Business Context and Reporting Period
This Form 8-K filing by Medallion Financial Corp. reports on a stock repurchase event occurring on August 9, 2016. The report details transactions under the Current Stock Repurchase Program authorized by the Board of Directors on July 28, 2015.
Key Financial Metrics
- Shares Repurchased: 16,000 shares of common stock.
- Total Cost: $98,548 (inclusive of brokerage commissions and fees).
- Average Price per Share: $6.16.
- Remaining Program Authorization: $24,043,517 available for future repurchases.
- Historical Program Totals (since Nov 2003): 2,629,125 shares repurchased at a total cost of $23,418,221 (average cost of $8.91 per share).
The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
The primary material change reported is the reduction of the authorized stock repurchase balance by $98,548 following the August 9 transaction. No other material financial changes are disclosed in this specific filing.
Guidance, Outlook, and Risks
This filing contains no management commentary, forward-looking guidance, risk factors, or contingencies beyond the execution of the authorized stock buyback program.
Investor Verification Checklist
- Verify the remaining $24,043,517 authorization balance against subsequent filings to track program progress.
- Compare the $6.16 repurchase price against the company's historical average cost of $8.91 per share.
- Confirm the total number of shares outstanding post-repurchase in the company's next periodic report (10-Q or 10-K).