NEW YORK, March 16, 2011 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that total revenues for the year ended December 31, 2010 were approximately $1,210,000 compared to approximately $1,039,000 for the year ended December 31, 2009, an increase of $171,000 or 16.4%. The increase in revenue represents an increase in lending operations. For the year ended December 31, 2010, $994,000 of our revenue represents interest income on the short term secured commercial loans that we offer to small businesses compared to $840,000 in 2009 and $216,000 represents origination fees on such loans compared to $199,000 in 2009.
Total operating costs and expenses for the year ended December 31, 2010 were $824,000 compared to $673,000 for the year ended December 31, 2009, an increase of $151,000 or 22.4%. This increase in operating costs and expenses is primarily attributable to an increase in payroll expenses of approximately $88,000, an increase in interest expense of approximately $29,000 and an increase of $20,000 in legal expenses.
Net income for the year ended December 31, 2010 was $0.10 per basic share and $0.09 per diluted share (based on 3.324 million shares and 3.372 million shares, respectively), or $319,000, versus $0.07 per basic and diluted share (based on 3.326 million shares and 3.330 million shares, respectively) or $236,000 for the year ended December 31, 2009. This increase is primarily attributable to an increase in revenue and other income, offset by an increase in operating costs and expenses and an increase in income tax expense.
As of December 31, 2010 total shareholders' equity was $7,763,000 compared to $7,455,000 as of December 31, 2009, an increase of $308,000.
Assaf Ran, Chairman of the Board and CEO stated, "I am pleased with our achievements for the year 2010, although we experienced a temporary slow down in the fourth quarter due to a significant amount of payoffs. These proceeds were redeployed by the end of the quarter and the beginning of the first quarter of 2011, and therefore the Company is back on a growth track."
"We have recently made some more achievements in regards to leveraging and structuring more joint ventures," added Mr. Ran.
Manhattan Bridge Capital, Inc., offers short-term loans to real estate investors (also known as hard money) to fund their acquisition and construction of properties located in New York Metropolitan area. Currently, our customers' purchases are often from banks or distressed sellers. Substantially all of our loans are secured by first mortgages on the acquired real estate. In addition, the principals of our corporate borrowers personally guaranty the loans and, as additional collateral and protection, pledge the borrower's stock. We operate the web site:
This report contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are typically identified by the words "believe," "expect," "intend," "estimate" and similar expressions. Those statements appear in a number of places in this report and include statements regarding our intent, belief or current expectations or those of our directors or officers with respect to, among other things, trends affecting our financial conditions and results of operations and our business and growth strategies. These forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors (such factors are referred to herein as "Cautionary Statements"), including but not limited to the following: (i) the successful integration of new businesses that we may acquire; (ii) the success of new operations which we have commenced and of our new business strategy; (iii) our limited operating history in our new business; (iv) potential fluctuations in our quarterly operating results; and (v) challenges facing us relating to our growth. The accompanying information contained in this report, including the information set forth under "Management's Discussion and Analysis of Financial Condition and Results of Operations", identifies important factors that could cause such differences. These forward-looking statements speak only as of the date of this report, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to update or revise any forward-looking statements. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
CONTACT: Assaf Ran, CEO Inbar Evron-Yogev, CFO email@example.com (212) 489-6800