Manhattan Bridge Capital, Inc. Declares Quarterly Dividend

Rhea-AI Summary

Manhattan Bridge Capital has declared a quarterly dividend of $0.10 per share, payable on July 15, 2020, to shareholders of record as of July 10, 2020. The board's decision reflects confidence in navigating the challenges posed by the COVID-19 crisis, with CEO Assaf Ran indicating that current issues appear manageable but acknowledges preparedness for worsening conditions. This announcement highlights the company's commitment to returning value to shareholders amid uncertain market dynamics.

Positive

• Quarterly dividend of $0.10 per share reflects confidence amidst COVID-19 challenges.
• Dividend payment scheduled for July 15, 2020, enhancing shareholder value.

Negative

• Potential risks related to COVID-19 may impact future performance.
• High competition could limit loan origination with favorable rates.
• CEO's retention is critical for future success.

GREAT NECK, N.Y., May 07, 2020 (GLOBE NEWSWIRE) -- Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) announced today that its board of directors has declared a quarterly dividend of $0.10 per share to be paid to all shareholders of record on July 10, 2020. The dividend will be paid on July 15, 2020.

Assaf Ran, Chairman of the Board and CEO, stated, “As we deal with the dynamic consequences of the COVID-19 crisis, we feel that $0.10 is the appropriate dividend for the second quarter. At this point our problems seem manageable, but we are prepared in the event that conditions worsen.”

Forward Looking Statements

This press release and the statements of our representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when we discuss the belief that at this point our problems seem manageable, and that we are prepared in the event that conditions worsen, we are using forward-looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. 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, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive and (ix) if the effect of the COVID-19 pandemic on our business is greater than anticipated. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

FAQ

What is the dividend amount declared by Manhattan Bridge Capital for Q2 2020?

The declared dividend is $0.10 per share.

When will the dividend be paid to shareholders of Manhattan Bridge Capital?

The dividend will be paid on July 15, 2020.

What are the payment dates related to the Manhattan Bridge Capital dividend?

Record date is July 10, 2020, and payment date is July 15, 2020.

What challenges is Manhattan Bridge Capital facing due to COVID-19?

The company acknowledges manageable issues but is prepared for potential worsening conditions.