Business Context and Reporting Period
This Form 8-K filing by Medallion Financial Corp. reports on a stock repurchase program update. The report date is May 25, 2010, covering a specific repurchase period from May 25, 2010, to June 9, 2010.
Key Financial Metrics
The filing details specific stock repurchase activity rather than general operating financials.
- Shares Purchased (Period): 48,525 shares
- Cost (Period): $341,010
- Average Price (Period): $7.04 per share
- Total Shares Repurchased (Program to Date): 1,442,649 shares
- Total Cost (Program to Date): $13,022,000
- Average Cost (Program to Date): $9.03 per share
- Remaining Authorization: $6,978,000
Material Changes
The filing reports the execution of share buybacks under an existing program authorized in 2003 and expanded in 2004. The total authorization was $20,000,000. As of June 9, 2010, the company has utilized approximately $13.0 million of this authorization.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard disclosure of the repurchase program status. No unusual items or contingencies are reported in this document.
Investor Verification Points
- Verify the remaining $6,978,000 authorization balance against the original $20,000,000 total limit.
- Confirm the average purchase price of $7.04 per share during the May-June 2010 window relative to market prices at that time.
- Check subsequent filings to determine if the remaining authorization was fully utilized or if the program was extended.