Mill City Ventures Announces Record Year in Revenue and Profits
WAYZATA, Minn., 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 $ 1.3M of $ 161,000 for the previous year
Operating profit was $ 561,000, an increase in loss of $ 672,000 for the previous year
The increase in net assets from operations before tax was $ 2.5M, compared to a net operating loss before tax of ($ 657,000)
Equity increased by 16% to $ 11.6M of $ 10.1M, after giving effect to a December 2020 dividend payment of $ 539,000
Mill City’s net operating margins were 43% for its first full year after a complete change in business operations. The net asset value per share rose to $ 1.08 of $ 0.91.
Chief executive officer Douglas M. Polinsky said: “We are committed to transforming 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 contact us in situations that are not bankable due to time constraints or other issues. We are taking the time to understand the situation and to discuss with our board of directors and receive feedback from advisors on how to analyze the opportunity. “
“We have taken advantage of lending opportunities in the form of securities lending, adjudicated insurance settlements, real estate bridge loans and secured personal loans to high net worth borrowers.” In addition, we continue to leverage our experience in the public market to participate in the PSPC market We will continue to make our decisions after sufficient due diligence and incorporating appropriate risk mitigation processes, structures and conditions ”, continues 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 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 that could cause actual results to occur. 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 offerings 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 lending and specialty finance company. Additional information can be found at www.sec.gov.
SOURCE Mill City Ventures III, Ltd.