Mill City Ventures III, Ltd. Reports 2022 Fourth Quarter and Full Year Financial Results
Investment Income from Lending Operations Increases 58%
Shareholder Equity Increases 36.7%
Mustang Acquisition on Pace to Close in 2023 Second Half
MINNEAPOLIS, MN / ACCESSWIRE / April 17, 2023 / 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 full year-month periods ended December 31, 2022.
2022 Highlights
- Investment income from lending operations increased 24.9% to $847,518 in the three-month period ended December 31, 2022, from $678,209 in the prior year period. For the 2022 full year, investment income was $4,199,453 compared to $2,656,201 in 2021, a $1,543,252 or 58% increase.
- Pre-tax earnings from lending operations were $316,506 in the three-month period ended December 31, 2022, compared to $347,054 in the prior year period. For the 2022 full year, net gain from lending operations increased to $1,440,576 from $1,301,450, a $139,126 or 10.6% increase.
- Shareholder equity increased to $18,342,339 from $13,414,048 at December 31, 2021.
Commenting on the full-year results, Chief Executive Officer Douglas M. Polinsky said "Mill City Ventures experienced a transformative year in 2022. Not only did we generate a record $4.2 million in interest income from 31 different short-term loans with aggregate principal totaling more than $16.7 million, but the year was also highlighted by the December 6, 2022, announcement that we had entered into a letter of intent for a potential merger transaction with Mustang Litigation Funding. Presently, we expect that this transaction may close sometime in the second half of 2023, and we look forward to what the combined companies can accomplish in the financing sector. In the meantime, we will continue to provide bespoke financing solutions to a variety of short-term borrowers as opportunities present themselves."
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). Forward-looking statements evidence our expectations and include those statements that use forward-looking words such as "projected," "expect," "believe," "possibility," "potential" 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 annual report on Form 10-K for the year ended December 31, 2022, and 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 makes no guarantee of future performance. Forward-looking statements are based on the assumptions, 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.
Contact:
Joseph A. Geraci, CFO
952-479-1920
Investor Contact:
TraDigital IR
John McNamara
917-658-2602
[email protected]
SOURCE: Mill City Ventures III Ltd.
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