Business Context and Reporting Period
This Form 8-K filing by Medallion Financial Corp. covers the period from September 11, 2015, to September 16, 2015. The report details a specific corporate action regarding the company's stock repurchase program authorized by the Board of Directors on July 28, 2015.
Key Financial Metrics
- Stock Repurchase Activity: The company purchased 243,397 shares of common stock.
- Cost of Repurchase: Total cost was $1,601,885, averaging $6.58 per share (inclusive of commissions and fees).
- Program Authorization: The current program authorizes up to $26,000,000 in repurchases.
- Remaining Authorization: As of September 16, 2015, $16,908,349 remains available for future repurchases.
- Historical Context: Since the program's inception in November 2003, a total of 2,569,951 shares have been repurchased at a cumulative cost of $23,063,624 (average cost of $8.97 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 execution of share buybacks under the July 2015 authorization. The company reduced its outstanding share count by 243,397 shares during the five-day reporting window.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of specific risks and contingencies beyond the execution of the authorized stock repurchase program.
Investor Verification Checklist
- Verify the remaining balance of $16,908,349 available under the stock repurchase program.
- Confirm the total number of shares repurchased since November 2003 (2,569,951 shares).
- Review the average cost per share of $6.58 for the recent transaction versus the historical average of $8.97.
- Check subsequent filings for further repurchase activity or program modifications.