,004,713  
         
Operating costs and expenses:        
Interest and amortization of debt service costs   159,875     144,392     493,652     383,721  
Referral fees   948     665     3,260     1,049  
General and administrative expenses   229,873     202,822     696,464     554,631  
Total operating costs and expenses   390,696     347,879     1,193,376     939,401  
Income from operations   641,010     417,841     1,662,045     1,065,312  
Other income   ---       6,887     ---     20,661  
Loss on write-down of investment in privately held company   ---     ---     (15,000 )   ---  
Income before income tax (expense) benefit   641,010     424,728     1,647,045      1,085,973  
Income tax (expense) benefit   (2,005 )   4,291     (2,005 )   (27,709 )
                         
Net Income $   639,005   $   429,019   $   1,645,040   $   1,058,264  
         
Basic and diluted net income per common share outstanding:        
--Basic $   0.09   $    0.08   $       0.25   $     0.23  
--Diluted $   0.09   $   0.08   $       0.25   $     0.22  
         
Weighted average number of common shares outstanding        
--Basic      7,223,043        5,487,494        6,597,987        4,680,340  
--Diluted      7,263,017        5,526,798        6,637,755        4,727,966  

    
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
    Nine Months Ended September 30,
       2015        2014  
Cash flows from operating activities:        
Net Income   $   1,645,040     $   1,058,264  
Adjustments to reconcile net income to net cash provided by operating activities -        
Amortization of deferred financing costs     27,501       ---  
Depreciation     4,926       ---  
Non cash compensation expense     10,248       17,799  
Loss on write-down of investment in privately held company     15,000       ---  
Changes in operating assets and liabilities:        
Interest receivable on loans     (108,815 )     (21,850 )
Other current and non current assets     (27,377 )     (33,357 )
Accounts payable and accrued expenses     (74,031 )     (14,409 )
Deferred origination fees       4,360         149,550  
Income taxes payable     ---       (373,219 )
Net cash provided by operating activities     1,496,852       782,778  
         
Cash flows from investing activities:        
Issuance of short term loans     (15,346,500 )     (18,827,000 )
Collections received from loans     10,234,936       10,518,616  
Purchase of fixed assets     (3,474 )     ---  
Net cash used in investing activities     (5,115,038 )     (8,308,384 )
         
Cash flows from financing activities:        
Proceeds from loans and line of credit, net     1,024,238       2,650,000  
Proceeds from public offering, net     4,237,199       4,288,765  
Deferred financing costs     (111,400 )     ---  
Proceeds from exercise of stock options and warrants     32,838       55,230  
Dividends paid     (1,551,221 )     (429,329 )
Net cash provided by financing activities     3,631,654       6,564,666  
         
Net increase (decrease) in cash and cash equivalents       13,468         (960,940 )
Cash and cash equivalents, beginning of period     47,676       1,021,023  
Cash and cash equivalents, end of period   $     61,144     $     60,083  
         
Supplemental Cash Flow Information:        
Taxes paid during the period   $   29     $   415,928  
Interest paid during the period   $   423,650     $   383,721  

  
Contact:Assaf Ran, CEOVanessa Kao, CFO(516) 444-3400