Medallion Financial Corp (TAXI) Tops Q2 EPS by 1c; $20M Stock Buyback

Medallion Financial Corp (NASDAQ: TAXI) reported Q2 EPS of $0.28, $0.01 better than the analyst estimate of $0.27.

The Company also announced a distribution of $0.24 per share for the 2014 second quarter, up from $0.22 per share in the 2013 second quarter.

The Company further announced that its Board of Directors authorized an increase in the Company’s stock repurchase authorization to $20 million, an increase from the $6 million still remaining under its previously authorized program.

Andrew Murstein, President of Medallion Financial stated, “We are extremely pleased with the 2014 second quarter and year-to-date results, which were among the highest in the Company’s history. Also, we are pleased to announce that we will again be paying a distribution of $0.24 per share, the highest it has been in 13 years, and up from $0.22 a year ago. Over the last 5 years we have given our shareholders an annual return including distributions of approximately 17% per year, including 29% in 2013. While taxi medallion lending remains the foundation of the Company’s overall managed business, the majority of our earnings now arise from non-taxi related loan products. We anticipate non-taxi related loan products to contribute to earnings at an increasing rate as we continue to grow these portfolios. We are proud to have performed so well, and we feel confident in our future.”

For earnings history and earnings-related data on Medallion Financial Corp (TAXI) click here.

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