LOAN Manhattan Bridge Capital Inc

Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced today that total revenue for the three month period ended March 31, 2017 was approximately $1,330,000 compared to approximately $1,105,000 for the three month period ended March 31, 2016, an increase of $225,000, or 20.4%. The increase in revenue represents an increase in lending operations. In 2017, approximately $1,106,000 of the Company’s revenue represents interest income on secured, commercial loans that it offers to small businesses compared to approximately $914,000 for the same period in 2016, and approximately $223,000 represents origination fees on such loans compared to approximately $190,000 for the same period in 2016. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the businesses.

Net income for the three month period ended March 31, 2017 was approximately $791,000, or $0.10 per basic and diluted share (based on approximately 8.1 million and 8.2 million weighted-average outstanding common shares, respectively), versus approximately $695,000, or $0.10 per basic and diluted share (based on approximately 7.3 million weighted-average outstanding common shares). This increase is primarily attributable to the increase in revenue, offset by an increase in operating expenses.

As of March 31, 2017, total stockholders' equity was approximately $23,108,000 compared to approximately $22,314,000 as of December 31, 2016, an increase of $794,000.

On March 14, 2017, the Company’s Board of Directors authorized a common stock repurchase allowing the buyback of up to 100,000 shares of the company’s common stock in market or off-market transactions at prevailing prices over the next twelve months. The manner, timing and number of shares purchased will be at the Company’s discretion. As of March 31, 2017, the Company had not yet repurchased any shares.

Assaf Ran, Chairman of the Board and CEO, stated, “As we present another quarter of record high revenue and net earnings, the Company once again demonstrates strength, stability and, most importantly, responsibility. The numbers speak for themselves. As a CEO with unprecedented personal commitment and a major shareholder of the Company, I am proud of our achievements to date, and am determined to achieve continued success,” added Mr. Ran.

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. We operate the web site: http://www.manhattanbridgecapital.com

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
Assets	March 31, 2017 (unaudited)				December 31, 2016 (audited)
Current assets:
Cash and cash equivalents	$	120,659			$	96,299
Cash - restricted		202,061				---
Short term loans receivable		26,699,500				27,495,500
Interest receivable on loans		385,166				346,519
Other current assets		49,991				29,397
Total current assets		27,457,377				27,967,715
Long term loans receivable		8,504,820				7,259,820
Property and equipment, net Security deposit		6,922 6,816				7,980 6,816
Investment in privately held company		35,000				35,000
Deferred financing costs		44,151				56,193
Total assets	$	36,055,086			$	35,333,524
Liabilities and Stockholders' Equity
Current liabilities:
Line of credit	$	7,217,047			$	6,482,848
Accounts payable and accrued expenses		82,614				105,541
Deferred origination fees		326,018				315,411
Dividends payable		---				813,503
Total current liabilities		7,625,679				7,717,303
Long term liabilities:
Senior secured notes (net of deferred financing costs of $678,898 and $697,669, respectively)		5,321,102				5,302,331
Total liabilities		12,946,781				13,019,634
Commitments and contingencies
Stockholders' equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized; no shares issued		---				---
Common shares - $.001 par value; 25,000,000 authorized; 8,312,036 issued; 8,135,036 outstanding		8,312				8,312
Additional paid-in capital		23,137,279				23,134,013
Treasury stock, at cost - 177,000		(369,335	)			(369,335	)
Retained earnings (Accumulated deficit)		332,049				(459,100	)
Total stockholders' equity		23,108,305				22,313,890
Total liabilities and stockholders' equity	$	36,055,086			$	35,333,524

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
	Three Months Ended March 31,
	2017		2016
Interest income from loans	$	1,106,180	$	914,309
Origination fees		223,425		190,281
Total revenue		1,329,605		1,104,590
Operating costs and expenses:
Interest and amortization of deferred financing costs		231,582		179,550
Referral fees		1,360		1,369
General and administrative expenses		305,514		227,839
Total operating costs and expenses		538,456		408,758
Income from operations before income tax expense		791,149		695,832
Income tax expense		---		(508	)
Net income	$	791,149	$	695,324
Basic and diluted net income per common share outstanding:
--Basic	$	0.10	$	0.10
--Diluted	$	0.10	$	0.10
Weighted average number of common shares outstanding:
--Basic		8,135,036		7,264,039
--Diluted		8,158,316		7,292,372

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
		Three Months Ended March 31,
		2017				2016
Cash flows from operating activities:
Net income		$	791,149			$	695,324
Adjustments to reconcile net income to net cash provided by    operating activities -
Amortization of deferred financing costs			30,813				12,041
Depreciation			1,058				862
Non cash compensation expense			3,266				3,397
Changes in operating assets and liabilities:
Interest receivable on loans			(38,647	)			17,764
Other current and non current assets			(20,594	)			(16,063	)
Accounts payable and accrued expenses			(22,927	)			28,135
Deferred origination fees			10,607				(30,424	)
Net cash provided by operating activities			754,725				711,036
Cash flows from investing activities:
Issuance of short term loans			(9,556,000	)			(5,913,500	)
Collections received from loans			9,107,000				7,808,990
Purchase of fixed assets			---				(1,038	)
Net cash (used in) provided by investing activities			(449,000	)			1,894,452
Cash flows from financing activities:
Proceeds from (repayment of) line of credit			734,199				(1,170,601	)
Cash restricted for reduction of line of credit			(202,061	)			(464,889	)
Repayment of short-term loan			---				(235,000	)
Deferred financing costs			---				(163,112	)
Dividend paid			(813,503	)			(617,443	)
Net cash used in financing activities			(281,365	)			(2,651,045	)
Net increase (decrease) in cash and cash equivalents			24,360				(45,557	)
Cash and cash equivalents, beginning of period			96,299				106,836
Cash and cash equivalents, end of period		$	120,659			$	61,279
Supplemental Cash Flow Information:
Taxes paid during the period		$	---			$	508
Interest paid during the period		$	192,231			$	176,799

Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400