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Manhattan Bridge Capital, Inc. Reports First Quarter Results for 2024
المصدر: Nasdaq GlobeNewswire / 23 أبريل 2024 06:05:00 America/Chicago
GREAT NECK, N.Y., April 23, 2024 (GLOBE NEWSWIRE) --
Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its net income for the three months ended March 31, 2024 was approximately $1,476,000, or $0.13 per share (based on approximately 11.4 million weighted-average outstanding common shares), compared to approximately $1,260,000, or $0.11 per share (based on approximately 11.5 million weighted-average outstanding common shares) for the three months ended March 31, 2023, an increase of $216,000, or 17.1%. This increase is primarily attributable to an increase in interest income from loans and a decrease in general and administrative expenses, partially offset by an increase in interest expense.
Total revenues for the three months ended March 31, 2024 were approximately $2,573,000 compared to approximately $2,398,000 for the three months ended March 31, 2023, an increase of $175,000, or 7.3%. The increase in revenue was due to higher interest rates charged on the Company’s commercial loans. For the three months ended March 31, 2024, approximately $2,142,000 of its revenue represents interest income on secured commercial loans that the Company offers to real estate investors, compared to approximately $1,954,000 for the same period in 2023, and approximately $431,000 and $444,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.
As of March 31, 2024, total shareholders' equity was approximately $43,087,000.
Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “High interest rates are still the most common topic in the real estate investors community, as their impact is significant. Sales are lingering, refinance transactions are dragging, and existing adjustable-rate mortgages are becoming unaffordable for certain buildings. Additionally, construction costs increased to new records due to the higher-than-normal inflation. We’ve always been disciplined, conservative and careful, yet now is the time to be even stricter.”
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, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETSAssets March 31, 2024
(unaudited)December 31, 2023
(audited)Loans receivable $ 72,596,149 $ 73,048,403 Interest receivable on loans 1,514,836 1,395,905 Cash 87,097 104,222 Cash - restricted 311,545 1,587,773 Other assets 97,734 63,636 Operating lease right-of-use asset, net 193,650 207,364 Deferred financing costs, net 24,400 27,583 Total assets $ 74,825,411 $ 76,434,886 Liabilities and Stockholders’ Equity Liabilities: Line of credit $ 23,450,677 $ 25,152,338 Senior secured notes (net of deferred financing costs of $153,298 and $172,069, respectively) 5,846,702 5,827,931 Deferred origination fees 655,023 719,019 Accounts payable and accrued expenses 263,692 295,292 Operating lease liability 206,934 220,527 Dividends payable 1,315,445 1,287,073 Total liabilities 31,738,473 33,502,180
Commitments and contingenciesStockholders’ equity: Preferred shares - $.01 par value; 5,000,000 shares authorized; none issued --- --- Common shares - $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 and 11,440,651 outstanding, respectively 11,757 11,757 Additional paid-in capital 45,552,142 45,548,876 Less: Treasury stock, at cost – 318,407 and 316,407 shares (1,070,406) (1,060,606) Accumulated deficit (1,406,555) (1,567,321) Total stockholders’ equity 43,086,938 42,932,706
Total liabilities and stockholders’ equity$ 74,825,411 $ 76,434,886 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)Three Months
Ended March 31,2024 2023 Revenue: Interest income from loans $ 2,142,487 $ 1,953,821 Origination fees 430,591 443,971 Total revenue 2,573,078 2,397,792
Operating costs and expenses:Interest and amortization of deferred financing costs 690,589 646,263 Referral fees 500 291 General and administrative expenses 410,278 496,096 Total operating costs and expenses 1,101,367 1,142,650 Income from operations 1,471,711 1,255,142 Other income 4,500 4,500 Net income $ 1,476,211 $ 1,259,642 Basic and diluted net income per common share outstanding: --Basic $ 0.13 $ 0.11 --Diluted $ 0.13 $ 0.11 Weighted average number of common shares outstanding: --Basic 11,438,673 11,494,945 --Diluted 11,438,673 11,494,945 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, 2024Common Shares Additional Paid-in
CapitalTreasury Stock Accumulated Deficit Totals Shares Amount Shares Cost Balance, January 1, 2024 11,757,058 $11,757 $45,548,876 316,407 $(1,060,606 ) $(1,567,321 ) $ 42,932,706 Non-cash compensation 3,266 3,266 Purchase of treasury shares 2,000 (9,800 ) (9,800 ) Dividends declared and payable (1,315,445 ) (1,315,445 ) Net income ________ ________ ________ ________ ________ 1,476,211 1,476,211 Balance, March 31, 2024 11,757,058 $11,757 $45,552,142 318,407 $(1,070,406 ) $(1,406,555 ) $43,086,938 FOR THE THREE MONTHS ENDED MARCH 31, 2023 Common Shares Additional Paid-in
CapitalTreasury Stock Accumulated Deficit Totals Shares Amount Shares Cost Balance, January 1, 2023 11,757,058 $11,757 $45,535,811 262,113 $(798,939 ) $ (1,885,056 ) $ 42,863,573 Non-cash compensation 3,266 3,266 Dividends declared and payable (1,293,181 ) (1,293,181 ) Net income ________ ________ ________ ________ ________ 1,259,642 1,259,642 Balance, March 31, 2023 11,757,058 $11,757 $45,539,077 262,113 $(798,939 ) $(1,918,595 ) $42,833,300 MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)Three Months
Ended March 31,2024 2023 Cash flows from operating activities: Net income $ 1,476,211 $ 1,259,642 Adjustments to reconcile net income to net cash provided by
operating activities -Amortization of deferred financing costs 21,954 27,540 Adjustment to operating lease right-of-use asset and liability 121 685 Depreciation 1,055 892 Non-cash compensation expense 3,266 3,266 Changes in operating assets and liabilities: Interest receivable on loans (118,931 ) 104,455 Other assets (35,153 ) (35,189 ) Accounts payable and accrued expenses (31,600 ) (28,043 ) Deferred origination fees (63,996 ) (18,272 ) Net cash provided by operating activities 1,252,927 1,314,976 Cash flows from investing activities: Issuance of short-term loans (9,650,271 ) (13,734,803 ) Collections received from loans 10,102,525 16,285,581 Purchase of fixed assets --- (5,085 ) Net cash provided by investing activities 452,254 2,545,693 Cash flows from financing activities: Repayment of line of credit, net (1,701,661 ) (2,413,957 ) Dividend paid (1,287,073 ) (1,436,868 ) Purchase of treasury shares (9,800 ) --- Deferred financing costs incurred --- (38,192 ) Net cash used in financing activities (2,998,534 ) (3,889,017 ) Net decrease in cash (1,293,353 ) (28,348 ) Cash and cash - restricted, beginning of period 1,691,995 103,540 Cash and cash - restricted, end of period $ 398,642 $ 75,192 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest $ 667,488 $ 636,990 Cash paid during the period for operating leases $ 16,370 $ 15,917 Supplemental Schedule of Noncash Financing Activities: Dividend declared and payable $ 1,315,445 $ 1,293,181 Loan holdback relating to mortgage receivable $ --- $ 17,500 The components of cash and cash - restricted are as follows: Cash $ 87,097 $ 75,192 Cash - restricted $ 311,545 $ --- Contact: Assaf Ran, CEO Vanessa Kao, CFO (516) 444-3400 SOURCE: Manhattan Bridge Capital, Inc.