Medallion Financial Corporation
Consolidated Balance Sheets
December 31, December 31,
2002 2001
ASSETS
Medallion loans $210,475,921 $252,674,634
Commercial loans 138,360,895 199,328,787
Equity investments 7,409,628 3,591,962
Net investments 356,246,444 455,595,383
Investments in and loans to Media 4,505,356 6,658,052
Total investments 360,751,800 462,253,435
Cash 35,369,285 25,409,058
Accrued interest receivable 2,546,101 3,995,469
Servicing fee receivable 2,838,417 3,569,599
Fixed assets, net 1,551,781 1,933,918
Goodwill, net 5,007,583 5,007,583
Other assets 17,130,525 5,586,720
Total assets $425,195,492 $507,755,782
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued expenses $7,066,115 $7,105,309
Dividends payable -- 1,643,656
Accrued interest payable 5,589,754 2,138,240
Revolving line of credit 132,589,899 --
Notes payable to banks 48,018,589 233,000,000
Senior secured notes 2,313,753 45,000,000
SBA debentures 67,845,000 43,845,000
Total liabilities 263,423,110 332,732,205
Total shareholders' equity 161,772,382 175,023,577
Total liabilities and shareholders' equity $425,195,492 $507,755,782
Number of common shares outstanding 18,242,728 18,242,035
Net asset value per share $ 8.87 $ 9.59
Total managed loans $571,106,015 $681,352,421
Total managed assets 647,464,691 737,104,782
Medallion Financial Corporation
Consolidated Income Statements
For the Years Ended December 31, 2002 and 2001
2002 2001
Interest and dividend income on investments $33,485,319 $ 41,394,312
Interest income on short-term investments 389,967 707,331
Total investment income 33,875,286 42,101,643
Revolving line of credit 2,529,027 --
SBA debentures 3,888,058 2,322,702
Notes payable to banks 11,013,966 19,626,805
Senior secured notes 2,675,831 3,336,396
Commercial paper -- 199,351
Total interest expense 20,106,882 25,485,254
Net interest income 13,768,404 16,616,389
Gain on sale of loans 1,443,735 1,486,612
Other income (loss) 4,677,678 2,105,158
Total noninterest income (loss) 6,121,413 3,591,770
Salaries and benefits 9,176,312 9,420,716
Professional fees 2,454,962 2,259,901
Costs of debt extinguishment 9,417,314 --
Amortization of goodwill -- 652,735
Other operating expenses 6,781,724 5,418,997
Total operating expenses 27,830,312 17,752,349
Net investment income (loss) before
income taxes (7,940,495) 2,455,810
Income tax provision (benefit) 84,656 (16,485)
Net investment income (loss) (8,025,151) 2,472,295
Net realized losses on investments (6,335,281) (3,015,146)
Net change in unrealized appreciation
(depreciation) on investments 1,748,816 (3,515,432)
Net realized/unrealized loss on investments (4,586,465) (6,530,578)
Net increase (decrease) in net assets
resulting from operations $(12,611,616) $(4,058,283)
Weighted average shares
Basic 18,242,728 16,582,179
Diluted 18,242,728 16,582,179
Net increase (decrease) in net
assets per share
Basic $(0.69) $(0.24)
Diluted (0.69) (0.24)
Medallion Financial Corporation
Consolidated Income Statements
For the Quarters Ended December 31, and September 30, 2002
4Q 2002 3Q 2002
Interest and dividend income on investments $7,556,024 $7,856,537
Interest income on short-term investments 65,654 106,280
Total investment income 7,621,678 7,962,817
Revolving line of credit 2,148,490 380,537
SBA debentures 1,119,820 989,179
Notes payable to banks 966,675 3,040,407
Senior secured notes 181,969 600,684
Total interest expense 4,416,954 5,010,807
Net interest income 3,204,724 2,952,010
Gain on sale of loans 708,221 147,295
Other income (loss) 912,313 772,083
Total noninterest income (loss) 1,620,534 919,378
Salaries and benefits 2,217,546 2,220,918
Professional fees 380,592 557,842
Costs of debt extinguishment 445,014 5,870,517
Other operating expenses 1,548,099 1,814,863
Total operating expenses 4,591,251 10,464,140
Net investment income (loss)
before income taxes 234,007 (6,592,752)
Income tax provision (benefit) 16,333 68,323
Net investment income (loss) 217,674 (6,661,075)
Net realized losses on investments (1,290,594) (975,416)
Net change in unrealized appreciation
(depreciation) on investments 1,261,091 (747,249)
Net realized/unrealized loss on investments (29,503) (1,722,665)
Net increase (decrease) in net assets
resulting from operations $ 188,171 $(8,383,740)
Weighted average shares
Basic 18,242,728 18,242,728
Diluted 18,242,728 18,242,728
Net increase (decrease) in net assets per share
Basic $ 0.01 $(0.46) |
