Mill City Ventures III, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 17, 2023 at 04:41 pm EST
Share
Mill City Ventures III, Ltd. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 0.725158 million compared to USD 1.12 million a year ago. Net income was USD 0.36956 million compared to net loss of USD 0.036126 million a year ago. Basic earnings per share from continuing operations was USD 0.06 compared to basic loss per share from continuing operations of USD 0.01 a year ago. Diluted earnings per share from continuing operations was USD 0.06 compared to diluted loss per share from continuing operations of USD 0.01 a year ago.
For the nine months, revenue was USD 2.5 million compared to USD 3.35 million a year ago. Net loss was USD 0.277763 million compared to net income of USD 0.893993 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to basic earnings per share from continuing operations of USD 0.18 a year ago. Diluted loss per share from continuing operations was USD 0.04 compared to diluted earnings per share from continuing operations of USD 0.18 a year ago.
Mill City Ventures III, Ltd. is engaged in the business of providing short-term specialty finance solutions primarily to private businesses, micro- and small-cap public companies and high-net-worth individuals. The Company generally provides specialty finance solutions that are short-term in nature. The principal specialty finance solutions it provides are high-interest short-term lending arrangements. Typically, these lending arrangements involve the Company obtaining collateral as security for the borrowerâs repayment of funds to the Company, or personal guarantees from the principals or affiliates of the borrower. Its specialty finance solutions include short-term secured loans for real estate development; short-term unsecured loans (with an option to acquire collateral security) to a business; short-term secured loans to a business for operating capital, and short-term secured loans to an individual owed a forthcoming tax refund.