Manhattan Bridge Capital Inc (LOAN, Financial) filed Quarterly Report for the period ended 2010-09-30.
Manhattan Bridge Capital Inc has a market cap of $4.8 million; its shares were traded at around $1.4 with a P/E ratio of 12.1 and P/S ratio of 4.6.
Total revenues for the three month period ended September 30, 2010 were approximately $306,000 compared to approximately $289,000 for the three month period ended September 30, 2009, an increase of $17,000 or 5.9%. The increase in revenue represents an increase in lending operations. For the three month period ended September 30, 2010, $256,000 of our revenue represents interest income on the short term secured commercial loans that we offer to small businesses compared to $235,000 for the same period in 2009, and $51,000 represents origination fees on such loans compared to $54,000 for the same period in 2009. Loans are secured by collateral such as real estate, receivables, and marketable securities and generally are accompanied by personal guarantees from the principals of the businesses.
Total revenues for the nine month period ended September 30, 2010 were approximately $913,000 compared to approximately $770,000 for the nine month period ended September 30, 2009, an increase of $143,000, or 18.6%. The increase in revenue represents an increase in lending operations. Revenue of approximately $752,000 for the nine month period ended September 30, 2010, compared to approximately $633,000 for the same period in 2009, represents interest income on the short term secured commercial loans that we offer to small businesses, and $161,000 represents origination fees on such loans compared to $137,000 for the same period in 2009. Loans are secured by collateral such as real estate, receivables, and marketable securities and generally are accompanied by personal guarantees from the principals of the businesses.
For the nine month period ended September 30, 2010 we had other income in the amount of approximately $156,000, consisting mainly of the realized gain on the sale of marketable securities that were previously marked down of $151,000 and dividend and interest income of approximately $4,000, compared to other income of approximately $24,000, which consisted mainly of dividend and interest income of approximately $19,000, a realized gain on the sale of marketable securities that were previously marked down of approximately $11,000, offset by realized losses on marketable securities in the amount of approximately $6,000.
At September 30, 2010, we had cash and cash equivalents of approximately $960,000 and working capital of approximately $7,650,000 as compared to cash and cash equivalents and marketable securities of approximately $1,112,000 and working capital of $7,332,000 at December 31, 2009. The decrease in cash and cash equivalents and marketable securities primarily reflects the making of short term commercial loans in the total amount of $3,912,500, offset by proceeds of collection of these loans in the amount of $3,322,921 and the use of lines of credit in the amount of $300,000. The increase in working capital is primarily attributable to the net income of $352,387.
Net cash used in investing activities was approximately $158,000 for the nine months ended September 30, 2010, compared to net cash used in investing activities of approximately $1,149,000 for the period ended September 30, 2009. Net cash used in investing activities consisted primarily of the issuance of the our short term commercial loans in the amount of approximately $3,912,000, offset by collection of these loans in the amount of $3,323,000 and proceeds from sale of marketable securities in the amount of approximately 432,000. In the period ended September 30, 2009 net cash used in investing activities consisted primarily of the issuance of the our short term commercial loans in the amount of $4,988,000, offset by collection of these loans in the amount of $3,585,000 and proceeds from sale of marketable securities in the amount of approximately 254,000.
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Manhattan Bridge Capital Inc has a market cap of $4.8 million; its shares were traded at around $1.4 with a P/E ratio of 12.1 and P/S ratio of 4.6.
Highlight of Business Operations:
For the three and nine months ended September 30, 2010 the total amounts of $976,000 and $3,912,500, respectively, have been lent, offset by collections received from borrowers in the amount of $1,616,500 and $3,322,921 respectively. Loans ranging in size from $50,000 to $1,020,000 were concluded at stated interest rates of 12% to 16%, but often at higher effective rates based upon points or other up-front fees. We use our own employees, outside lawyers and other independent professionals to verify titles and ownership, to file liens and to consummate the transactions. Outside appraisers are also employed to assist us in evaluating the worth of collateral.Total revenues for the three month period ended September 30, 2010 were approximately $306,000 compared to approximately $289,000 for the three month period ended September 30, 2009, an increase of $17,000 or 5.9%. The increase in revenue represents an increase in lending operations. For the three month period ended September 30, 2010, $256,000 of our revenue represents interest income on the short term secured commercial loans that we offer to small businesses compared to $235,000 for the same period in 2009, and $51,000 represents origination fees on such loans compared to $54,000 for the same period in 2009. Loans are secured by collateral such as real estate, receivables, and marketable securities and generally are accompanied by personal guarantees from the principals of the businesses.
Total revenues for the nine month period ended September 30, 2010 were approximately $913,000 compared to approximately $770,000 for the nine month period ended September 30, 2009, an increase of $143,000, or 18.6%. The increase in revenue represents an increase in lending operations. Revenue of approximately $752,000 for the nine month period ended September 30, 2010, compared to approximately $633,000 for the same period in 2009, represents interest income on the short term secured commercial loans that we offer to small businesses, and $161,000 represents origination fees on such loans compared to $137,000 for the same period in 2009. Loans are secured by collateral such as real estate, receivables, and marketable securities and generally are accompanied by personal guarantees from the principals of the businesses.
For the nine month period ended September 30, 2010 we had other income in the amount of approximately $156,000, consisting mainly of the realized gain on the sale of marketable securities that were previously marked down of $151,000 and dividend and interest income of approximately $4,000, compared to other income of approximately $24,000, which consisted mainly of dividend and interest income of approximately $19,000, a realized gain on the sale of marketable securities that were previously marked down of approximately $11,000, offset by realized losses on marketable securities in the amount of approximately $6,000.
At September 30, 2010, we had cash and cash equivalents of approximately $960,000 and working capital of approximately $7,650,000 as compared to cash and cash equivalents and marketable securities of approximately $1,112,000 and working capital of $7,332,000 at December 31, 2009. The decrease in cash and cash equivalents and marketable securities primarily reflects the making of short term commercial loans in the total amount of $3,912,500, offset by proceeds of collection of these loans in the amount of $3,322,921 and the use of lines of credit in the amount of $300,000. The increase in working capital is primarily attributable to the net income of $352,387.
Net cash used in investing activities was approximately $158,000 for the nine months ended September 30, 2010, compared to net cash used in investing activities of approximately $1,149,000 for the period ended September 30, 2009. Net cash used in investing activities consisted primarily of the issuance of the our short term commercial loans in the amount of approximately $3,912,000, offset by collection of these loans in the amount of $3,323,000 and proceeds from sale of marketable securities in the amount of approximately 432,000. In the period ended September 30, 2009 net cash used in investing activities consisted primarily of the issuance of the our short term commercial loans in the amount of $4,988,000, offset by collection of these loans in the amount of $3,585,000 and proceeds from sale of marketable securities in the amount of approximately 254,000.
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