WAYZATA, Minnesota. , March 10, 2021 / PRNewswire / – Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (OTCQB: MCVT), a non-bank lender and specialist finance company, today announced its sales and net income for the year ended December 31, 2020 was a 13-year record in business.
- Revenue increased 700% to reach $ 1.3M of $ 161,000 for the previous year
- Operating profit was $ 561,000 , an increase compared to a loss of $ 672,000 for the previous year
- The net increase in operating assets before tax was $ 2.5 million , compared to a net operating loss before tax of ($ 657,000)
- Equity increased by 16% to $ 11.6 million of $ 10.1 million , after giving effect to a december 2020 dividend payment $ 539,000
Mill City’s net operating margins were 43% for its first full year after a complete change in business operations. Net asset value per share increased to $ 1.08 of $ 0.91 .
Chief executive officer Douglas M. Polinsky said, “We set out to transform our business in 2020. In doing so, we have tried to remain nimble in order to take advantage of opportunities as they arise. This has proven to be critical to our success as potential borrowers often come to us in unbankable situations due to time constraints or other issues. We take the time to understand the situation, discuss with our board of directors and receive feedback from advisors on how to analyze the opportunity. ”
“We took advantage of lending opportunities in the form of securities lending, adjudicated insurance settlements, real estate bridging loans and secured personal loans to high net worth borrowers. and explore opportunities in litigation financing. We will continue to make our decisions after sufficient due diligence and incorporating appropriate risk mitigation processes, structures and conditions, ”continued Mr. Polinsky.
The investment portfolio continued to contribute to asset growth in the first quarter of 2021.
Mill City also repurchased 381,489 shares during the year.
Mill City’s forward-looking statements contained in this press release are made in accordance with 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 which could cause actual results to differ materially from future results expressed or implied by forward-looking statements, including, without limitation, continued demand for specialized short-term non-bank loans, increased levels of competition, new products or offers introduced by competitors, changes in the general economy, changes in interest rates or the loan market, and other risks.
About Mill City Ventures III, Ltd.
Founded in 2007, Mill City Ventures III, Ltd., is a non-bank, short-term and specialty finance company. Additional information can be found at www.sec.gov .
SOURCE Mill City Ventures III, Ltd.