(Source: PrimeNewswire)
NEW YORK, Nov. 2, 2009 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN), (the "Company") announced today that total revenue for the three month period ended September 30, 2009 was approximately $289,000 compared to approximately $200,000 for the same period in 2008, an increase of $89,000 or 44.5%. For the three month period ended September 30, 2009, $235,000 of the Company's revenue represented interest income on the short term secured commercial loans that the Company offers to small businesses compared to $178,000 for the same period in 2008, and $54,000 represents origination fees on such loans compared to $22,000 for the same period in 2008.
Income from operations for the three month period ended September 30, 2009 was approximately $140,000 compared to approximately $44,000 for the same period ended September 30, 2008, an increase of $96,000. This increase in income from operations resulted mainly from increased revenue from short term secured commercial loans.
Net income for the three month period ended September 30, 2009 was $0.03 per basic and diluted share (based on 3.3 million shares), or $83,593, versus net income of $0.02 per basic and diluted share (based on 3.2 million shares) or $48,809 for the three month period ended September 30, 2008. This increase in net income was mainly due to an increase in income from operations, offset by an increase in income tax expense and a decrease in other income.
Total revenues for the nine month period ended September 30, 2009 were $770,000 versus total revenues of $544,000 for the nine month period ended September 30, 2008. For the nine month period ended September 30, 2009, $633,000 of the Company's revenue represented interest income on the short term secured commercial loans that the Company offers to small businesses compared to $489,000 for the same period in 2008, and $137,000 represents origination fees on such loans compared to $55,000 for the same period in 2008.
Net income for the nine month period ended September 30, 2009 was $0.07 per basic and diluted share (based on 3.3 million shares), or $229,203, versus net income of $0.07 per basic and diluted share (based on 3.2 million shares) or $240,723 for the same period in 2008, a decrease of approximately $12,000. This decrease in net income was mainly due to income from discontinued operations of approximately $73,000 that was recorded in the nine month period ended September 30, 2008, an increase in income tax expense of approximately $109,000 and a decrease in other income of approximately $92,000, offset by an increase in income from operations of $262,000.
As of September 30, 2009, the Company reported approximately $6,965,000 of outstanding short term loans and $601,000 of cash and cash equivalents and marketable securities.
As of September 30, 2009 total shareholders' equity was $7,392,000 compared to $6,990,000 as of December 31, 2008, an increase of $402,000.
Assaf Ran, Chairman of the Board and CEO, stated, "The financial results of the third quarter reflect the steady growth pattern of the Company. As we started leveraging our portfolio I am confident that we will continue growing our revenue and earnings."
"Market conditions are still working in our favor as many banks are reluctant to lend even to qualified borrowers," added Mr. Ran.
The Company recently announced a stock repurchase program as management believes that the Company's stock price is undervalued at the marketplace.
Manhattan Bridge Capital, Inc., provides short term, secured, non-banking, commercial loans to small businesses. We operate the web site: http://www.manhattanbridgecapital.com
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those related to the Company's future performance are based upon the Company's historical performance and on current plans, estimates and expectations, which are subject to various risks and 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, but not limited to, the impact of competition, product demand and pricing, and those described in the reports and statements filed by the Company with the Securities and Exchange Commission, including, among others, those described in the Company's Annual Report on Form 10-K.
MANHATTAN BRIDGE CAPITAL, INC.