Manhattan Bridge Capital, Inc. Reports $0.12 EPS for the Third Quarter Nasdaq:LOAN


GREAT NECK, N.Y., Oct. 20, 2020 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) introduced right this moment that its web earnings for the three months ended September 30, 2020 was roughly $1,151,000, or $0.12 per fundamental and diluted share (based mostly on roughly 9.6 million weighted-average excellent widespread shares), as in comparison with roughly $1,150,000, or $0.12 per fundamental and diluted share (based mostly on roughly 9.7 million weighted-average excellent widespread shares), for the three months ended September 30, 2019.

Complete revenues for the three months ended September 30, 2020 have been roughly $1,786,000, as in comparison with roughly $1,917,000 for the three months ended September 30, 2019, a lower of $131,000 or 6.8%. The lower in income was primarily attributable to decrease rates of interest and origination charges charged on loans attributable to market situations and intense competitors from different lenders, in addition to decrease demand for brand spanking new loans ensuing from the COVID-19 pandemic. For the three months ended September 30, 2020 and 2019, roughly $1,521,000 and $1,619,000, respectively, of our revenues have been attributable to curiosity earnings on secured business loans that we provide to small companies, and roughly $265,000 and $298,000, respectively, of our revenues have been attributable to origination charges on such loans.

Web earnings for the 9 months ended September 30, 2020 was roughly $3,264,000, or $0.34 per fundamental and diluted share (based mostly on roughly 9.6 million weighted-average excellent widespread shares), as in comparison with roughly $3,355,000, or $0.35 per fundamental and diluted share (based mostly on roughly 9.7 million weighted-average excellent widespread shares), for the 9 months ended September 30, 2019, a lower of $91,000, or 2.7%. This lower is primarily attributable to the lower in income, partially offset by the lower in curiosity expense.

Complete revenues for the 9 months ended September 30, 2020 have been roughly $5,239,000, as in comparison with roughly $5,484,000 for the 9 months ended September 30, 2019, a lower of $245,000, or 4.5%. The lower in income was primarily attributable to decrease rates of interest and origination charges charged on loans attributable to market situations and intense competitors from different lenders, in addition to decrease demand for brand spanking new loans ensuing from the COVID-19 pandemic. For the 9 months ended September 30, 2020 and 2019, revenues of roughly $4,485,000 and $4,609,000, respectively, have been attributable to curiosity earnings on the secured business loans that we provide to small companies, and roughly $753,000 and $875,000, respectively, of our revenues have been attributable to origination charges on such loans.

Assaf Ran, Chairman of the Board and CEO, acknowledged, I’m happy to report that our conservative and cautious insurance policies have as soon as once more confirmed to guard our shareholders worth throughout tough instances. Not solely will we proceed to don’t have any defaults, however we additionally managed to extend our earnings per share (EPS) to $0.12 for the quarter from $0.11 for the quarter ended June 30, 2020, and to proceed distributing dividends through the troublesome time we’re experiencing as a result of COVID-19 disaster.

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. presents short-term secured, nonbanking loans (generally known as exhausting cash loans) to actual property buyers to fund their acquisition, renovation, rehabilitation or enchancment of properties situated within the New York metropolitan space, together with New Jersey and Connecticut, and in Florida. We function the web page: https://www.manhattanbridgecapital.com.

Ahead Trying Statements

This press launch and the statements of our representatives associated thereto include or could include forward-looking statements inside the which means of the Non-public Securities Litigation Reform Act of 1995. Statements that aren’t statements of historic reality could also be deemed to be forward-looking statements. With out limiting the generality of the foregoing, phrases similar to plan, mission, potential, search, could, will, count on, imagine, anticipate, intend, might, estimate, or proceed are supposed to establish forward-looking statements. For instance, once we focus on our perception that our conservative and cautious insurance policies have protected our shareholders worth throughout tough instances, we’re utilizing forward-looking statements. Readers are cautioned that sure vital components could have an effect on the Firms precise outcomes and will trigger such outcomes to vary materially from any forward-looking statements which may be made on this information launch. Ahead-looking statements are usually not ensures of future efficiency and contain dangers and uncertainties. Precise outcomes could differ materially from these projected, expressed or implied within the forward-looking statements because of numerous components, together with however not restricted to the next: (i) our mortgage origination actions, revenues and income are restricted by obtainable funds; (ii) we function in a extremely aggressive market and competitors could restrict our potential to originate loans with favorable rates of interest; (iii) our Chief Govt Officer is crucial to our enterprise and our future success could depend upon our potential to retain him; (iv) if we overestimate the yields on our loans or incorrectly worth the collateral securing the mortgage, we could expertise losses; (v) we could also be topic to lender legal responsibility claims; (vi) our due diligence could not uncover all of a borrowers liabilities or different dangers to its enterprise; (vii) borrower focus might result in vital losses; (viii) we could select to make distributions in our personal inventory, through which case it’s possible you’ll be required to pay earnings taxes in extra of the money dividends you obtain and (ix) if the impact of the COVID-19 pandemic on our enterprise is bigger than anticipated. The chance components contained in our Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2019 filed with the Securities and Alternate Fee establish vital components that would trigger such variations. These forward-looking statements converse solely as of the date of this press launch, and we warning potential buyers to not place undue reliance on such statements. We undertake no obligation to publicly replace any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as required by relevant legislation.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS

September 30, 2020 December 31, 2019
(unaudited) (audited)
Belongings
Loans receivable $ 57,883,068 $ 53,485,014
Curiosity receivable on loans 809,975 675,996
Money 156,715 118,407
Different property 88,554 53,218
Working lease right-of-use asset, web 52,627 87,754
Deferred financing prices 29,917 22,637
Complete property $ 59,020,856 $ 54,443,026
Liabilities and Stockholders Fairness
Liabilities:
Line of credit score $ 19,779,851 $ 15,232,993
Senior secured notes (web of deferred financing prices of
$416,099 and $472,413, respectively)
5,583,901 5,527,587
Deferred origination charges 452,914 322,119
Accounts payable and accrued bills 132,582 151,823
Working lease legal responsibility 55,566 91,025
Different liabilities 15,000
Dividends payable 1,159,061
Complete liabilities 26,004,814 22,499,608

Commitments and contingencies

Stockholders fairness:
Most well-liked shares – $.01 par worth; 5,000,000 shares
approved; none issued
Frequent shares – $.001 par worth; 25,000,000 shares
approved; 9,882,058 issued; 9,619,945 and 9,658,844
excellent, respectively
9,882 9,882
Extra paid-in capital 33,153,830 33,144,032
Treasury inventory, at price 262,113 and 223,214 shares (798,939 ) (619,688 )
Retained earnings (gathered deficit) 651,269 (590,808 )
Complete stockholders fairness 33,016,042 31,943,418
Complete liabilities and stockholders fairness $ 59,020,856 $ 54,443,026

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

Three Months 9 Months
Ended September 30, Ended September 30,
2020 2019 2020 2019
Curiosity earnings from loans $ 1,521,474 $ 1,618,735 $ 4,485,414 $ 4,608,936
Origination charges 264,878 298,222 753,111 875,449
Complete income 1,786,352 1,916,957 5,238,525 5,484,385
Working prices and bills:
Curiosity and amortization of debt service
prices
337,901 454,307 1,016,590 1,220,700
Referral charges 1,641 861 3,569 3,569
Common and administrative
bills
305,407 314,820 968,914 913,175
Complete working prices and bills 644,949 769,988 1,989,073 2,137,444
Earnings from operations 1,141,403 1,146,969 3,249,452 3,346,941
Different earnings 9,500 3,000 15,500 9,000
Earnings earlier than earnings tax expense 1,150,903 1,149,969 3,264,952 3,355,941
Earnings tax expense (645 ) (572 )
Web earnings $ 1,150,903 $ 1,149,969 $ 3,264,307 $ 3,355,369
Fundamental and diluted web earnings per widespread share excellent:
–Fundamental $ 0.12 $ 0.12 $ 0.34 $ 0.35
–Diluted $ 0.12 $ 0.12 $ 0.34 $ 0.35
Weighted common variety of widespread shares excellent
–Fundamental 9,625,140 9,658,608 9,635,107 9,657,911
–Diluted 9,625,140 9,659,764 9,635,107 9,659,012

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

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020

Frequent Shares Extra Paid in Capital Treasury Inventory Retained Earnings Totals
Shares Quantity Shares Price
Steadiness, July 1, 2020 9,882,058 $ 9,882 $ 33,150,564 255,213 $ (771,559) $ 463,050 $ 32,851,937
Buy of treasury shares 6,900 (27,380) (27,380)
Non – money compensation 3,266 3,266
Dividends paid (962,684) (962,684)
Web earnings 1,150,903 1,150,903
Steadiness, September 30, 2020 9,882,058 $ 9,882 $ 33,153,830 262,113 $ (798,939) $ 651,269 $ 33,016,042

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019

Frequent Shares Extra Paid in Capital Treasury Inventory Retained Earnings Totals
Shares Quantity Shares Price
Steadiness, July 1, 2019 9,881,191 $ 9,881 $ 33,137,501 223,214 $ (619,688) $ 597,161 $ 33,124,855
Train of warrants 867 1 (1) 0
Non-cash compensation 3,266 3,266
Dividends paid (1,158,957) (1,158,957)
Web earnings 1,149,969 1,149,969
Steadiness, September 30, 2019 9,882,058 $ 9,882 $ 33,140,766 223,214 $ (619,688) $ 588,173 $ 33,119,133

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020

Frequent Shares Extra Paid in Capital Treasury Inventory Accrued Deficit
(Retained Earnings)
Totals
Shares Quantity Shares Price
Steadiness, January 1, 2020 9,882,058 $ 9,882 $ 33,144,032 223,214 $ (619,688) $ (590,808) $ 31,943,418
Non-cash compensation 9,798 9,798
Buy of treasury shares 38,899 (179,251) (179,251)
Dividends paid (2,022,230) (2,022,230)
Web earnings 3,264,307 3,264,307
Steadiness, September 30, 2020 9,882,058 $ 9,882 $ 33,153,830 262,113 $ (798,939) $ 651,269 $ 33,016,042

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019

Frequent Shares Extra Paid in Capital Treasury Inventory Accrued Deficit
(Retained Earnings)
Totals
Shares Quantity Shares Price
Steadiness, January 1, 2019 9,874,191 $ 9,874 $ 33,110,536 218,214 $ (590,234) $ (448,801) $ 32,081,375
Train of choices and warrants 7,867 8 20,432 20,440
Buy of treasury shares 5,000 (29,454) (29,454)
Non-cash compensation 9,798 9,798
Dividends paid (2,318,395) (2,318,395)
Web earnings 3,355,369 3,355,369
Steadiness, September 30, 2019 9,882,058 $ 9,882 $ 33,140,766 223,214 $ (619,688) $ 588,173 $ 33,119,133

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

9 Months
Ended September 30,

9 Months
Ended September 30,
2020 2019
Money flows from working actions:
Web earnings $ 3,264,307 $ 3,355,369
Changes to reconcile web earnings to web money supplied by
working actions –
Amortization of deferred financing prices 76,136 70,867
Adjustment to working lease right-of-use asset and legal responsibility (333 )
Depreciation 744 1,157
Non-cash compensation expense 9,798 9,798
Modifications in working property and liabilities:
Curiosity receivable on loans (163,650 ) (167,194 )
Different property (35,156 ) (26,209 )
Accounts payable and accrued bills (19,241 ) (19,134 )
Deferred origination charges 130,795 (461 )
Web money supplied by working actions 3,263,400 3,224,193
Money flows from investing actions:
Issuance of quick time period loans (35,410,076 ) (38,246,965 )
Collections acquired from loans 31,041,693 33,375,420
Launch of mortgage holdback referring to mortgage receivable (15,000 )
Buy of fastened property (923 )
Web money utilized in investing actions (4,384,306 ) (4,871,545 )
Money flows from financing actions:
Proceeds from line of credit score, web 4,546,858 5,241,895
Dividends paid (3,181,291 ) (3,477,112 )
Buy of treasury shares (179,251 ) (29,454 )
Deferred financing prices incurred (27,102 )
Proceeds from train of inventory choices 20,440
Web money supplied by financing actions 1,159,214 1,755,769
Web enhance in money 38,308 108,417
Money, starting of interval 118,407 355,057
Money, finish of interval $ 156,715 $ 463,474
Supplemental Money Movement Info:
Taxes paid through the interval $ 645 $ 572
Curiosity paid through the interval $ 954,622 $ 1,144,425
Working leases paid through the interval $ 40,973 $ 39,628
Non-cash Investing Actions:
Institution of right-of-use asset and working lease legal responsibility $ $ 135,270
Curiosity receivable transformed to loans receivable in reference to forbearance agreements $ 29,671 $
Mortgage holdback referring to mortgage receivable $ $ 15,000



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