LOAN Manhattan Bridge Capital Inc

Manhattan Bridge Capital, Inc. (NASDAQ:LOAN) announced today that total revenue for the three month period ended March 31, 2018 was approximately $1,664,000 compared to approximately $1,330,000 for the three month period ended March 31, 2017, an increase of $334,000, or 25.1%. The increase in revenue represents an increase in lending operations. In 2018, approximately $1,429,000 of the Company’s revenue represents interest income on secured, commercial loans that it offers to small businesses compared to approximately $1,106,000 for the same period in 2017, and approximately $235,000 represents origination fees on such loans compared to approximately $223,000 for the same period in 2017. 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, 2018 was approximately $981,000, or $0.12 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), versus 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),  an increase of $190,000, or 24.0%. This increase is primarily attributable to the increase in revenue, offset by an increase in interest expense.

As of March 31, 2018, total assets were approximately $46,856,000 compared to approximately $45,897,000 as of December 31, 2017, an increase of $959,000, or 2.1%.

Assaf Ran, Chairman of the Board and CEO, stated, “We’ve had another successful quarter. During the first quarter the amount of paid loans was higher than usual. We believe that this is another indication of our portfolio’s strength and liquidity. Thanks to our robust sales and marketing network, we managed to redeploy the funds promptly. As with prior quarters, we had yet another quarter of no defaults,” 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

Forward Looking Statements

This press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when we discuss the portfolio’s strength and liquidity we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; and (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
	March 31, 2018				December 31, 2017
	(unaudited)				(audited)
Assets
Loans receivable	$	46,056,500			$	45,124,000
Interest receivable on loans		497,977				535,045
Cash and cash equivalents		185,532				136,441
Deferred financing costs		34,301				45,269
Other assets		81,883				55,941
Total assets	$	46,856,193			$	45,896,696
Liabilities and Stockholders’ Equity
Liabilities:
Line of credit	$	17,764,153			$	16,914,594
Senior secured notes (net of deferred financing costs of $603,813 and $622,584)		5,396,187				5,377,416
Deferred origination fees		320,723				298,471
Accounts payable and accrued expenses		144,273				167,559
Dividends payable		---				891,983
Total liabilities		23,625,336				23,650,023
Commitments and contingencies
Stockholders’ equity:
Preferred shares - $.01 par value; 5,000,000 shares authorized;
none issued		---				---
Common shares - $.001 par value; 25,000,000 shares
authorized; 8,319,036 issued; 8,108,934 outstanding		8,319				8,319
Additional paid-in capital		23,170,777				23,167,511
Treasury stock, at cost - 210,102 shares		(541,491)				(541,491)
Retained earnings (accumulated deficit)		593,252				(387,666)
Total stockholders’ equity		23,230,857				22,246,673
Total liabilities and stockholders’ equity	$	46,856,193			$	45,896,696

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
	Three Months Ended March 31,
		2018		2017
Interest income from loans	$	1,429,249	$	1,106,180
Origination fees		235,226		223,425
Total revenue		1,664,475		1,329,605
Operating costs and expenses:
Interest and amortization of deferred financing costs		397,705		231,582
Referral fees		333		1,360
General and administrative expenses		285,519		305,514
Total operating costs and expenses		683,557		538,456
Net income	$	980,918	$	791,149
Basic and diluted net income per common share:
--Basic	$	0.12	$	0.10
--Diluted	$	0.12	$	0.10
Weighted average number of common shares outstanding:
--Basic		8,108,934		8,135,036
--Diluted		8,121,728		8,158,316

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)
		Three Months Ended March 31,
			2018				2017
Cash flows from operating activities:
Net income		$	980,918			$	791,149
Adjustments to reconcile net income to net cash provided by    operating activities -
Amortization of deferred financing costs			29,739				30,813
Depreciation			1,146				1,058
Non cash compensation expense			3,266				3,266
Changes in operating assets and liabilities:
Interest receivable on loans			37,068				(38,647)
Other assets			(27,088)				(20,594)
Accounts payable and accrued expenses			(23,286)				(22,927)
Deferred origination fees			22,252				10,607
Net cash provided by operating activities			1,024,015				754,725
Cash flows from investing activities:
Issuance of short term loans			(11,000,000)				(9,556,000)
Collections received from loans			10,067,500				9,107,000
Net cash used in investing activities			(932,500)				(449,000)
Cash flows from financing activities:
Proceeds from line of credit, net			849,559				734,199
Dividend paid			(891,983)				(813,503)
Cash restricted for reduction of line of credit			---				(202,061)
Net cash used in financing activities			(42,424)				(281,365)
Net increase in cash and cash equivalents			49,091				24,360
Cash and cash equivalents, beginning of period			136,441				96,299
Cash and cash equivalents, end of period		$	185,532			$	120,659
Supplemental Cash Flow Information:
Interest paid during the period		$	364,292			$	192,231

 SOURCE: Manhattan Bridge Capital, Inc.

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