• Manhattan Bridge Capital, Inc. Reports Third Quarter 2023 Results

    Источник: Nasdaq GlobeNewswire / 24 окт 2023 06:05:00   America/Chicago

    GREAT NECK, N.Y., Oct. 24, 2023 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its net income for the three months ended September 30, 2023 was approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $1,237,000, or $0.11 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2022, an increase of $209,000, or 16.9%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense.

    Total revenues for the three months ended September 30, 2023 were approximately $2,434,000 compared to approximately $2,107,000 for the three months ended September 30, 2022, an increase of $327,000, or 15.5%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the three months ended September 30, 2023 and 2022, approximately $1,992,000 and $1,678,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offers to real estate investors, and approximately $441,000 and $429,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the nine months ended September 30, 2023 was approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), as compared to approximately $4,018,000, or $0.35 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2022, an increase of $110,000, or 2.7%. This increase is primarily attributable to an increase in interest income from loans, partially offset by an increase in interest expense.

    Total revenues for the nine months ended September 30, 2023 were approximately $7,231,000 compared to approximately $6,339,000 for the nine months ended September 30, 2022, an increase of $892,000, or 14.1%. The increase in revenues was due to higher interest rates charged on the Company’s commercial loans. For the nine months ended September 30, 2023 and 2022, revenues of approximately $5,889,000 and $4,934,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,342,000 and $1,405,000, respectively, of the Company’s revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    As of September 30, 2023, total stockholders' equity was approximately $42,944,000.

    On April 11, 2023, the Company’s Board of Directors authorized a share buy back program, pursuant to which the Company may, from time to time, purchase up to 100,000 of its common shares. This program does not obligate the Company to purchase any shares and expires on April 10, 2024. The authorization for the program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. As of September 30, 2023, the Company has purchased an aggregate of 37,860 common shares under this repurchase program, at an aggregate cost of approximately $186,000.

    Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “In the current real estate market condition, we are reaping the fruits of our disciplined and conservative underwriting practices as well as our extraordinary low leverage versus our peers. Due to the high interest rates environment, real estate markets are slower and heavier. Yet, we face less competition, so we have managed to remain active.”

    “I’d like to offer my sincere condolences to the families of the victims of the evil massacre of innocent Israeli citizens, including babies, children and women by the terror organization Hamas, and I pray for fast recovery of the wounded and the return of the over 200 hostages,” 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, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
     

     Assets    		September 30, 2023
    (unaudited)
    		 December 31, 2022
    (audited)
    Loans receivable$70,781,039  $74,483,463 
    Interest receivable on loans 1,349,374   1,363,502 
    Cash
    		 133,147   103,540 
    Other assets 100,030   59,566 
    Operating lease right-of-use asset, net 221,079   262,222 
    Deferred financing costs, net 30,765   7,708 
    Total assets$72,615,434  $76,280,001 


    Liabilities and Stockholders’ Equity     
    Liabilities:     
    Line of credit$21,433,094  $24,994,234 
    Senior secured notes (net of deferred financing costs of $190,842 and $247,155, respectively) 5,809,158   5,752,845 
    Deferred origination fees 670,295   669,128 
    Accounts payable and accrued expenses 236,186   289,868 
    Operating lease liability 233,978   273,485 
    Dividends payable 1,288,753   1,436,868 
    Total liabilities 29,671,464   33,416,428 

    Commitments and contingencies    		     
    Stockholders’ equity:     
    Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued ---   --- 
    Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,457,085 and 11,494,945 outstanding, respectively 11,757   11,757 
    Additional paid-in capital 45,545,609   45,535,811 
    Treasury stock, at cost – 299,973 and 262,113 shares, respectively (984,630)  (798,939)
    Accumulated deficit (1,628,766)   (1,885,056)
    Total stockholders’ equity 42,943,970   42,863,573 

    Total liabilities and stockholders’ equity    		$72,615,434  $76,280,001 


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)

     Three Months
    Ended September 30,    		Nine Months
    Ended September 30,
    		 
      2023  2022  2023  2022 

    Interest income from loans    		$1,992,495 $1,677,670 $5,888,843 $4,933,767 
    Origination fees 441,271  429,350  1,342,077  1,405,076 
    Total revenue 2,433,766  2,107,020  7,230,920  6,338,843 
           
    Operating costs and expenses:      
    Interest and amortization of deferred financing costs 614,389  496,718  1,856,079  1,204,954 
    Referral fees 361  625  1,652  3,945 
    General and administrative expenses 377,192  377,436  1,274,267  1,125,162 
    Total operating costs and expenses 991,942  874,779  3,131,998  2,334,061 
    Income from operations 1,441,824  1,232,241  4,098,922  4,004,782 
    Other income 4,500  4,500  29,380  13,500 
    Income before income tax expense 1,446,324  1,236,741  4,128,302  4,018,282 
    Income tax expense ---  ---  (650) (650)
    Net income$1,446,324 $1,236,741 $4,127,652 $4,017,632 
           
    Basic and diluted net income per common share outstanding:      
    --Basic$0.13 $0.11 $0.36 $0.35 
    --Diluted$0.13 $0.11 $0.36 $0.35 
           
    Weighted average number of common shares outstanding      
    --Basic 11,461,052  11,494,945  11,477,133  11,494,945 
    --Diluted 11,461,052  11,494,945  11,477,133  11,494,945 


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
    (unaudited)
     
    FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
     Common SharesAdditional Paid
    in Capital    		Treasury SharesAccumulated
    Deficit    		Totals
     SharesAmount SharesCost  
    Balance, July 1, 202311,757,058$11,757$45,542,343295,473$(963,745)$(1,786,337)$42,804,018
    Purchase of treasury shares   4,500(20,885) (20,885)
    Non-cash compensation  3,266   3,266
    Dividends declared and payable     (1,288,753)(1,288,753)
    Net income                                                                               1,446,3241,446,324
    Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970


    FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2022 
     Common SharesAdditional Paid
    in Capital    		Treasury SharesAccumulated
    Deficit    		Totals
     SharesAmount SharesCost  
    Balance, July 1, 202211,757,058$11,757$45,529,278262,113$(798,939)$(1,442,167)$43,299,929
    Non-cash compensation  3,266   3,266
    Dividends declared and payable     (1,436,868)(1,436,868)
    Net income                                                                               1,236,7411,236,741
    Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294) $43,103,068


    FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023
     Common SharesAdditional Paid
    in Capital    		Treasury SharesAccumulated
    Deficit    		Totals
     SharesAmount SharesCost  
    Balance, January 1, 202311,757,058$11,757$45,535,811262,113$(798,939)$(1,885,056)$42,863,573
    Purchase of treasury shares   37,860(185,691) (185,691)
    Non-cash compensation  9,798   9,798
    Dividends paid     (2,582,609)(2,582,609)
    Dividends declared and payable     (1,288,753)(1,288,753)
    Net income                                                                               4,127,6524,127,652
    Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$42,943,970


    FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022
     Common SharesAdditional Paid
    in Capital    		Treasury SharesAccumulated
    Deficit    		Totals
     SharesAmount SharesCost  
    Balance, January 1, 202211,757,058$11,757$45,522,746262,113$(798,939)$(1,349,322)$43,386,242
    Non-cash compensation  9,798   9,798
    Dividends paid     (2,873,736)(2,873,736)
    Dividends declared and payable     (1,436,868)(1,436,868)
    Net income                                                                                4,017,6324,017,632
    Balance, September 30, 202211,757,058$11,757$45,532,544262,113$(798,939)$(1,642,294)$43,103,068


    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)

      Nine Months
    Ended September 30, 
        2023    2022 
    Cash flows from operating activities:    
     Net income $4,127,652  $4,017,632 
     Adjustments to reconcile net income to net cash provided by operating activities -    
     Amortization of deferred financing costs  71,449   83,401 
     Adjustment to operating lease right-of-use asset and liability  1,636   3,274 
     Depreciation  3,001   1,598 
     Non-cash compensation expense  9,798   9,798 
     Changes in operating assets and liabilities:    
    Interest receivable on loans  14,128   (176,746)
    Other assets  (38,381)  (29,164)
    Accounts payable and accrued expenses  (53,682)  47,890 
    Deferred origination fees  1,167   61,645 
    Net cash provided by operating activities  4,136,768   4,019,328 
         
    Cash flows from investing activities:    
    Issuance of short term loans  (40,810,565)  (49,241,679)
    Collections received from loans  44,512,989   42,255,461 
    Purchase of fixed assets  (5,085)  (1,893)
    Net cash provided by (used in) investing activities  3,697,339   (6,988,111)
         
    Cash flows from financing activities:    
    (Repayment of) proceeds from line of credit, net  (3,561,140)  7,715,637 
    Dividends paid  (4,019,478)  (4,310,604)
    Purchase of treasury shares  (185,691)  --- 
    Deferred financing costs incurred  (38,191)  (35,819)
    Net cash (used in) provided by financing activities  (7,804,500)  3,369,214 
         
    Net increase in cash and restricted cash*  29,607   400,431 
    Cash and restricted cash*, beginning of year  103,540   142,546 
    Cash and restricted cash*, end of period $133,147  $542,977 
         
    Supplemental Cash Flow Information:    
    Taxes paid during the period $650  $650 
    Interest paid during the period $1,797,254  $1,036,338 
    Operating leases paid during the period $47,822  $47,703 
         
    Supplemental Information – Noncash Information:    
    Dividend declared and payable $1,288,753  $1,436,868 
             
    * At September 30, 2022, cash and restricted cash included $433,269 of restricted cash.
    		 
      

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

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