Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: November 9, 2007
Event Reported: Stock repurchase activity under an existing program.
Key Financial Metrics
This filing reports specific capital allocation metrics related to share repurchases rather than operational financial results (revenue, profit, or cash flow).
| Metric | Value |
|---|---|
| Shares Purchased (Nov 9 - Nov 21, 2007) | 33,200 |
| Cost of Recent Purchases | $326,815 |
| Average Price per Share (Recent) | $9.84 |
| Total Shares Repurchased (Program to Date) | 1,386,433 |
| Total Cost (Program to Date) | $12,606,292 |
| Average Cost per Share (Program to Date) | $9.09 |
| Remaining Authorization | $7,393,708 |
Material Changes
The filing details the execution of the stock repurchase program during the two-week period ending November 21, 2007. The average purchase price of $9.84 per share in this period was higher than the program's historical average of $9.09 per share.
Guidance, Outlook, and Risks
Management Commentary: The Board of Directors originally authorized the repurchase of up to $10,000,000 in 2003, which was increased by an additional $10,000,000 in 2004. As of November 28, 2007, approximately $7.4 million remains available for future repurchases.
Risks/Contingencies: The filing text does not provide specific risk factors or contingencies beyond the standard disclosure of the repurchase program status.
Investor Verification Checklist
- Verify the total remaining authorization of $7,393,708 against the original $20,000,000 cap.
- Confirm the average purchase price trend ($9.84 recent vs. $9.09 historical) to assess market timing.
- Review the company's most recent 10-Q or 10-K for overall liquidity and cash flow to ensure repurchases do not strain capital resources.
- Check for any subsequent 8-K filings regarding further repurchase activity after November 21, 2007.