Mill City Ventures III, Ltd. announces quarterly results
MINNEAPOLIS, May 16, 2022 /PRNewswire/ — Mill City Ventures III, Ltd. (OTCQB: MCVT), a non-bank lender and specialty finance company, announced its revenue and net income for the current quarter March 31, 2022 by filing its Quarterly Report on Form 10-Q Friday May 13th2022. The filing reported that:
- Interest income from lending increased by 83% $1M compared to $546,000 for the same period last year;
- Earnings before taxes from the lending business increased $454,000 compared to $12,000 in the same period last year; and
- Equity rose $13.8Maway $13.4M at the December 31, 2021.
“We achieved our record ninth quarter for both revenue and credit revenue,” said the Chief Executive Officer Douglas M. Polinsky. “We continue to see strong demand for our credit products and have maintained a zero loss rate on defaults in our credit portfolio to date.
“With the founding of our $5 million Credit line in the fourth quarter we were able to mobilize our equity and significantly expand our lending business. Our revenue growth continues to outperform operating expense growth, allowing us to increase our net margins,” stated Mr. Polinsky.
The Company also recently filed an S-1 registration statement for a potential public offering of common stock, the proceeds of which would be used to continue to meet demand for loans. In addition, the Company continues to work with its attorney and NASDAQ to seek a listing on the stock exchange.
Mill City continues to explore potential opportunities in the areas of real estate bridge loans, home loans, insurance claims, litigation financing and corporate acquisitions.
Forward-looking statements in this press 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 future results expressed or implied by the forward-looking statements, including, without limitation, continued demand for short-term specialty lending from non-banking, increased competition, new products or offerings introduced by competitors, changes in market interest rates on loans, and other risks.
About Mill City Ventures III, Ltd.
Mill City Ventures III, Ltd. is a non-bank short-term lending and specialty financing company.
SOURCE Mill City Ventures III, Ltd.