Mill City Ventures III, Ltd. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 16, 2023 at 02:14 am IST
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Mill City Ventures III, Ltd. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 0.907502 million compared to USD 1.24 million a year ago. Net income was USD 0.070721 million compared to USD 0.518008 million a year ago. Basic earnings per share from continuing operations was USD 0.01 compared to USD 0.11 a year ago.
For the six months, revenue was USD 1.77 million compared to USD 2.24 million a year ago. Net loss was USD 0.647323 million compared to net income of USD 0.930119 million a year ago. Basic loss per share from continuing operations was USD 0.1 compared to basic earnings per share from continuing operations of USD 0.19 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.