Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”)
announced today that its net income for the three months ended
September 30, 2023 was approximately $1,446,000, or $0.13 per basic
and diluted share (based on approximately 11.5 million
weighted-average outstanding common shares), as compared to
approximately $1,237,000, or $0.11 per basic and diluted share
(based on approximately 11.5 million weighted-average outstanding
common shares), for the three months ended September 30, 2022, an
increase of $209,000, or 16.9%. This increase is primarily
attributable to an increase in interest income from loans,
partially offset by an increase in interest expense.
Total revenues for the three months ended
September 30, 2023 were approximately $2,434,000 compared to
approximately $2,107,000 for the three months ended September 30,
2022, an increase of $327,000, or 15.5%. The increase in revenues
was due to higher interest rates charged on the Company’s
commercial loans. For the three months ended September 30, 2023 and
2022, approximately $1,992,000 and $1,678,000, respectively, of the
Company’s revenues were attributable to interest income on secured
commercial loans that the Company offers to real estate investors,
and approximately $441,000 and $429,000, respectively, of the
Company’s revenues were attributable to 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.
Net income for the nine months ended September
30, 2023 was approximately $4,128,000, or $0.36 per basic and
diluted share (based on approximately 11.5 million weighted-average
outstanding common shares), as compared to approximately
$4,018,000, or $0.35 per basic and diluted share (based on
approximately 11.5 million weighted-average outstanding common
shares) for the nine months ended September 30, 2022, an increase
of $110,000, or 2.7%. This increase is primarily attributable to an
increase in interest income from loans, partially offset by an
increase in interest expense.
Total revenues for the nine months ended
September 30, 2023 were approximately $7,231,000 compared to
approximately $6,339,000 for the nine months ended September 30,
2022, an increase of $892,000, or 14.1%. The increase in revenues
was due to higher interest rates charged on the Company’s
commercial loans. For the nine months ended September 30, 2023 and
2022, revenues of approximately $5,889,000 and $4,934,000,
respectively, were attributable to interest income on the secured
commercial loans that the Company offers to real estate investors,
and approximately $1,342,000 and $1,405,000, respectively, of the
Company’s revenues were attributable to 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 September 30, 2023, total stockholders'
equity was approximately $42,944,000.
On April 11, 2023, the Company’s Board of
Directors authorized a share buy back program, pursuant to which
the Company may, from time to time, purchase up to 100,000 of its
common shares. This program does not obligate the Company to
purchase any shares and expires on April 10, 2024. The
authorization for the program may be terminated, increased or
decreased by the Company’s Board of Directors in its discretion at
any time. As of September 30, 2023, the Company has purchased an
aggregate of 37,860 common shares under this repurchase program, at
an aggregate cost of approximately $186,000.
Assaf Ran, Chairman of the Board and Chief
Executive Officer of the Company, stated, “In the current real
estate market condition, we are reaping the fruits of our
disciplined and conservative underwriting practices as well as our
extraordinary low leverage versus our peers. Due to the high
interest rates environment, real estate markets are slower and
heavier. Yet, we face less competition, so we have managed to
remain active.”
“I’d like to offer my sincere condolences to the
families of the victims of the evil massacre of innocent Israeli
citizens, including babies, children and women by the terror
organization Hamas, and I pray for fast recovery of the wounded and
the return of the over 200 hostages,” 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, including New Jersey and
Connecticut, and in Florida. We operate the website:
https://www.manhattanbridgecapital.com.
MANHATTAN BRIDGE CAPITAL, INC. AND
SUBSIDIARYCONSOLIDATED BALANCE
SHEETS |
|
Assets |
September 30,
2023(unaudited) |
|
December 31, 2022(audited) |
Loans receivable |
$ |
70,781,039 |
|
|
$ |
74,483,463 |
|
Interest receivable on
loans |
|
1,349,374 |
|
|
|
1,363,502 |
|
Cash |
|
133,147 |
|
|
|
103,540 |
|
Other assets |
|
100,030 |
|
|
|
59,566 |
|
Operating lease right-of-use
asset, net |
|
221,079 |
|
|
|
262,222 |
|
Deferred financing costs,
net |
|
30,765 |
|
|
|
7,708 |
|
Total assets |
$ |
72,615,434 |
|
|
$ |
76,280,001 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Line of credit |
$ |
21,433,094 |
|
|
$ |
24,994,234 |
|
Senior secured notes (net of
deferred financing costs of $190,842 and $247,155,
respectively) |
|
5,809,158 |
|
|
|
5,752,845 |
|
Deferred origination fees |
|
670,295 |
|
|
|
669,128 |
|
Accounts payable and accrued
expenses |
|
236,186 |
|
|
|
289,868 |
|
Operating lease liability |
|
233,978 |
|
|
|
273,485 |
|
Dividends payable |
|
1,288,753 |
|
|
|
1,436,868 |
|
Total liabilities |
|
29,671,464 |
|
|
|
33,416,428 |
|
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; 11,757,058 issued; 11,457,085
and 11,494,945 outstanding, respectively |
|
11,757 |
|
|
|
11,757 |
|
Additional paid-in
capital |
|
45,545,609 |
|
|
|
45,535,811 |
|
Treasury stock, at cost –
299,973 and 262,113 shares, respectively |
|
(984,630 |
) |
|
|
(798,939 |
) |
Accumulated deficit |
|
(1,628,766 |
) |
|
|
(1,885,056 |
) |
Total stockholders’ equity |
|
42,943,970 |
|
|
|
42,863,573 |
|
Total liabilities and
stockholders’ equity |
$ |
72,615,434 |
|
|
$ |
76,280,001 |
|
MANHATTAN BRIDGE CAPITAL, INC. AND
SUBSIDIARYCONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited) |
|
Three MonthsEnded September
30, |
Nine MonthsEnded September
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Interest income from loans |
$ |
1,992,495 |
|
$ |
1,677,670 |
|
$ |
5,888,843 |
|
$ |
4,933,767 |
|
Origination fees |
|
441,271 |
|
|
429,350 |
|
|
1,342,077 |
|
|
1,405,076 |
|
Total revenue |
|
2,433,766 |
|
|
2,107,020 |
|
|
7,230,920 |
|
|
6,338,843 |
|
|
|
|
|
|
|
|
Operating costs and expenses: |
|
|
|
|
|
|
Interest and amortization of deferred financing costs |
|
614,389 |
|
|
496,718 |
|
|
1,856,079 |
|
|
1,204,954 |
|
Referral fees |
|
361 |
|
|
625 |
|
|
1,652 |
|
|
3,945 |
|
General and administrative expenses |
|
377,192 |
|
|
377,436 |
|
|
1,274,267 |
|
|
1,125,162 |
|
Total operating costs and expenses |
|
991,942 |
|
|
874,779 |
|
|
3,131,998 |
|
|
2,334,061 |
|
Income from operations |
|
1,441,824 |
|
|
1,232,241 |
|
|
4,098,922 |
|
|
4,004,782 |
|
Other income |
|
4,500 |
|
|
4,500 |
|
|
29,380 |
|
|
13,500 |
|
Income before income tax expense |
|
1,446,324 |
|
|
1,236,741 |
|
|
4,128,302 |
|
|
4,018,282 |
|
Income tax expense |
|
--- |
|
|
--- |
|
|
(650 |
) |
|
(650 |
) |
Net income |
$ |
1,446,324 |
|
$ |
1,236,741 |
|
$ |
4,127,652 |
|
$ |
4,017,632 |
|
|
|
|
|
|
|
|
Basic and diluted net income per common share outstanding: |
|
|
|
|
|
|
--Basic |
$ |
0.13 |
|
$ |
0.11 |
|
$ |
0.36 |
|
$ |
0.35 |
|
--Diluted |
$ |
0.13 |
|
$ |
0.11 |
|
$ |
0.36 |
|
$ |
0.35 |
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
|
|
|
|
--Basic |
|
11,461,052 |
|
|
11,494,945 |
|
|
11,477,133 |
|
|
11,494,945 |
|
--Diluted |
|
11,461,052 |
|
|
11,494,945 |
|
|
11,477,133 |
|
|
11,494,945 |
|
MANHATTAN
BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS’
EQUITY(unaudited) |
|
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 |
|
Common Shares |
Additional Paid in Capital |
Treasury Shares |
Accumulated Deficit |
Totals |
|
Shares |
Amount |
|
Shares |
Cost |
|
|
Balance, July 1, 2023 |
11,757,058 |
$11,757 |
$45,542,343 |
295,473 |
$(963,745) |
$(1,786,337) |
$42,804,018 |
Purchase of treasury shares |
|
|
|
4,500 |
(20,885) |
|
(20,885) |
Non-cash compensation |
|
|
3,266 |
|
|
|
3,266 |
Dividends declared and payable |
|
|
|
|
|
(1,288,753) |
(1,288,753) |
Net income |
|
|
|
|
|
1,446,324 |
1,446,324 |
Balance, September 30, 2023 |
11,757,058 |
$11,757 |
$45,545,609 |
299,973 |
$(984,630) |
$(1,628,766) |
$42,943,970 |
FOR THE THREE MONTHS ENDED SEPTEMBER 30,
2022 |
|
Common Shares |
Additional Paid in Capital |
Treasury Shares |
Accumulated Deficit |
Totals |
|
Shares |
Amount |
|
Shares |
Cost |
|
|
Balance, July 1, 2022 |
11,757,058 |
$11,757 |
$45,529,278 |
262,113 |
$(798,939) |
$(1,442,167) |
$43,299,929 |
Non-cash compensation |
|
|
3,266 |
|
|
|
3,266 |
Dividends declared and payable |
|
|
|
|
|
(1,436,868) |
(1,436,868) |
Net income |
|
|
|
|
|
1,236,741 |
1,236,741 |
Balance, September 30, 2022 |
11,757,058 |
$11,757 |
$45,532,544 |
262,113 |
$(798,939) |
$(1,642,294) |
$43,103,068 |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 |
|
Common Shares |
Additional Paidin Capital |
Treasury Shares |
AccumulatedDeficit |
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 |
Purchase of treasury shares |
|
|
|
37,860 |
(185,691) |
|
(185,691) |
Non-cash compensation |
|
|
9,798 |
|
|
|
9,798 |
Dividends paid |
|
|
|
|
|
(2,582,609) |
(2,582,609) |
Dividends declared and payable |
|
|
|
|
|
(1,288,753) |
(1,288,753) |
Net income |
|
|
|
|
|
4,127,652 |
4,127,652 |
Balance, September 30, 2023 |
11,757,058 |
$11,757 |
$45,545,609 |
299,973 |
$(984,630) |
$(1,628,766) |
$42,943,970 |
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 |
|
Common Shares |
Additional Paidin Capital |
Treasury Shares |
AccumulatedDeficit |
Totals |
|
Shares |
Amount |
|
Shares |
Cost |
|
|
Balance, January 1, 2022 |
11,757,058 |
$11,757 |
$45,522,746 |
262,113 |
$(798,939) |
$(1,349,322) |
$43,386,242 |
Non-cash compensation |
|
|
9,798 |
|
|
|
9,798 |
Dividends paid |
|
|
|
|
|
(2,873,736) |
(2,873,736) |
Dividends declared and payable |
|
|
|
|
|
(1,436,868) |
(1,436,868) |
Net income |
|
|
|
|
|
4,017,632 |
4,017,632 |
Balance, September 30, 2022 |
11,757,058 |
$11,757 |
$45,532,544 |
262,113 |
$(798,939) |
$(1,642,294) |
$43,103,068 |
MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARYCONSOLIDATED
STATEMENTS OF CASH FLOWS(unaudited) |
|
|
Nine Months Ended September
30, |
|
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating
activities: |
|
|
|
|
Net income |
|
$ |
4,127,652 |
|
|
$ |
4,017,632 |
|
Adjustments to reconcile
net income to net cash provided by operating activities - |
|
|
|
|
Amortization of deferred
financing costs |
|
|
71,449 |
|
|
|
83,401 |
|
Adjustment to operating
lease right-of-use asset and liability |
|
|
1,636 |
|
|
|
3,274 |
|
Depreciation |
|
|
3,001 |
|
|
|
1,598 |
|
Non-cash compensation
expense |
|
|
9,798 |
|
|
|
9,798 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
Interest receivable on loans |
|
|
14,128 |
|
|
|
(176,746 |
) |
Other assets |
|
|
(38,381 |
) |
|
|
(29,164 |
) |
Accounts payable and accrued expenses |
|
|
(53,682 |
) |
|
|
47,890 |
|
Deferred origination fees |
|
|
1,167 |
|
|
|
61,645 |
|
Net cash provided by operating activities |
|
|
4,136,768 |
|
|
|
4,019,328 |
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
Issuance of short term loans |
|
|
(40,810,565 |
) |
|
|
(49,241,679 |
) |
Collections received from loans |
|
|
44,512,989 |
|
|
|
42,255,461 |
|
Purchase of fixed assets |
|
|
(5,085 |
) |
|
|
(1,893 |
) |
Net cash provided by (used in) investing activities |
|
|
3,697,339 |
|
|
|
(6,988,111 |
) |
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
(Repayment of) proceeds from line of credit, net |
|
|
(3,561,140 |
) |
|
|
7,715,637 |
|
Dividends paid |
|
|
(4,019,478 |
) |
|
|
(4,310,604 |
) |
Purchase of treasury shares |
|
|
(185,691 |
) |
|
|
--- |
|
Deferred financing costs incurred |
|
|
(38,191 |
) |
|
|
(35,819 |
) |
Net cash (used in) provided by financing activities |
|
|
(7,804,500 |
) |
|
|
3,369,214 |
|
|
|
|
|
|
Net increase in cash and
restricted cash* |
|
|
29,607 |
|
|
|
400,431 |
|
Cash and restricted cash*,
beginning of year |
|
|
103,540 |
|
|
|
142,546 |
|
Cash and restricted cash*, end
of period |
|
$ |
133,147 |
|
|
$ |
542,977 |
|
|
|
|
|
|
Supplemental Cash Flow
Information: |
|
|
|
|
Taxes paid during the
period |
|
$ |
650 |
|
|
$ |
650 |
|
Interest paid during the
period |
|
$ |
1,797,254 |
|
|
$ |
1,036,338 |
|
Operating leases paid during
the period |
|
$ |
47,822 |
|
|
$ |
47,703 |
|
|
|
|
|
|
Supplemental Information –
Noncash Information: |
|
|
|
|
Dividend declared and
payable |
|
$ |
1,288,753 |
|
|
$ |
1,436,868 |
|
|
|
|
|
|
|
|
|
|
* At September 30,
2022, cash and restricted cash included $433,269 of restricted
cash. |
|
|
|
Contact:
Assaf Ran, CEO
Vanessa Kao, CFO
(516) 444-3400
SOURCE: Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital (NASDAQ:LOAN)
過去 株価チャート
から 12 2024 まで 1 2025
Manhattan Bridge Capital (NASDAQ:LOAN)
過去 株価チャート
から 1 2024 まで 1 2025