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, 2020December 31, 2019
(unaudited)(audited)
Belongings
Loans receivable$57,883,068$53,485,014
Curiosity receivable on loans809,975675,996
Money156,715118,407
Different property88,55453,218
Working lease right-of-use asset, web52,62787,754
Deferred financing prices29,91722,637
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)
5,583,9015,527,587
Deferred origination charges452,914322,119
Accounts payable and accrued bills132,582151,823
Working lease legal responsibility55,56691,025
Different liabilities15,000
Dividends payable1,159,061
Complete liabilities26,004,81422,499,608

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
9,8829,882
Extra paid-in capital33,153,83033,144,032
Treasury inventory, at price 262,113 and 223,214 shares(798,939)(619,688)
Retained earnings (gathered deficit)651,269(590,808)
Complete stockholders fairness33,016,04231,943,418
Complete liabilities and stockholders fairness$59,020,856$54,443,026

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

Three Months9 Months
Ended September 30,Ended September 30,
2020201920202019
Curiosity earnings from loans$1,521,474$1,618,735$4,485,414$4,608,936
Origination charges264,878298,222753,111875,449
Complete income1,786,3521,916,9575,238,5255,484,385
Working prices and bills:
Curiosity and amortization of debt service
prices
337,901454,3071,016,5901,220,700
Referral charges1,6418613,5693,569
Common and administrative
bills
305,407314,820968,914913,175
Complete working prices and bills644,949769,9881,989,0732,137,444
Earnings from operations1,141,4031,146,9693,249,4523,346,941
Different earnings9,5003,00015,5009,000
Earnings earlier than earnings tax expense1,150,9031,149,9693,264,9523,355,941
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
–Fundamental9,625,1409,658,6089,635,1079,657,911
–Diluted9,625,1409,659,7649,635,1079,659,012

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

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020

Frequent SharesExtra Paid in CapitalTreasury InventoryRetained EarningsTotals
SharesQuantitySharesPrice
Steadiness, July 1, 20209,882,058$9,882$33,150,564255,213$(771,559)$ 463,050$ 32,851,937
Buy of treasury shares6,900(27,380)(27,380)
Non – money compensation3,2663,266
Dividends paid(962,684)(962,684)
Web earnings1,150,9031,150,903
Steadiness, September 30, 20209,882,058$9,882$33,153,830262,113$(798,939)$ 651,269$ 33,016,042

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019

Frequent SharesExtra Paid in CapitalTreasury InventoryRetained EarningsTotals
SharesQuantitySharesPrice
Steadiness, July 1, 20199,881,191$9,881$33,137,501223,214$(619,688)$ 597,161$ 33,124,855
Train of warrants8671(1)0
Non-cash compensation3,2663,266
Dividends paid(1,158,957)(1,158,957)
Web earnings1,149,9691,149,969
Steadiness, September 30, 20199,882,058$9,882$33,140,766223,214$(619,688)$ 588,173$ 33,119,133

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020

Frequent SharesExtra Paid in CapitalTreasury InventoryAccrued Deficit
(Retained Earnings)
Totals
SharesQuantitySharesPrice
Steadiness, January 1, 20209,882,058$9,882$33,144,032223,214$(619,688)$ (590,808)$ 31,943,418
Non-cash compensation9,7989,798
Buy of treasury shares38,899(179,251)(179,251)
Dividends paid(2,022,230)(2,022,230)
Web earnings3,264,3073,264,307
Steadiness, September 30, 20209,882,058$9,882$33,153,830262,113$(798,939)$ 651,269$ 33,016,042

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019

Frequent SharesExtra Paid in CapitalTreasury InventoryAccrued Deficit
(Retained Earnings)
Totals
SharesQuantitySharesPrice
Steadiness, January 1, 20199,874,191$9,874$33,110,536218,214$(590,234)$(448,801)$ 32,081,375
Train of choices and warrants7,867820,43220,440
Buy of treasury shares5,000(29,454)(29,454)
Non-cash compensation9,7989,798
Dividends paid(2,318,395)(2,318,395)
Web earnings3,355,3693,355,369
Steadiness, September 30, 20199,882,058$9,882$33,140,766223,214$(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 prices76,13670,867
Adjustment to working lease right-of-use asset and legal responsibility(333)
Depreciation7441,157
Non-cash compensation expense9,7989,798
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 charges130,795(461)
Web money supplied by working actions3,263,4003,224,193
Money flows from investing actions:
Issuance of quick time period loans(35,410,076)(38,246,965)
Collections acquired from loans31,041,69333,375,420
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, web4,546,8585,241,895
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 choices20,440
Web money supplied by financing actions1,159,2141,755,769
Web enhance in money38,308108,417
Money, starting of interval118,407355,057
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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