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Mill City Ventures III, Ltd. Reports 2024 First Quarter Results

Thursday, 16 May 2024 07:30 AM


MINNEAPOLIS, MN / ACCESSWIRE / May 16, 2024 / Mill City Ventures III, Ltd. (NASDAQ:MCVT), a non-bank lender and specialty finance company, disclosed its revenue and net income for the quarter ended March 31, 2024 with the filing of its quarterly report on Form 10-Q on Wednesday, May 15, 2024. The filing reported that:

  • Interest income from lending operations remained relatively flat at $832,667 compared to $864,028 for the year ago period;
  • Pre-tax earnings from lending operations increased to $471,580 compared to a loss of $(1,025,767) in the prior-year period resulting in net earnings of $0.06 earnings per share compared to a loss of $(0.12) per share; and
  • Shareholder equity increased to $18.97M, up from $18.59M at December 31, 2023.

"We have experienced another very profitable quarter reflecting our continued focus on maximizing profitably. Furthermore, I am excited about Mill City's prospects both in terms of its present operations and its strategic opportunities," said Mill City's Chief Executive Officer, Douglas M. Polinsky.

Mill City continues exploring potential opportunities in real estate bridge loans, title loans, insurance claims, litigation financing and business acquisitions.

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.
Mill City Ventures III, Ltd., is a short-term non-bank lending and specialty finance company.

Joseph A. Geraci, CFO

SOURCE: Mill City Ventures III Ltd.

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