GREAT NECK, N.Y., April 25, 2017 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced today that total revenue for the three month period ended March 31, 2017 was approximately $1,330,000 compared to approximately $1,105,000 for the three month period ended March 31, 2016, an increase of $225,000, or 20.4%. The increase in revenue represents an increase in lending operations. In 2017, approximately $1,106,000 of the Company's revenue represents interest income on secured, commercial loans that it offers to small businesses compared to approximately $914,000 for the same period in 2016, and approximately $223,000 represents origination fees on such loans compared to approximately $190,000 for the same period in 2016. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses.

Net income for the three month period ended March 31, 2017 was approximately $791,000, or $0.10 per basic and diluted share (based on approximately 8.1 million and 8.2 million weighted-average outstanding common shares, respectively), versus approximately $695,000, or $0.10 per basic and diluted share (based on approximately 7.3 million weighted-average outstanding common shares). This increase is primarily attributable to the increase in revenue, offset by an increase in operating expenses.

As of March 31, 2017, total stockholders' equity was approximately $23,108,000 compared to approximately $22,314,000 as of December 31, 2016, an increase of $794,000.

On March 14, 2017, the Company's Board of Directors authorized a common stock repurchase allowing the buyback of up to 100,000 shares of the company's common stock in market or off-market transactions at prevailing prices over the next twelve months. The manner, timing and number of shares purchased will be at the Company's discretion. As of March 31, 2017, the Company had not yet repurchased any shares.

Assaf Ran, Chairman of the Board and CEO, stated, "As we present another quarter of record high revenue and net earnings, the Company once again demonstrates strength, stability and, most importantly, responsibility. The numbers speak for themselves. As a CEO with unprecedented personal commitment and a major shareholder of the Company, I am proud of our achievements to date, and am determined to achieve continued success," 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

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES  
CONSOLIDATED BALANCE SHEETS  
   
Assets March 31, 2017 (unaudited)   December 31, 2016 (audited)  
Current assets:        
Cash and cash equivalents $ 120,659     $ 96,299    
Cash - restricted   202,061       ---    
Short term loans receivable   26,699,500       27,495,500    
Interest receivable on loans   385,166       346,519    
Other current assets   49,991       29,397    
Total current assets   27,457,377       27,967,715    
         
Long term loans receivable   8,504,820       7,259,820    
Property and equipment, net Security deposit   6,922 6,816       7,980 6,816    
Investment in privately held company   35,000       35,000    
Deferred financing costs   44,151       56,193    
Total assets $ 36,055,086     $ 35,333,524    
         
Liabilities and Stockholders' Equity        
Current liabilities:        
Line of credit $ 7,217,047     $ 6,482,848    
Accounts payable and accrued expenses   82,614       105,541    
Deferred origination fees   326,018       315,411    
Dividends payable   ---       813,503    
Total current liabilities   7,625,679       7,717,303    
Long term liabilities:        
Senior secured notes (net of deferred financing costs of $678,898 and $697,669, respectively)   5,321,102       5,302,331    
Total liabilities   12,946,781       13,019,634    
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; 8,312,036 issued; 8,135,036 outstanding   8,312       8,312    
Additional paid-in capital   23,137,279       23,134,013    
Treasury stock, at cost - 177,000   (369,335 )     (369,335 )  
Retained earnings (Accumulated deficit)   332,049       (459,100 )  
Total stockholders' equity   23,108,305       22,313,890    
Total liabilities and stockholders' equity $ 36,055,086     $ 35,333,524    

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 (unaudited)
 
  Three Months Ended March 31,
  2017 2016
     
Interest income from loans $ 1,106,180 $ 914,309  
Origination fees   223,425   190,281  
Total revenue   1,329,605   1,104,590  
Operating costs and expenses:    
Interest and amortization of deferred financing costs   231,582   179,550  
Referral fees   1,360   1,369  
General and administrative expenses   305,514   227,839  
Total operating costs and expenses   538,456   408,758  
     
Income from operations before income tax expense   791,149   695,832  
Income tax expense   ---   (508 )
Net income $ 791,149 $ 695,324  
     
Basic and diluted net income per common share outstanding:    
--Basic $ 0.10 $ 0.10  
--Diluted $ 0.10 $ 0.10  
     
Weighted average number of common shares outstanding:    
--Basic   8,135,036   7,264,039  
--Diluted   8,158,316   7,292,372  

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
    Three Months Ended March 31,
    2017   2016
         
Cash flows from operating activities:        
Net income   $ 791,149     $ 695,324  
Adjustments to reconcile net income to net cash provided by    operating activities -        
Amortization of deferred financing costs     30,813       12,041  
Depreciation     1,058       862  
Non cash compensation expense     3,266       3,397  
Changes in operating assets and liabilities:        
Interest receivable on loans     (38,647 )     17,764  
Other current and non current assets     (20,594 )     (16,063 )
Accounts payable and accrued expenses     (22,927 )     28,135  
Deferred origination fees     10,607       (30,424 )
Net cash provided by operating activities     754,725       711,036  
         
Cash flows from investing activities:        
Issuance of short term loans     (9,556,000 )     (5,913,500 )
Collections received from loans     9,107,000       7,808,990  
Purchase of fixed assets     ---       (1,038 )
Net cash (used in) provided by investing activities     (449,000 )     1,894,452  
         
Cash flows from financing activities:        
Proceeds from (repayment of) line of credit     734,199       (1,170,601 )
Cash restricted for reduction of line of credit     (202,061 )     (464,889 )
Repayment of short-term loan     ---       (235,000 )
Deferred financing costs     ---       (163,112 )
Dividend paid     (813,503 )     (617,443 )
Net cash used in financing activities     (281,365 )     (2,651,045 )
         
Net increase (decrease) in cash and cash equivalents     24,360       (45,557 )
Cash and cash equivalents, beginning of period     96,299       106,836  
Cash and cash equivalents, end of period   $ 120,659     $ 61,279  
         
Supplemental Cash Flow Information:        
Taxes paid during the period   $ ---     $ 508  
Interest paid during the period   $ 192,231     $ 176,799  

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