Mill City Ventures III, Ltd. Reports Record Quarterly Results

PR Newswire

MINNEAPOLIS, Nov. 15, 2021

MINNEAPOLIS, Nov. 15, 2021 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company, announced today its revenue and net income for the quarter ended September 30, 2021.

   -- Interest income increased 163% to $755k compared to $287k in the prior 
      period 
   -- Earnings from operations increased 386% to $516k compared to $106k in the 
      prior period 
   -- Shareholder equity increased 13% to $13.4M, up from $11.6M at December 
      31, 2020, and after the payment of $1.5M in dividends 

"Our ability to source, conduct due diligence and fund loans has resulted in another record quarter for us," said Chief Executive Officer Douglas M. Polinsky. "We use our network of contacts for financing opportunities and our approach continues to bear fruit in a record quarter for Mill City that keeps us on track for yet another record year."

"Our revenue growth continues to outpace the growth in operational expenses allowing for us to expand our net margins," he continued. "In addition, we continue to return capital to our stockholders by issuing over $1.5M in dividends in 2020."

Revenues for the nine-month period increased to $1.98M from $740k for the same period a year ago. Net earnings for the nine-month period increased to $954k from $255k from the same period a year ago.

The Company continues to explore opportunities in real estate bridge loans, title loans, insurance claims, litigation financing and business acquisitions. The Company seeks to structure the majority of its loan transactions (by dollar amount) with short-term maturities of nine months or less.

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, 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.

View original content:https://www.prnewswire.com/news-releases/mill-city-ventures-iii-ltd-reports-record-quarterly-results-301423985.html

SOURCE Mill City Ventures III, Ltd.

/CONTACT: Joseph A. Geraci, CFO, 952-479-1920

/Web site: http://www.millcityventures3.com