MINNEAPOLIS, May 18, 2021 /PRNewswire/ -- Mill City
Ventures III, Ltd. ("Mill City" or the "Company") (OTCQB: MCVT), a
non-bank lender and specialty finance company, announced today its
revenue and net income for the quarter ended March 31, 2021.
- Interest income increased 206% to $546,842 from $178,245 for the first quarter a year ago (the
prior period)
- Earnings from operations were $12,984 compared to $79,587 for the prior period, a decrease due
mainly to officer bonuses of $200,000
paid in the first quarter
- Shareholder equity increased 37% to $13.3M from $9.8M
at the end of the prior period
- Net asset value per share increased 41% to $1.24 from $0.88 at
the end of the prior period.
"We essentially started a new business a year ago in the first
quarter. Since then, we have seen our fifth consecutive quarter of
profitability. As we exited the first quarter, the size of our loan
book is bigger than it has ever been at over $11M. The quarterly results demonstrate our
ability to capitalize on a myriad of different lending
opportunities and broaden the scope of the types of loans we make
while receiving attractive rates of return. We continue to
see increased potential returns in our non-bank specialty finance
lending business," commented Chief Executive Officer Douglas M. Polinsky.
"The additional opportunity to provide third party financing to
the buyers on gunbroker.com, a wholly owned subsidiary of Ammo,
Inc. (NASDAQ: POWW) has the potential to dramatically grow our loan
book in a compressed amount of time."
The Company continues to explore opportunities in real estate,
title loans, insurance claims, litigation and business
acquisitions. The loans are generally structured with short
maturities ranging from 9 to 12 months.
Forward-looking statements in this release are made pursuant to
the "safe harbor'' provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from the future results
expressed or implied by the forward-looking statements, including
without limitation continued demand for short-term specialty
non-bank loans, the Company's ability to continue growing its
investment portfolio while receiving attractive returns, increased
levels of competition, new products or offerings introduced by
competitors, changes in the market rates of loans, and other
risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a short-term
non-bank lending and specialty finance company.
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SOURCE Mill City Ventures III, Ltd.