Business
Manhattan Bridge Capital, Inc. Reports First Quarter 2019 Results
GREAT NECK, N.Y., April 15, 2019 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that net income for the three months ended
About this update from Manhattan Bridge Capital, Inc
[{"type":"text","content":"GREAT NECK, N.Y., April 15, 2019 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that net income for the three months ended March 31, 2019 was approximately $1,121,000, or $0.12 per basic and diluted share (based on approximately 9.7 million weighted-average outstanding common shares), versus approximately $981,000, or $0.12 per basic and diluted share (based on approximately 8.1 million weighted-average outstanding common shares), an increase of $140,000, or 14.3%. This increase is primarily attributable to an increase in revenue.Total revenue for the three months ended March 31, 2019 was approximately $1,788,000 compared to approximately $1,664,000 for the three months ended March 31, 2018, an increase of $124,000, or 7.4%. The increase in revenue was due to an increase in lending operations. For the three months ended March 31, 2019, approximately $1,503,000 of our revenue represents interest income on secured commercial loans that we offer to small businesses, compared to approximately $1,429,000 for the same period in 2018, and approximately $285,000 and $235,000, respectively, represent origination fees on such loans. The loans are principally secured by collateral consisting of real estate and, generally, accompanied by personal guarantees from the principals of the borrowers.As of March 31, 2019, total shareholders' equity was approximately $33,221,000.Assaf Ran, Chairman of the Board and CEO, stated, \"The New York real estate market is slow and uncertain. Yet, we manage to collect interest and principal balances at a normal pace. We believe that is a strong indication that our portfolio is solid and that our business model works. The challenge now is to redeploy funds into new loans without compromising our standards. We are working hard to meet this challenge and to continue our track record of no defaults.\"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: https://www.manhattanbridgecapital.com.Forward Looking StatementsThis press release and the statements of our representatives related thereto contain...