$LOAN Manhattan Bridge Capital, Inc
Manhattan Bridge Capital, Inc. Reports Results for 2014
Mon March 23, 2015 7:15 AM|GlobeNewswire | About: LOAN
Revenue Increases by 28.5% to Approximately $2.9 Million
Net Income Increases by 149.6 % to Approximately $1.455 Million
LONG ISLAND, N.Y., March 23, 2015 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq:LOAN) announced today that net income for the year ended December 31, 2014 was $0.29 per share or approximately $1,455,000, versus $0.14 per share, or approximately $583,000 for the year ended December 31, 2013. This increase in net income was mainly due to an increase in operating income as a result of increased lending activity and minimal income tax expense for 2014 as a result of the Company's intention to elect REIT status for 2014.
Total revenue for the year ended December 31, 2014 was approximately $2,904,000 compared to approximately $2,260,000 for the year ended December 31, 2013, an increase of $644,000 or 28.5%. The increase in revenue represents an increase in lending operations. In 2014, approximately $2,401,000 of the Company's revenue represents interest income on secured, commercial loans that the Company offers to small businesses compared to approximately $1,858,000 in 2013, and approximately $503,000 represents origination fees on such loans compared to approximately $402,000 in 2013.
Total operating costs and expenses for the year ended December 31, 2014 were approximately $1,443,000 compared to approximately $1,282,000 for the year ended December 31, 2013, an increase of $161,000 or 12.6%. This increase in operating costs and expenses is primarily attributable to an increase in interest and amortization of debt service costs of approximately $121,000, which is primarily attributable to the Company's use of a line of credit in order to increase its ability to make loans.
As of December 31, 2014 total shareholders' equity was approximately $13,866,000 compared to approximately $8,893,000 as of December 31, 2013, an increase of $4,973,000.
In July 2014, we completed a public offering in which we raised net proceeds of approximately $4.3 million. As a result of the offering, we satisfy all of the requirements to be taxed as a REIT and intend to elect REIT status beginning with 2014.
In February 2015, we obtained a three-year $14 million revolving line of credit with Webster Business Credit Corporation, to replace our $7.7 million credit facility with Sterling National Bank.
Assaf Ran, Chairman of the Board and CEO, stated, "2014 was a year of major milestones for the Company. Not only did we continue our organic growth, but we also increased our line of credit, completed a stock offering and met the requirements to qualify the Company as a REIT. Due to these achievements, the Company paid $0.07 per share as cash dividends for the second and the third quarters, and $0.08 per share for the last quarter of 2014 to its shareholders."
"Due to our disciplined underwriting procedures, we have gone through one more year without a default or delinquency," added Mr. Ran.
About Manhattan Bridge Capital, Inc.
Manhattan Bridge Capital, Inc. offers short-term secured, nonbanking 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: www.manhattanbridgecapital.com
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