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WKN: A0Q67J | ISIN: US5628031065 | Ticker-Symbol:
NASDAQ
10.12.24
22:00 Uhr
5,550 US-Dollar
0,000
0,00 %
1-Jahres-Chart
MANHATTAN BRIDGE CAPITAL INC Chart 1 Jahr
5-Tage-Chart
MANHATTAN BRIDGE CAPITAL INC 5-Tage-Chart
GlobeNewswire (Europe)
95 Leser
Artikel bewerten:
(0)

Manhattan Bridge Capital, Inc. Reports Third Quarter 2024 Results

Finanznachrichten News

GREAT NECK, N.Y., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the "Company") announced today that its net income for the three months ended September 30, 2024 was approximately $1,399,000, or $0.12 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $1,446,000, or $0.13 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares), for the three months ended September 30, 2023, a decrease of $47,000, or 3.3%. This decrease is primarily attributable to a decrease in revenue, partially offset by a decrease in interest expense.

Total revenues for the three months ended September 30, 2024 were approximately $2,313,000 compared to approximately $2,434,000 for the three months ended September 30, 2023, a decrease of $121,000 or 5.0%. The decrease in revenue was due to a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations, partially offset by higher interest rates charged on the Company's commercial loans. For the three months ended September 30, 2024 and 2023, approximately $1,953,000 and $1,992,000, 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 $360,000 and $441,000, 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, 2024 was approximately $4,285,000, or $0.37 per basic and diluted share (based on approximately 11.4 million weighted-average outstanding common shares), as compared to approximately $4,128,000, or $0.36 per basic and diluted share (based on approximately 11.5 million weighted-average outstanding common shares) for the nine months ended September 30, 2023, an increase of $157,000, or 3.8%. This increase is primarily attributable to an increase in interest income from loans, partially offset by a decrease in origination fees.

Total revenues for the nine months ended September 30, 2024 were approximately $7,330,000 compared to approximately $7,231,000 for the nine months ended September 30, 2023, an increase of $99,000, or 1.4%. The increase in revenue was due to higher interest rates charged on the Company's commercial loans, partially offset by a reduction in loans receivable, period over period, and reduced origination fees, which were impacted by a slowdown in new loan originations. For the nine months ended September 30, 2024 and 2023, revenues of approximately $6,128,000 and $5,889,000, respectively, were attributable to interest income on the secured commercial loans that the Company offers to real estate investors, and approximately $1,201,000 and $1,342,000, 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, 2024, total stockholders' equity was approximately $43,271,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, "The recent 0.5% reduction of interest rate regenerated optimism among real estate investors. The burden of high interest started to take its toll on many of them and the pace of new deals during the third quarter declined. Therefore, we experienced a decline in initiation fees. Yet, since we have more deals in the pipeline, I hope to return to the previous pace soon."

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.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Because such statements deal with future events and are based on Manhattan Bridge Capital's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of the Company could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding future deals pipeline and the return to previous deal pace. The forward-looking statements contained or implied in this press release are subject to risks and uncertainties, including the risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC and in subsequent filings with the SEC. Except as otherwise required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date they were made, whether as a result of new information, future events or circumstances or otherwise.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

Assets
September 30, 2024
(unaudited)
December 31, 2023
(audited)
Loans receivable$68,711,438 $73,048,403
Interest and other fees receivable on loans 1,536,643 1,395,905
Cash
167,863 104,222
Cash - restricted --- 1,587,773
Other assets 99,180 63,636
Right-of-use asset - operating lease, net 167,243 207,364
Deferred financing costs, net 19,636 27,583
Total assets$70,702,003 $76,434,886


Liabilities and Stockholders' Equity

Liabilities:
Line of credit$19,170,268 $25,152,338
Senior secured notes (net of deferred financing costs of $115,756 and $172,069, respectively) 5,884,244 5,827,931
Deferred origination fees 618,812 719,019
Accounts payable and accrued expenses 211,786 295,292
Operating lease liability 180,529 220,527
Loan holdback 50,000 ---
Dividends payable 1,315,445 1,287,073
Total liabilities 27,431,084 33,502,180

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; 11,438,651 and 11,440,651 outstanding, respectively 11,757 11,757
Additional paid-in capital 45,558,674 45,548,876
Less: Treasury stock, at cost - 318,407 and 316,407 shares, respectively (1,070,406) (1,060,606)
Accumulated deficit (1,229,106) (1,567,321)
Total stockholders' equity 43,270,919 42,932,706
Total liabilities and stockholders' equity$70,702,003 $76,434,886
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months
Ended September 30,
Nine Months
Ended September 30,
2024202320242023
Revenue:
Interest income from loans
$1,952,957$1,992,495$6,128,131 $5,888,843
Origination fees 360,376 441,271 1,201,494 1,342,077
Total revenue 2,313,333 2,433,766 7,329,625 7,230,920
Operating costs and expenses:
Interest and amortization of deferred financing costs 537,218 614,389 1,831,037 1,856,079
Referral fees 847 361 1,847 1,652
General and administrative expenses 380,482 377,192 1,225,041 1,274,267
Total operating costs and expenses 918,547 991,942 3,057,925 3,131,998
Income from operations 1,394,786 1,441,824 4,271,700 4,098,922
Other income 4,500 4,500 13,500 29,380
Income before income tax expense 1,399,286 1,446,324 4,285,200 4,128,302
Income tax expense --- --- (650) (650)
Net income$1,399,286$1,446,324$4,284,550 $4,127,652
Basic and diluted net income per common share outstanding:
--Basic$0.12$0.13$ 0.37 $0.36
--Diluted$0.12$0.13$0.37 $0.36
Weighted average number of common shares outstanding
--Basic 11,438,651 11,461,052 11,438,658 11,477,133
--Diluted 11,438,651 11,461,052 11,438,658 11,477,133

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024

Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals
SharesAmount SharesCost
Balance, July 1, 202411,757,058$11,757$45,555,408318,407$(1,070,406)$(1,312,947)$43,183,812
Non-cash compensation 3,266 3,266
Dividends declared and payable (1,315,445) (1,315,445)
Net income 1,399,286 1,399,286
Balance, September 30, 202411,757,058$11,757$45,558,674318,407$(1,070,406)$(1,229,106)$ 43,270,919

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023

Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals
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 1,446,324 1,446,324
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, 2024

Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals
SharesAmount SharesCost
Balance, January 1, 202411,757,058$11,757$45,548,876316,407$(1,060,606)$(1,567,321)$ 42,932,706
Purchase of treasury shares 2,000 (9,800) (9,800)
Non-cash compensation 9,798 9,798
Dividends paid (2,630,890) (2,630,890)
Dividends declared and payable (1,315,445) (1,315,445)
Net income 4,284,550 4,284,550
Balance, September 30, 202411,757,058$11,757$45,558,674318,407$(1,070,406)$(1,229,106)$ 43,270,919

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023

Common SharesAdditional Paid in CapitalTreasury SharesAccumulated DeficitTotals
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 4,127,652 4,127,652
Balance, September 30, 202311,757,058$11,757$45,545,609299,973$(984,630)$(1,628,766)$ 42,943,970
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months
Ended September 30,
2024 2023
Cash flows from operating activities:
Net income $ 4,284,550 $ 4,127,652
Adjustments to reconcile net income to net cash provided by operating activities -
Amortization of deferred financing costs 66,427 71,449
Adjustment to right-of-use asset - operating lease and liability 121 1,636
Depreciation 3,480 3,001
Non-cash compensation expense 9,798 9,798
Changes in operating assets and liabilities:
Interest and other fees receivable on loans (140,738) 14,128
Other assets (35,005) (38,381)
Accounts payable and accrued expenses (83,505) (53,682)
Deferred origination fees (100,207) 1,167
Net cash provided by operating activities 4,004,921 4,136,768
Cash flows from investing activities:
Issuance of short-term loans (29,362,922) (40,810,565)
Collections received from loans 33,749,887 44,512,989
Purchase of fixed assets (4,018) (5,085)
Net cash provided by investing activities 4,382,947 3,697,339
Cash flows from financing activities:
Repayment of line of credit, net (5,982,070) (3,561,140)
Dividends paid (3,917,963) (4,019,478)
Purchase of treasury shares (9,800) (185,691)
Deferred financing costs incurred (2,167) (38,191)
Net cash used in financing activities (9,912,000) (7,804,500)
Net (decrease) increase in cash (1,524,132) 29,607
Cash and cash - restricted, beginning of period* 1,691,995 103,540
Cash, end of period $167,863 $133,147
Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes $650 $650
Cash paid during the period for interest $1,816,980 $1,797,254
Cash paid during the period for operating leases $47,779 $47,822
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable $1,315,445 $1,288,753
Loan holdback relating to mortgage receivable $50,000 $---

*At December 31, 2023, cash and restricted cash consisted of $1,587,773 of restricted cash.

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


© 2024 GlobeNewswire (Europe)
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