WAYZATA, Minn., Nov. 2, 2020 /PRNewswire/ -- Mill City Ventures III, Ltd. (OTCPK: MCVT) announced today its net income for the three months ended September 30, 2020 was $106,088, or $0.01 per share, compared to a loss of $146,699 for the same period a year ago. Total revenue for the quarter was $287,0034 compared to $43,007 for the same period a year ago.
Net income for the nine-month period ending Sept. 30, 2020 was $255,221 compared to a loss of $543,618 for the same period a year ago. Total revenue for the nine-month period was $755,469 compared to $125,375 for the same period a year ago.
During the nine-month period, net asset value rose from $10.14M at December 31, 2019 to $10.86M at September 20, 2020.
Chief Executive Officer Douglas M. Polinsky stated, "We have had a reasonable level of success in transforming our business model and financial performance from just nine months ago when began our foray into non-bank lending and specialty finance. Our new business model has allowed us to make loans at above-market rates due to our ability to move and fund quickly. In addition, we have seized opportunities in title loans, insurance settlement purchases and opportunistic real estate financings. We intend to stay flexible and opportunistic with respect to what is presently a robust flow of financing opportunities presented to us, and we look forward to a fourth quarter that may be our strongest in company history regarding revenues and profits."
In addition, as disclosed in the company's quarterly report on Form 10-Q filed with SEC, the company's Board of Directors authorized the repurchase of up to $400,000 of company common stock in private or public purchases as appropriate opportunities arise.
Mill City Ventures III, Ltd. 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. Additional information can be found at www.sec.gov.
SOURCE Mill City Ventures III, Ltd.