$MCVT Mill City Ventures III, Ltd. Reports Record First Quarter 2021 Results

on May 18, 2021 News and Tags: , , , , , , , with 0 comments

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.

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"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.

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