Mill City Ventures III, Ltd. Reports 2024 Third Quarter Financial Results
Mill City Ventures III (Nasdaq:MCVT) reported its Q3 2024 financial results, showing a 93% increase in pre-tax earnings from lending operations to $589,283. Nine-month pre-tax earnings reached $1.26 million, resulting in $0.20 EPS compared to a $(0.04) loss per share in the prior year. Investment income slightly decreased by 2% to $711,022 in Q3 and by 3% to $2.43 million for the nine-month period. Shareholder equity grew to $19.8 million from $18.6 million, while cash position strengthened to $3.1 million from $376,024 at year-end 2023. The company announced a stock buyback program with shares trading below net asset value.
Mill City Ventures III (Nasdaq:MCVT) ha riportato i risultati finanziari per il terzo trimestre del 2024, mostrando un aumento del 93% degli utili ante imposte dalle operazioni di prestito, raggiungendo $589,283. Gli utili ante imposte per i nove mesi sono stati di $1.26 milioni, con un utile per azione (EPS) di $0.20 rispetto a una perdita di $(0.04) per azione nello stesso periodo dell'anno precedente. I guadagni da investimenti sono diminuiti leggermente del 2% a $711,022 nel terzo trimestre e del 3% a $2.43 milioni per il periodo di nove mesi. Il patrimonio netto degli azionisti è cresciuto a $19.8 milioni rispetto a $18.6 milioni, mentre la posizione di liquidità si è rafforzata a $3.1 milioni da $376,024 a fine anno 2023. L'azienda ha annunciato un programma di riacquisto di azioni, poiché le azioni vengono scambiate al di sotto del valore netto degli attivi.
Mill City Ventures III (Nasdaq:MCVT) informó sus resultados financieros del tercer trimestre de 2024, mostrando un aumento del 93% en las ganancias antes de impuestos de las operaciones de préstamo, alcanzando $589,283. Las ganancias antes de impuestos de los nueve meses llegaron a $1.26 millones, resultando en $0.20 de ganancias por acción (EPS) en comparación con una pérdida de $(0.04) por acción en el año anterior. Los ingresos por inversiones disminuyeron ligeramente en un 2% a $711,022 en el tercer trimestre y en un 3% a $2.43 millones en el periodo de nueve meses. El patrimonio neto de los accionistas creció a $19.8 millones desde $18.6 millones, mientras que la posición de efectivo se fortaleció a $3.1 millones desde $376,024 a finales de 2023. La compañía anunció un programa de recompra de acciones, ya que las acciones se están negociando por debajo del valor neto de los activos.
밀 시티 벤처스 III (Nasdaq:MCVT)는 2024년 3분기 재무 결과를 발표했으며, 대출 운영으로 인한 세전 수익이 93% 증가하여 $589,283에 달했습니다. 9개월 동안의 세전 수익은 $1.26백만에 도달했으며, 주당 수익(EPS)은 $0.20로, 전년의 주당 $(0.04) 손실과 비교되었습니다. 투자 수익은 3분기 동안 2% 감소하여 $711,022, 9개월 동안 3% 감소하여 $2.43백만에 이르렀습니다. 주주 자본은 $18.6백만에서 $19.8백만으로 증가했고, 현금 보유량은 2023년 말 $376,024에서 $3.1백만으로 강화되었습니다. 회사는 자산 순가치 이하에서 거래되고 있는 주식에 대한 자사주 매입 프로그램을 발표했습니다.
Mill City Ventures III (Nasdaq:MCVT) a publié ses résultats financiers pour le troisième trimestre 2024, montrant une augmentation de 93% des bénéfices avant impôts issus des opérations de prêt, atteignant $589,283. Les bénéfices avant impôts sur neuf mois se sont élevés à $1,26 million, résultant en un BPA (bénéfice par action) de $0,20 comparé à une perte de $(0,04) par action l'année précédente. Les revenus d'investissement ont légèrement diminué de 2% à $711,022 au Q3 et de 3% à $2,43 millions sur la période de neuf mois. Les fonds propres des actionnaires ont augmenté à $19,8 millions contre $18,6 millions, tandis que la position de trésorerie s'est renforcée à $3,1 millions depuis $376,024 à la fin de l'année 2023. L'entreprise a annoncé un programme de rachat d'actions, les actions se négociant en dessous de la valeur nette des actifs.
Mill City Ventures III (Nasdaq:MCVT) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht, die einen Anstieg von 93 % beim Vorsteuergewinn aus Kreditgeschäften auf $589.283 zeigen. Der Vorsteuergewinn für die neun Monate betrug $1,26 Millionen, was zu einem Gewinn pro Aktie (EPS) von $0,20 führte, verglichen mit einem Verlust von $(0,04) pro Aktie im Vorjahr. Die Anlageerträge sanken leicht um 2 % auf $711.022 im 3. Quartal und um 3 % auf $2,43 Millionen für den Neunmonatszeitraum. Das Eigenkapital der Aktionäre stieg von $18,6 Millionen auf $19,8 Millionen, während die Liquiditätsposition von $376.024 Ende 2023 auf $3,1 Millionen gestärkt wurde. Das Unternehmen kündigte ein Aktienrückkaufprogramm an, da die Aktien unter dem Nettovermögenswert gehandelt werden.
- 93% increase in Q3 pre-tax earnings to $589,283
- Nine-month pre-tax earnings of $1.26 million vs previous year loss
- EPS improvement to $0.20 from $(0.04) loss
- Shareholder equity increased by $1.2 million to $19.8 million
- Cash position strengthened to $3.1 million from $376,024
- Announced stock buyback program
- 2% decrease in Q3 investment income to $711,022
- 3% decline in nine-month investment income to $2.43 million
- Stock trading below net asset value
Insights
Mill City Ventures shows significant operational improvement despite slightly lower revenue. Pre-tax earnings surged
The company's strengthened balance sheet, with cash increasing to
The slight
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, a93% 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, a3% 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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