Manhattan Bridge Capital (LOAN) Reports 1Q EPS/Revenue Results In-Line with Estimates
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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 $959,000, or 2.1%.
Assaf Ran, Chairman of the Board and CEO, stated, “We’ve had another successful quarter. During the first quarter the amount of paid loans was higher than usual. We believe that this is another indication of our portfolio’s strength and liquidity. Thanks to our robust sales and marketing network, we managed to redeploy the funds promptly. As with prior quarters, we had yet another quarter of no defaults,” added Mr. Ran.
|MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY|
|CONSOLIDATED BALANCE SHEETS|
|March 31, 2018||December 31, 2017|
|Interest receivable on loans||497,977||535,045|
|Cash and cash equivalents||185,532||136,441|
|Deferred financing costs||34,301||45,269|
|Liabilities and Stockholders’ Equity|
|Line of credit||$||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|
|Commitments and contingencies|
|Preferred shares - $.01 par value; 5,000,000 shares authorized;|
|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||$||45,896,696|
|MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)|
|Three Months Ended March 31,|
|Interest income from loans||$||1,429,249||$||1,106,180|
|Operating costs and expenses:|
|Interest and amortization of deferred financing costs||397,705||231,582|
|General and administrative expenses||285,519||305,514|
|Total operating costs and expenses||683,557||538,456|
|Basic and diluted net income per common share:|
|Weighted average number of common shares outstanding:|
|MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)|
|Three Months Ended March 31,|
|Cash flows from operating activities:|
|Adjustments to reconcile net income to net cash provided by operating activities -|
|Amortization of deferred financing costs||29,739||30,813|
|Non cash compensation expense||3,266||3,266|
|Changes in operating assets and liabilities:|
|Interest receivable on loans||37,068||(38,647)|
|Accounts payable and accrued expenses||(23,286)||(22,927)|
|Deferred origination fees||22,252||10,607|
|Net cash provided by operating activities||1,024,015||754,725|
|Cash flows from investing activities:|
|Issuance of short term loans||(11,000,000)||(9,556,000)|
|Collections received from loans||10,067,500||9,107,000|
|Net cash used in investing activities||(932,500)||(449,000)|
|Cash flows from financing activities:|
|Proceeds from line of credit, net||849,559||734,199|
|Cash restricted for reduction of line of credit||---||(202,061)|
|Net cash used in financing activities||(42,424)||(281,365)|
|Net increase in cash and cash equivalents||49,091||24,360|
|Cash and cash equivalents, beginning of period||136,441||96,299|
|Cash and cash equivalents, end of period||$||185,532||$||120,659|
|Supplemental Cash Flow Information:|
|Interest paid during the period||$||364,292||$||192,231|
SOURCE: Manhattan Bridge Capital, Inc.
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