Medallion Financial Corp. (Nasdaq: MFIN, "Medallion" or the "Company") announced today that it will report its 2020 first quarter results after the market closes on Thursday, April 30, 2020. A conference call to discuss the financial results will be held on Friday, May 1, 2020 at 9:00 a.m. Eastern time.
Medallion Financial (MFIN) delivered earnings and revenue surprises of 0.00% and -4.97%, respectively, for the quarter ended December 2019. Do the numbers hold clues to what lies ahead for the stock?
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Medallion Financial Corp. (NASDAQ: MFIN, "Medallion" or the "Company"), a finance company that originates and services loans in various consumer and commercial niche industries, announced today its 2020 first quarter results.
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Medallion Financial Corp. (Nasdaq:MFIN, Medallion or the Company), a finance company that originates and services loans in various consumer and commercial niche industries, initially reported results for the quarter and year ended December 31, 2019 on February 18, 2020. Just prior to the anticipated filing of the Company’s 2019 audited financial statements, the Company reviewed three borrower relationships, representing 61 medallion loans with $27.5 million aggregate principal amount, including consideration of additional information identified since the Company initially reported results. These loans were categorized as performing loans at the time the Company initially reported results, and therefore had a general allowance for credit losses reserve allocation of $5.6 million, as of year-end. The Company’s financial results as of, and for the periods ended, December 31, 2019 were reported on that basis at the time the Company initially reported results. However, upon consideration of the additional information about these loans, the Company determined to categorize these loans as impaired loans and classified these loans as troubled debt restructurings ("TDR"). The Company also applied the same impairment calculation methodology to 18 medallion loans already classified as TDRs. The net effect of these adjustments was an increase in the total TDR amount of $27.5 million and an additional $4.3 million provision for credit losses, resulting in a reduction of after tax net income of $3.2 million for the quarter and year ended December 31, 2019. The remainder of this release and the tables at the end of this release have been updated to reflect these changes.
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Medallion Financial (MFIN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Medallion Financial (MFIN) delivered earnings and revenue surprises of -566.67% and -33.66%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
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