MINNEAPOLIS, MN / ACCESSWIRE / November 12, 2024 / Mill City Ventures III, Ltd. (Nasdaq:MCVT) (Mill City or the "Company") a non-bank lender and specialty finance company, today announced financial results for the three-month and nine-month periods ended September 30, 2024.
3Q 2024 Highlights
Pre-tax earnings from lending operations increased in the third quarter to $589,283 from $305,960 in the prior-year period, a 93% increase. In the nine-month period, pre-tax earnings reached $1.26 million compared to a loss of $(277,763) in the prior-year period resulting in a net earnings of $0.20 earnings per share compared to a loss of $(0.04) per share in the prior-year period.
Investment income from lending operations decreased 2% to $711,022 in the three-month period ended September 30, 2024, from $725,158 in the prior-year period. For the nine-month period, investment income was $2.43 million compared to $2.50 million in the prior-year period, a 3% decrease.
Shareholder equity increased to $19.8 million from $18.6 million at December 31, 2023.
At September 30, 2024, the Company had $3.1 million in cash, compared with $376,024 at December 31, 2023.
Chief Executive Officer, Douglas Polinsky, expressed optimism based on the Company cash position and the investment opportunities believed to be available in the near future. "As our net asset value continues to grow, we at Mill City are very excited about prospects for 2025 and beyond. The demand for loans continues at a solid pace, inclusive of repeat business from past borrowers." Polinsky added, "With our recent announcement of a stock buyback, we expect to be opportunistic in buying shares back with our stock currently trading below net asset value".
About Mill City
Founded in 2007, Mill City is a short-term non-bank lending and specialty finance company. Additional information can be found at www.sec.gov.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should carefully read the risk factors set forth in the Company's prospectus on Form S-1 filed with the SEC on April 26, 2022, as amended, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this press release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release, other than as required by law.
Investor Contact:
Joseph A. Geraci
Chief Financial Officer
Mill City Ventures III, Ltd.
jg@millcityventures3.com
SOURCE: Mill City Ventures III Ltd.
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