Mill City Ventures III, Ltd. Announces Record Revenues for 1st quarter
- Revenue from interest and dividends increased 292%
- Breakeven operating quarter from loss from year ago
- Additional portfolio investments totaled $1.25 million in quarter
WAYZATA, Minn., May 13, 2015 /PRNewswire/ -- Mill City Ventures III, Ltd. ("MCV" or the "Fund") (OTCBB: MCVT) (http: www.millcityventures3.com) today announced record interest and dividend income for the first fiscal quarter ended March 31, 2015. Interest and dividend income for the quarter was $163,844 compared to $41,764 for the quarter ended March 31, 2014. Operating expenses remained near flat at $163,241 versus $151,298 a year ago.
"We have worked diligently to construct a portfolio of quality companies and look forward to continuing with our investment pipeline," said Chief Executive Officer Douglas M. Polinsky.
The Fund invested an additional $1.25M in the first quarter. Of this amount, $1.0 million was invested in a new portfolio holding while $250,000 was a follow-on investment in an existing portfolio company. As of March 31, 2015, the Fund held $2.7M in cash and equivalents.
Net realized gain on investments decreased from $200,903 for March 31, 2014, to $146,853 for quarter ended March 31, 2015.
Net asset value increased by $0.03 per share from $0.92 to $0.95 for the first quarter of 2015 compared to first quarter of 2014. Net asset increased from year end 2014 to first quarter 2015 by $0.01 per share.
The Fund has also been successful in repurchasing 17,929 shares of common stock in open market transaction in the last half of 2014. The aggregate purchase price for 17,929 shares was $14,850, or $0.83 per share.
About Mill City Ventures III, Ltd.
Mill City Ventures III Ltd. is a business development company (BDC). The Company focuses on investing in or lending to private and small-capitalization public companies and making managerial assistance available to such companies. It intends to invest capital in portfolio companies for purposes of financing acquisitions, organic growth, recapitalizations, buyouts and working capital.
Additional information is available at www.sec.gov or www.millcityventures3.com.
Disclaimer:
Forward-Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect MCV's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in "Risk Factors" set forth in MCV's most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission ("SEC"), and subsequent filings with the SEC. Please refer to MCV's SEC filings for a more detailed discussion of the risks and uncertainties associated with its business, including but not limited to the risks and uncertainties associated with investing in private, micro- and small-cap companies. Except as required by the federal securities laws, MCV undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to MCV's website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
SOURCE Mill City Ventures III, Ltd.
Related Links
http://www.millcityventures3.com
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