NEW YORK, Oct. 30, 2008 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that income from continuing operations for the three month period ended September 30, 2008 was $0.02 per basic and diluted share, versus loss from continuing operations of ($0.01) per basic and diluted share for the three month period ended September 30, 2007.
Total revenues for the three month period ended September 30, 2008 were approximately $200,000 versus total revenues of approximately $62,000 for the three month period ended September 30, 2007.
Net income for the nine month period ended September 30, 2008 was $0.07 per basic and diluted share or $240,723, versus net loss of ($0.11) per basic and diluted share or ($351,021) for the nine month period ended September 30, 2007.
Total revenues for the nine month period ended September 30, 2008 were approximately $544,000 versus total revenues of approximately $70,000 for the nine month period ended September 30, 2007. For the nine month period ended September 30, 2008 revenue of approximately $489,000 represents interest income on the short term and long term loans and approximately $55,000 represents income from origination fees.
Other income for the nine month period ended September 30, 2008 was approximately $116,000.
As of September 30, 2008, the Company reported a book value of $7,016,372 or $2.17 per share.
As of September 30, 2008, the Company reported approximately $5,700,000 of outstanding short term and long term loans and $1,200,000 of cash and cash equivalents, marketable securities and auction rate securities.
Assaf Ran, Chairman of the Board and CEO stated, "Despite the challenging market conditions, our team managed to successfully accomplish the next stage of our business plan. Revenues continue to climb and earnings follow. As we grow our operations we continue to operate efficiently and maintain a low operating cost structure. We strive to increase growth further by leveraging our assets."
Manhattan Bridge Capital, Inc. provides short term, secured, non-banking, commercial loans to small businesses. In addition we developed innovative software and a related web site that allows retail businesses and other service providers to reach prospective customers and clients for their goods and services in a more effective way than traditional on-line and print yellow pages searches. We operate several web sites including: http://www.manhattanbridgecapital.com. and http://www.nextyellow.com.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Assets Sept. 30, Dec. 31,
2008 2007
---------- ----------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 312,828 $ 621,724
Marketable securities 616,973 802,811
Auction rate securities 275,000 --
Short term investment - insurance annuity
contract - at fair value -- 931,555
----------------------
Total cash and cash equivalents,
marketable securities and short term
investment 1,204,801 2,356,090
Short term loans 5,490,291 4,313,211
Interest receivable on short term loans 64,692 41,184
Due from purchaser 23,881 156,103
Other current assets 24,518 17,083
----------------------
Total current assets 6,808,183 6,883,671
Long term loans 200,000 --
Property and equipment, net 10,645 14,261
Capitalized web development costs, net 37,007 74,015
Security deposit 17,515 17,515
Investment in privately held company, at cost 100,000 100,000
----------------------
Total assets $7,173,350 $7,089,462
======================
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued expenses $ 85,216 $ 123,886
Deferred gain from the sale of Jewish
Directories -- 72,917
Deferred origination fees 62,658 4,597
Income taxes payable 9,104 --
----------------------
Total current liabilities 156,978 201,400
----------------------
Commitments and contingencies
Shareholders' equity:
Preferred shares - $.01 par value; 5,000,000
shares authorized; no shares issued -- --
Common shares - $.001 par value; 25,000,000
authorized; 3,305,190 issued and 3,236,460
outstanding 3,305 3,305
Additional paid-in capital 9,259,267 9,180,235
Treasury stock, at cost - 68,730 shares (231,113) (231,113)
Accumulated other comprehensive loss (632,718) (441,272)
Accumulated deficit (1,382,369) (1,623,093)
----------------------
Total shareholders' equity 7,016,372 6,888,062
----------------------
Total liabilities and shareholders' equity $7,173,350 $7,089,462
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MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Months Nine Months
------------ -----------
Ended September 30, Ended September 30,
------------------- -------------------
2008 2007 2008 2007
Interest income from
short term loans $ 177,650 $ 60,504 $ 489,035 $ 65,471
Origination fees 22,438 -- 55,071 --
Subscription
revenues, net 38 1,324 138 4,305
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Total Revenue 200,126 61,828 544,244 69,776
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Operating costs and
expenses:
Web development
expenses 12,336 12,336 37,008 37,008
General and
administrative
expenses 143,520 159,330 452,702 549,368
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Total operating
costs and expenses 155,856 171,666 489,710 586,376
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Income (Loss) from
operations 44,270 (109,838) 54,534 (516,600)
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Interest and dividend
income 17,885 36,631 59,007 189,434
Realized gain on
marketable securities -- 51,359 18,122 40,790
Other income -- -- 39,000 --
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Total other income 17,885 87,990 116,129 230,224
Income (loss) from
continuing operations
before provision for
income taxes 62,155 (21,848) 170,663 (286,376)
Provision for income
taxes (13,346) -- (2,857) --
----------------------------------------------
Income (loss) from
continuing operations 48,809 (21,848) 167,806 (286,376)
----------------------------------------------
Discontinued
Operations:
Gain on the sale of
the Jewish
Directories (net of
tax effect of 0 in
2008 and 2007) -- 72,918 72,917 194,444
Gain (loss) from
operations of
Shopila (net of tax
effect of 0) -- 113,915 -- (259,089)
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Income (loss) from
discontinued
operations -- 186,833 72,917 (64,645)
----------------------------------------------
Net Income (loss) $ 48,809 $ 164,985 $ 240,723 $ (351,021)
==============================================
Basic net income
(loss) per common
share outstanding:
Continuing operations $ 0.02 $ (0.01) $ 0.05 $ (0.09)
Discontinued
operations 0.06 0.02 (0.02)
----------------------------------------------
Net income (loss) per
common share - Basic $ 0.02 $ 0.05 $ 0.07 $ (0.11)
==============================================
Diluted net income
(loss) per common
share outstanding:
Continuing operations $ 0.02 $ (0.01) $ 0.05 $ (0.09)
Discontinued
operations 0.06 0.02 (0.02)
----------------------------------------------
Net income (loss) per
common share -
Diluted $ 0.02 $ 0.05 $ 0.07 $ (0.11)
==============================================
Weighted average
number of common
shares outstanding
--Basic 3,236,460 3,236,460 3,236,460 3,236,460
--Diluted 3,237,953 3,236,460 3,238,121 3,236,460
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
Nine Months Ended
September 30,
2008 2007
---------- ----------
Cash flows from operating activities:
Net income (loss) $ 240,723 $ (351,021)
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities:
Gain on the sale of Jewish Directories (72,917) (194,444)
Loss from discontinued operations of
Shopila -- 259,089
Depreciation and amortization 40,624 40,376
Non cash compensation expense 79,032 121,667
Realized gain on sale of marketable
securities (18,122) (40,790)
Changes in operating assets and liabilities:
Interest receivable on short term loans (23,508) (22,945)
Due from purchaser 35,000 --
Other current and non current assets (7,435) 4,622
Accounts payable and accrued expenses (38,670) (127,241)
Deferred origination fees 58,061 --
Income taxes payable 9,104 (29,436)
Assets and Liabilities of discontinued
operations -- (94,653)
----------------------
Net cash provided by (used in)
operating activities 301,892 (434,776)
----------------------
Cash flows from investing activities:
Proceeds from sale of marketable
securities, auction rate securities and
annuity contract 1,844,070 1,888,680
Investment in marketable securities,
auction rate securities and annuity
contract (1,175,000) (1,291,264)
Issuance of short term and long term loans (4,543,977) (2,488,618)
Collection received from short term loans 3,166,897 --
Cash received on sale of Jewish Directories 97,222 255,860
----------------------
Net cash used in investing activities (610,788) (1,635,342)
----------------------
----------------------
Net decrease in cash (308,896) (2,070,118)
Cash and cash equivalents, beginning of the
year 621,724 3,613,988
----------------------
Cash and cash equivalents, end of period $ 312,828 $1,543,870
======================
Supplemental Cash Flow Information:
Taxes paid during the period $ 11,465 $ 28,981
======================
Interest Paid during the period $ 4,421 --
======================