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WKN: A0Q67J | ISIN: US5628031065 | Ticker-Symbol:
NASDAQ
11.10.24
17:12 Uhr
5,270 US-Dollar
+0,020
+0,38 %
1-Jahres-Chart
MANHATTAN BRIDGE CAPITAL INC Chart 1 Jahr
5-Tage-Chart
MANHATTAN BRIDGE CAPITAL INC 5-Tage-Chart
GlobeNewswire (Europe)
347 Leser
Artikel bewerten:
(1)

Manhattan Bridge Capital, Inc. Reports Third Quarter 2023 Results

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 income1,446,3241,446,324
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 income1,236,7411,236,741
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 income4,127,6524,127,652
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.
 
© 2023 GlobeNewswire (Europe)
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