LONG ISLAND, N.Y., July 27, 2017 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced today that its total revenue for the three month period ended June 30, 2017 was approximately $1,401,000 compared to approximately $1,166,000 for the three month period ended June 30, 2016, an increase of $235,000, or 20.2%. For the three month period ended June 30, 2017, approximately $1,189,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $974,000 for the same period in 2016, and approximately $212,000 represents origination fees on such loans compared to approximately $192,000 for the same period in 2016. The increase in revenue represents an increase in lending operations.

Net income for the three month period ended June 30, 2017 was approximately $840,000, or $0.10 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), as compared to approximately $710,000, or $0.10 per basic and diluted share (based on approximately 7.3 million weighted-average outstanding common shares) for the three month period ended June 30, 2016. This increase is primarily attributable to the increase in revenue, offset by an increase in operating expenses.

Total revenue for the six month period ended June 30, 2017 was approximately $2,731,000 compared to approximately $2,270,000 for the six month period ended June 30, 2016, an increase of $461,000, or 20.3%. For the six month period ended June 30, 2017, approximately $2,295,000 of the Company's revenue represents interest income on the secured, commercial loans that the Company offers to small businesses compared to approximately $1,888,000 for the same period in 2016, and approximately $436,000 represents origination fees on such loans compared to approximately $382,000 for the same period in 2016. The increase in revenue represents an increase in lending operations.

Net income for the six month period ended June 30, 2017 was approximately $1,631,000, or $0.20 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), as compared to approximately $1,405,000, or $0.19 per basic and diluted share (based on approximately 7.3 million weighted-average outstanding common shares) for the six month period ended June 30, 2016. This increase is primarily attributable to the increase in revenue, offset by an increase in operating expenses.           As of June 30, 2017, total shareholders' equity was approximately $22,966,000 compared to approximately $22,314,000 as of December 31, 2016, an increase of $652,000.

Effective July 7, 2017, the Company amended certain terms of the existing credit line agreement with Webster Business Credit Corporation, whereby Webster increased the Company's existing credit line from $14 million to $15 million, with an option, at the discretion of Webster, to further increase the credit line to $20 million. In addition, the credit line interest rate was reduced by 0.5%, and the term of the credit line was extended until February 28, 2022.

Assaf Ran, Chairman of the Board and CEO stated, "I'm pleased to present another good quarter and new record revenue and net earnings. Our goal is to continue with our responsible lending approach in order to continue to maintain a default free loan portfolio and track record. We've recently announced that our line of credit from our bank was increased, which we believe will allow us to keep growing the company in the future."

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

Forward Looking Statements

This press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate," or "continue" are intended to identify forward-looking statements. For example, when we state that we will continue to maintain a default free loan portfolio and track record and that we believe the increase in the Webster credit line will allow us to continue growing in the future we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. 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, including but not limited to the following: (i) we have limited operating history as a Real Estate Investment Trust ("REIT"); (ii) our loan origination activities, revenues and profits are limited by available funds; (iii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iv) our chief executive officer is critical to our business and our future success may depend on our ability to retain him; (v) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (vi) we may be subject to "lender liability" claims; (vii) our loan portfolio is illiquid; (viii) our due diligence may not uncover all of a borrower's liabilities or other risks to its business; (ix) borrower concentration could lead to significant losses; (x) our management has limited experience managing a REIT; and (xi) 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 risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS  
           
  June 30, 2017 (unaudited)     December 31, 2016 (audited)  
Assets                  
Loans receivable $ 41,241,820       $ 34,755,320    
Interest receivable on loans   457,118         346,519    
Cash and cash equivalents   125,030         96,299    
Deferred financing costs   32,110         56,193    
Investment in privately held company   25,000         35,000    
Other assets   78,783         44,193    
Total assets $ 41,959,861       $ 35,333,524    
                   
Liabilities and Stockholders' Equity                  
Liabilities:      
Line of credit $ 13,165,999     $ 6,482,848    
Senior secured notes (net of deferred financing costs of $660,127 and $697,669, respectively)   5,339,873       5,302,331    
Deferred origination fees   361,523       315,411    
Accounts payable and accrued expenses   101,488       105,541    
Other liabilities   25,000       ---    
Dividends payable   ---       813,503    
Total liabilities   18,993,883       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; 8,101,934 and 8,135,036 outstanding, respectively    8,312        8,312    
Additional paid-in capital   23,140,546       23,134,013    
Treasury stock, at cost - 210,102 and 177,000   (541,491 )     (369,335 )  
Retained earnings (Accumulated deficit)   358,611       (459,100 )  
Total stockholders' equity   22,965,978       22,313,890    
Total liabilities and stockholders' equity $ 41,959,861     $ 35,333,524    

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 
  Three Months Ended June 30, Six Months Ended June 30,
  2017  2016 2017 2016
Interest income from loans $ 1,188,567   $ 973,934   $ 2,294,748   $ 1,888,243  
Origination fees   212,334     191,959     435,759     382,240  
Total Revenue   1,400,901     1,165,893     2,730,507     2,270,483  
         
Operating costs and expenses:        
Interest and amortization of debt service costs   277,651     208,750     509,233     388,300  
Referral fees   841     1,894     2,201     3,262  
General and administrative expenses   270,471     233,545     575,986     461,385  
Total operating costs and expenses   548,963     444,189     1,087,420     852,947  
Income from operations   851,938     721,704     1,643,087     1,417,536  
Loss on write-down of investment in privately held company   (10,000 )   (10,000 )   (10,000 )   (10,000 )
Income before income tax expense   841,938     711,704     1,633,087     1,407,536  
Income tax expense   (1,872 )   (1,639 )   (1,872 )   (2,146 )
Net income $ 840,066   $ 710,065   $ 1,631,215   $ 1,405,390  
         
Basic and diluted net income per common share outstanding:        
--Basic $ 0.10   $ 0.10   $ 0.20   $ 0.19  
--Diluted $ 0.10   $ 0.10   $ 0.20   $ 0.19  
         
Weighted average number of common shares outstanding        
--Basic   8,119,052     7,279,332     8,127,000     7,271,685  
--Diluted   8,131,752     7,307,710     8,142,157     7,298,185  

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 
    Six Months Ended June 30,
    2017   2016
Cash flows from operating activities:        
Net Income   $ 1,631,215     $ 1,405,390  
Adjustments to reconcile net income to net cash provided by operating activities -        
Amortization of deferred financing costs     61,625       39,433  
Depreciation     2,186       1,778  
Non cash compensation expense     6,532       6,794  
Loss on write-down of investment in privately held company     10,000       10,000  
Changes in operating assets and liabilities:        
Interest receivable on loans     (110,599 )     82,207  
Other assets     (35,109 )     (26,730 )
Accounts payable and accrued expenses     (4,053 )     (10,057 )
Deferred origination fees     46,112       31,729  
Other liabilities     25,000       ---  
Net cash provided by operating activities     1,632,909       1,540,544  
         
Cash flows from investing activities:        
Issuance of short term loans     (20,599,500 )     (14,869,500 )
Collections received from loans     14,113,000       13,639,670  
Purchase of fixed assets     (1,666 )     (1,499 )
Net cash used in investing activities     (6,488,166 )     (1,231,329 )
         
Cash flows from financing activities:        
Proceeds from (Repayments of) lines of credit, net     6,683,151       (2,351,510 )
Dividend paid     (1,627,007 )     (1,235,503 )
Purchase of treasury shares     (172,156 )     ---  
Repayments of short-term loans, net     ---       (1,095,620 )
Cash restricted for reduction of line of credit     ---       (1,408,592 )
Amount collected payable to joint venture partners     ---       378,875  
Proceeds from public offering, net     ---       5,323,336  
Proceeds from exercise of stock options and warrants     ---       100,463  
Net cash provided by (used in) financing activities     4,883,988       (288,551 )
         
Net increase in cash and cash equivalents     28,731       20,664  
Cash and cash equivalents, beginning of year     96,299       106,836  
Cash and cash equivalents, end of period   $ 125,030     $ 127,500  
         
Supplemental Cash Flow Information:        
Taxes paid during the period   $ 1,872     $ 1,948  
Interest paid during the period   $ 415,273     $ 348,443  

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