Business
Manhattan Bridge Capital, Inc. Reports Results for 2019
GREAT NECK, N.Y., March 17, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that net income for the year ended December
About this update from Manhattan Bridge Capital, Inc
[{"type":"text","content":"GREAT NECK, N.Y., March 17, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that net income for the year ended December 31, 2019 was approximately $4,495,000, or $0.47 per share (based on approximately 9.7 million weighted-average outstanding common shares), versus approximately $4,204,000, or $0.48 per share (based on approximately 8.8 million weighted-average outstanding common shares) for the year ended December 31, 2018, an increase of $291,000 or 7.0%. This increase in net income was mainly due to an increase in operating income and decreases in interest and payroll expenses. \n Total revenue for the year ended December 31, 2019 was approximately $7,340,000 compared to approximately $7,225,000 for the year ended December 31, 2018, an increase of $115,000 or 1.6%. The increase in revenue was primarily attributable to an increase in origination fees resulting from an increase in the rate of loan turnover. In 2019, approximately $6,186,000 of our revenue represents interest income on secured, real estate loans that we offer to small businesses compared to approximately $6,168,000 in 2018, and approximately $1,154,000 represents origination fees on such loans compared to approximately $1,057,000 in 2018. Total operating costs and expenses for the year ended December 31, 2019 were approximately $2,842,000 compared to approximately $3,022,000 for the year ended December 31, 2018, a decrease of $180,000 or 6.0%. The decrease in operating costs and expenses is primarily attributable to an annual bonus paid to officers in 2018 which was not repeated in 2019, a voluntary waiver from the Company’s CEO forgoing his base salary for the months of November and December 2019, and decreased interest expense due to lower LIBOR rates. As of December 31, 2019, total shareholders' equity was approximately $31,943,000 compared to approximately $32,081,000 as of December 31, 2018. Effective February 25, 2020, the Company amended its existing credit line agreement with Webster Business Credit Corporation, Flushing Bank, and Mizrahi Tefahot Bank Ltd. to further increase its credit line from $25 million to $32.5 million and extend its term to February 28, 2023. On February 26, 2020, our Board of Directors authorized a share buy back program for the Company to purchase up to 100,000 of its common shares in the n...