Mill City Ventures III, Ltd. Reports Record Second Quarter 2021 Results

Rhea-AI Summary

Mill City Ventures III, Ltd. (OTCQB: MCVT) reported significant growth for Q2 2021, with interest income soaring by 144% to $675,549 compared to Q2 2020. Earnings from operations surged 515% to $425,393. Shareholder equity increased by 22% to $14.2M since December 2020. The company expanded its loan portfolio from $2.8M to $10.9M within six months. CEO Douglas M. Polinsky highlighted the opportunity for growth through financing buyers on gunbroker.com, a subsidiary of Ammo, Inc. (NASDAQ: POWW). The company is also pursuing other financing avenues.

Positive

• Interest income increased 144% to $675,549 from $276,425 YoY.
• Earnings from operations rose 515% to $425,393 from $69,546 YoY.
• Shareholder equity grew by 22% to $14.2M from $11.6M since December 2020.
• Loan portfolio expanded from $2.8M to $10.9M in the first half of 2021.

Negative

• None.

MINNEAPOLIS, Aug. 16, 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 quarter ended June 30, 2021.

• Interest income increased 144% to $675,549 from $276,425 from the second quarter a year ago
• Earnings from operations increased 515% to $425,393 from $69,546 from the second quarter a year ago
• Shareholder equity increased 22% to $14.2M from $11.6M from December 31, 2020

"We have seen a tremendous opportunity during the last six months. Our ability to engage in due diligence and understand the needs of the borrower and respond quickly resulted in the Company growing its loan portfolio from $2.8M to $10.9M in the first six months of 2021. The nexus of keeping cash available for loans and using our sourcing networks has positively affected all aspects of our business from the income statement to the balance sheet," commented Chief Executive Officer Douglas M. Polinsky.

"The additional opportunity to provide third party financing to the buyers on gunbroker.com, a wholly owned subsidiary of Ammo, Inc. (NASDAQ: POWW) has the potential to dramatically grow our loan book in a compressed amount of time."

The Company continues to explore opportunities in real estate bridge loans, title loans, insurance claims, litigation financing and business acquisitions.  The Company seeks to structure the vast majority of its loan transactions by dollar amount with short-term maturities of nine months.

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 market rates of 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.

View original content:https://www.prnewswire.com/news-releases/mill-city-ventures-iii-ltd-reports-record-second-quarter-2021-results-301355766.html

SOURCE Mill City Ventures III, Ltd.

FAQ

What were Mill City Ventures' Q2 2021 financial results?

Mill City Ventures III reported a 144% increase in interest income to $675,549 and a 515% increase in earnings from operations to $425,393 for Q2 2021.

How much did Mill City Ventures' shareholder equity increase?

Shareholder equity rose by 22% to $14.2M as of June 30, 2021, compared to $11.6M at the end of December 2020.

What is the significance of the partnership with gunbroker.com for Mill City Ventures?

The partnership presents an opportunity to significantly grow Mill City Ventures' loan portfolio in a short period by providing financing to buyers on gunbroker.com.

What is the future outlook for Mill City Ventures based on their press release?

Mill City Ventures aims to explore various financing opportunities and maintain a focus on short-term loans, indicating potential for further growth.