Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: November 22, 2017
Subject: Correction of a scrivener's error in the previously filed Quarterly Report on Form 10-Q for the period ended September 30, 2017.
Key Financial Metrics
This filing addresses a specific correction to the balance sheet total assets figure. No other financial metrics (revenue, profit, cash flow, debt, or liquidity) are disclosed in this document.
- Total Assets (Corrected): $655,420,000
- Total Assets (Previously Reported Error): $665,420,000
- Balance Sheet Components: Stated as correctly reported in the original Form 10-Q.
Material Changes Versus Prior Period
The filing does not report operational changes or performance variances compared to prior periods. The only material change is the rectification of a clerical error in the total assets line item of the September 30, 2017, Form 10-Q. The individual asset components were not affected by the error.
Guidance, Outlook, and Risks
Management Commentary: The error was identified as a scrivener's error. The correct total asset figure was already reflected in the press release dated November 7, 2017 (Exhibit 99.1 to the Form 8-K filed on that date).
Risks and Contingencies: No new risks, contingencies, or unusual items are disclosed in this filing. The filing serves solely to amend the public record regarding the total assets figure.
Important Facts for Investor Verification
- Verify the corrected total assets of $655,420,000 in the September 30, 2017, Form 10-Q.
- Confirm that the individual components of the asset section remain unchanged from the original filing.
- Note that the correct figure was previously disclosed in the November 7, 2017, press release.