Mill City Ventures reports record year for revenues and earnings
WAYZATA, Minn., March 10, 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 year ended December 31, 2020 was a record from 13 years in business.
- Revenues increased 700% to $1.3M from $161,000 for the prior year
- Earnings from operations was $561,000, an increase from a loss of $672,000 for the prior year
- Net asset increase from operations before taxes was $2.5M, compared to a net loss from operations before taxes of ($657,000)
- Shareholder equity increased 16% to $11.6M from $10.1M, after giving effect to a December 2020 dividend payment of $539,000
Mill City's net margins from operations were 43% for its first full year after a complete shift in business operations. Net asset value per share increased to $1.08 from $0.91.
Chief Executive Officer Douglas M. Polinsky stated, "We undertook to transform our business in 2020. In so doing, we have tried to remain nimble so as to take advantage of opportunities as they arise. This has proven critical to our success since potential borrowers often come to us in situations not bankable due to time constraints or other issues. We take the time to understand the situation and confer with our board and receive input from advisors on how to analyze the opportunity."
"We have enjoyed lending opportunities in title loans, adjudicated insurance settlements, real estate bridge loans, and collateralized personal loans to high-net-worth borrowers. In addition, we continue to leverage our experience in the public market to participate in the SPAC market and explore opportunities in litigation finance. We will continue to make our decisions after sufficient due diligence and incorporating appropriate risk-mitigation processes, structures and terms," Mr. Polinsky continues.
The investment portfolio has continued to add to the growth in assets into the first quarter of 2021.
Mill City also repurchased 381,489 shares during the year.
Mill City's 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 general economy, changes in interest rates or the market for 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. Additional information can be found at www.sec.gov.
SOURCE Mill City Ventures III, Ltd.
Related Links
http://www.millcityventures3.com
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