 |
|
|
March 19, 2007
Consolidated Statements of Operations
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Three Months ended
|
Year ended
|
|
December 31,
|
December 31,
|
|
|
|
|
2006
|
2005
|
2006
|
2005
|
|
|
(As adjusted)
|
|
(As adjusted)
|
|
|
|
Interest income on investments
Dividends and interest income on short-term investments
Medallion lease income
|
$10,275,894
205,420
171,220
|
$8,643,205
224,219
122,750
|
$38,031,949
1,059,099
543,867
|
$33,649,871
696,309
464,750
|
|
|
|
|
Total investment income |
10,652,534 |
8,990,174 |
39,634,915 |
34,810,930 |
|
|
|
|
Interest on floating rate borrowings
Interest on fixed rate borrowings
|
5,317,820
1,256,719
|
3,617,648
1,242,755
|
19,208,815
4,981,488
|
13,398,536
4,598,713
|
|
|
|
|
Total interest expense |
6,574,539 |
4,860,403 |
24,190,303 |
17,997,249 |
Net interest income
|
4,077,995
|
4,129,771
|
15,444,612
|
16,813,681
|
|
|
|
Gain on sales of loans
Other income
|
-
595,443
|
46,874
785,441
|
-
2,646,574
|
884,608
3,853,094
|
|
|
|
|
Total noninterest income |
595,443 |
832,315 |
2,646,574 |
4,737,702 |
|
|
|
|
Salaries and benefits
Professional fees
Other operating expenses
|
1,654,482
476,380
1,577,244
|
2,040,466
671,803
1,239,844
|
8,192,731
1,955,521
4,777,549
|
9,554,489
1,945,153
5,484,065
|
|
|
|
|
Total operating expenses |
3,708,106 |
3,952,113 |
14,925,801 |
16,983,707 |
|
|
|
|
Net investment income before income taxes
Income tax (provision) benefit
|
965,332
-
|
1,009,973
30,034
|
3,165,385
-
|
4,567,676
13,924
|
|
|
|
|
Net investment income after income taxes |
965,332 |
1,040,007 |
3,165,385 |
4,581,600 |
|
|
|
|
Net realized gains (losses) on investments
Net change in unrealized appreciation (depreciation) on investments
Net change in unrealized appreciation on Medallion Bank and other controlled subsidiaries
|
2,538,654
789,219
1,551,212
|
(1,375,007)
(492,427)
1,430,494
|
3,079,718
(591,405)
7,454,321
|
3,606,119
(6,338,641)
5,012,424
|
|
|
|
Net unrealized gains (losses) on investments
|
2,340,431 |
938,067 |
6,862,916 |
(1,326,217) |
|
|
|
Net realized/unrealized gains on investments
|
4,879,085 |
(436,940) |
9,942,634 |
2,279,902 |
Net increase in net assets resulting from operations
|
$5,844,417
|
$603,067
|
$13,108,019
|
$6,861,502
|
|
|
|
Net investment income after income taxes per common share
|
|
|
|
|
Basic
Diluted
|
$0.06
0.05
|
$0.06
0.06
|
$0.18
0.18
|
$0.27
0.26
|
|
Net increase in net assets resulting from operations per common share
|
|
|
|
|
Basic
Diluted
|
$0.34
0.33
|
$0.04
0.03
|
$0.76
0.74
|
$0.40
0.39
|
|
|
Dividends declared per share
|
$0.19
|
$0.15
|
$0.70
|
$0.54
|
|
Weighted average common shares outstanding
|
|
|
|
|
Basic
Diluted
|
17,364,241
17,770,893
|
17,155,302
17,582,240
|
17,293,665
17,761,039
|
17,087,034
17,552,228
|
- Back to Press Release
- Consolidated Balance Sheets
- Medallion Bank Financial Information
Medallion Financial Corp. is a specialty finance company with a leading position in the origination and servicing of loans financing the purchase of taxicab medallions and related assets. The Company also originates and services commercial and consumer loans in targeted niche industries. The Company and its subsidiaries have lent over $3 billion to its taxicab, commercial, and consumer customers.
Please note that this press release contains forward-looking statements that involve risks and uncertainties relating to business performance, cash flow, costs, sales, net investment income, earnings, and growth. Medallion's actual results may differ significantly from the results discussed in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, those factors discussed under the heading "Risk Factors," in Medallion's 2005 Annual Report on Form 10-K.
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