Business Context and Reporting Period
This Form 8-K filing by Medallion Financial Corp. reports on a stock repurchase event occurring on May 26, 2015. The company is incorporated in Delaware and operates from New York, New York.
Key Financial Metrics
The filing details specific capital allocation activities regarding the company's equity:
- Shares Repurchased: 30,000 shares of common stock.
- Total Cost: $298,887 (inclusive of brokerage commissions and fees).
- Average Price Per Share: $9.96.
- Program Authorization: $20,000,000 authorized on July 29, 2014.
- Remaining Authorization: $13,363,971 available for future repurchases as of May 26, 2015.
- Historical Program Data: Since November 2003, the company has repurchased 2,231,758 shares at a total cost of $20,608,001 (average cost of $9.23 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 available stock repurchase authorization by approximately $298,887 due to the May 26 transaction. No other material changes to financial position or operations are disclosed in this specific report.
Guidance, Outlook, and Risks
This filing contains no forward-looking guidance, management commentary on future outlook, or discussion of risks and contingencies. It is a routine disclosure of a completed transaction under the existing stock repurchase program.
Investor Verification Checklist
- Verify the remaining balance of the stock repurchase program ($13,363,971) against subsequent filings.
- Compare the repurchase price of $9.96 per share against the market price on May 26, 2015.
- Review the company's most recent 10-Q or 10-K for comprehensive liquidity and debt metrics not included in this 8-K.