Mill City Ventures III, Ltd. publishes record quarterly results
MINNEAPOLIS, November 15, 2021 / PRNewswire / – Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company, today announced its revenue and net income for the quarter ended September 30, 2021.
- Interest income increased by 163% for $ 755,000 compared to $ 287k in the previous period
- Operating profit increased 386% to reach $ 516k compared to $ 106,000 in the previous period
- Equity increased 13% to $ 13.4 million, from $ 11.6 million To December 31, 2020, and after the payment of $ 1.5M in dividends
“Our ability to research, conduct due diligence and fund loans resulted in another record quarter for us,” said the CEO. Douglas M. Polinsky. “We use our network of contacts for fundraising opportunities and our approach continues to pay off in a record quarter for Mill City which keeps us on track for another record year.”
“Our revenue growth continues to outpace the growth in operating expenses, which allows us to increase our net margins,” he continued. “In addition, we continue to return capital to our shareholders by issuing more than $ 1.5M in dividends in 2020. “
Income for the nine-month period increased to $ 1.98M of $ 740,000 for the same period a year ago. Net profit for the nine-month period increased to $ 954,000 of $ 255,000 from the same period a year ago.
The Company continues to explore opportunities in real estate bridge loans, title lending, insurance claims, litigation financing and business acquisitions. The Company seeks to structure the majority of its lending transactions (by dollar amount) with short term maturities of nine months or less.
The forward-looking statements contained in this press release are made in accordance with 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 a risk. substantial difference from actual results. future results expressed or implied by forward-looking statements, including, without limitation, continued demand for specialized short-term non-bank loans, increased levels of competition, new products or offerings introduced by competitors, changes in market rates for loans; and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a non-bank, short-term and specialty finance company.
SOURCE Mill City Ventures III, Ltd.