MINNEAPOLIS, MN / ACCESSWIRE / November 21, 2022 / From 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, 2022.
3Q 2022 Highlights
Investment income from lending operations increased 47.5% to $1,115,224 in the three-month period ended September 30, 2022, from $755,601 in the prior year period. For the nine-month period, investment income was $3,351,935 compared to $1,977,992 in the previous year period, a 69% increase.
Net loss in the third quarter was ($64,568) compared to a gain of $516,019 in the previous year period. The loss in the third quarter was driven primarily by professional fees incurred during the quarter related to the Company’s public offering and listing on Nasdaq. In the nine-month period, net gain from lending operations increased to $1,124,070 from $954,396 in the previous year period, a 17.7% increase.
Shareholder equity increased to $18,658,595 from $13,414,049 at December 31, 2021
At September 30, 2022, the Company had $1,861,650 in cash, compared with $1,936,148 at December 31, 2021.
Commenting on the quarter, Chief Executive Officer Douglas M. Polinsky said, “Our third quarter results reflect the continued robust demand for our short-term loans as income from operations increased on a three-month and nine-month basis. Our net results include professional fees we incurred in connection with our public offering and uplisting to Nasdaq in August, and as part of our efforts to raise our visibility with the investment community and grow our business. The market demand for our lending solutions continues to be our main driver growth, and we intend to remain opportunistic about acquisitions that may accelerate that growth.”
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 contained within the 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.
Joseph A. Geraci, CFO
SOURCE: From City Ventures III Ltd.
View source version on accesswire.com: